X.com developed and operated a financial services website with banking services provided by First Western National Bank, an FDIC-insured bank in La Jara, Colorado. The company was initially funded by Elon Musk and Greg Kouri, who went on to fund Musk's later ventures: Tesla and SpaceX.
Musk, who was born in South Africa, moved to Canada and dropped out of a Ph. D. at Stanford, became a millionaire before he hit 30. Musk started Zip2, a website that provided city travel guides to newspapers, with his brother Kimbal Musk, and sold it to Compaq for more than $300 million in 1999.
Elon Musk cofounded the electronic payment firm PayPal, and in 2002 he founded SpaceX, a company that makes rockets and spacecraft. He was a major early funder of Tesla, which makes electric cars and batteries, and became its chief executive officer in 2008. He cofounded Neuralink, a neurotechnology company, in 2016.
By November 2021, he became the first to have over $300 billion net worth. According to Bloomberg, in December 2024, Musk's net worth surpassed $400 billion, making him the first person to reach this milestone. Lastly, as of January 2025, his net worth is estimated to be around $426 billion.
J.P. Morgan Private Bank, Citi Private Bank, and Bank of America Private Bank are among some of the most popular banks for millionaires. Read more: What is private banking, and how does it work?
To handle that, he has credit cards and debit cards on bank accounts. He can also write checks against his bank accounts. He does not use such cards or checks to buy things like Twitter; big purchases are done with bank loans, more like mortgages for a house.
PayPal. Musk no longer holds a stake in PayPal. He exited his position after the sale of the company and used his proceeds to fund investments including SpaceX, Tesla, and SolarCity.
Elon Musk: 27
The cofounder of PayPal and Tesla Motors and founder of SpaceX reached self-made-millionaire status in 1999 at age 27 when he sold a web-software company for over $300 million.
Touted as one of Elon Musk's first Internet inventions, Zip2, was a technology company that offered city guides software. Elon Musk invented it for the newspaper industry as it helped created a searchable database.
Elon's IQ is estimated to be around 155, while Albert Einstein's is 160. With such a slight margin, Musk is undoubtedly an incredibly smart person. Who is the smartest person on earth in 2022? Born in 1975 in Adelaide, Australia is a mathematician, Terence Tao with an IQ score of 230.
While Elon Musk's parents were not extremely wealthy, they did provide a comfortable upper-middle-class upbringing for their children in South Africa. Musk's mother, Maye, worked as a model and dietitian, while his father Errol was an engineer, pilot, and property developer.
A long history of bad management
One thing that's often left out of the reporting on Musk and his business antics is the fact he has a very long history of treating workers terribly and opposing their right to collectively bargain, let alone giving them fair compensation or a safe workplace.
Tesla partners with big banks like Wells Fargo and US Bank for financing. A good credit score (720 or higher) or a large down payment (typically 20%) make it more likely that you'll get approved for a lower rate. US Bank's lowest auto loan rate as of February 2023 is 6.86%. Loan terms are typically 36-72 months.
Bezos also reportedly owns property in New York City and Miami as well as in Hawaii and a large parcel of land in Texas. Jeff Bezos spends some of his wealth on philanthropic ventures, including addressing climate change.
Billionaire Elon Musk incorporated two new companies in Texas with titles suggesting that he's not done with politics after the presidential election ends. The entities are known as United States of America Inc. and Group America LLC, with the former appearing as a holding company, Forbes first reported.
Buffett's journey to becoming a billionaire is remarkable, considering that he accumulated 99% of his net worth after turning 50. His early life set the foundation for his future achievements. By age 21, Buffett's net worth was nearly $20,000, and by 26, it had grown to $140,000.
At the age of 18 he immigrated to Canada, acquiring its citizenship through his Canadian-born mother, Maye. Two years later, he matriculated at Queen's University in Canada. Musk later transferred to the University of Pennsylvania and received bachelor's degrees in economics and physics.
What bank owns PayPal? PayPal is a shareholder-owned business that partners with third-party banks for some services. Bank partners have included Synchrony (NYSE:SYF), Citi (NYSE:C), and JPMorgan Chase (NYSE:JPM).
SpaceX, founded in 2002, is worth $350 billion based on a private share sale during December 2024. Musk owns an estimated 42% stake.
The super rich use various credit cards, many of which have strict requirements to obtain, such as invitation only or a high minimum net worth. Such cards include the American Express Centurion (Black Card) and the JP Morgan Chase Reserve.
Elon Musk is the wealthiest person in the world, with an estimated net worth of US$426 billion as of January 2025, according to the Bloomberg Billionaires Index, and $416 billion according to Forbes, primarily from his ownership stakes in Tesla, Inc. and SpaceX.
As a workaholic, Musk doesn't spend his money on luxury vacations or expensive hobbies. Instead, the entrepreneur spends most of his time in the office or in factories, while at the end of the day he returns to one of the four luxury homes he has in Los Angeles.