Elon Musk, founder of Tesla and SpaceX, was recently named the richest man in the world. The man from South Africa dethroned Jeff Bezos, the creator of Amazon, in April.
Depending on the price of Tesla shares, Musk’s wealth can fluctuate widely. However, Forbes estimates his net worth at $228.4 billion. As of June 22, 2022, this is about $100 billion more than Bezos’s net worth of $134.4 billion, making him the second-richest man in the world.
The typical person has a hard time wrapping their head around a fortune this big, so it’s only reasonable to wonder, how much does Elon Musk make per day? While it is impossible to ascertain his total fortune, we can look at its components.
Just how Much Money does Elon Musk Make Every Day?
The financial situation of Elon Musk is favourable. The wealthiest man on earth has daily earnings that are multiples of what the typical worker earns in a career.
He has been extremely wealthy for a long time, but his wealth has exploded in 2018. According to Forbes, his wealth was $19.9 billion just four short years ago. Before exploding in 2021, his wealth remained stable during the next two years, from $22.3 billion in 2019 to $24.6 billion in 2020. His wealth hit $151 billion last year and has since increased further.
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As one can expect, this resulted in massive profits for Tesla’s CEO. For instance, on October 25, 2021, Musk made $37 billion in income.
His fortune increased because Tesla’s stock price jumped roughly 13% on a particularly successful trading day. It’s important to put this in context: on June 21, 2022, the market value of Dell Technologies was $36.41 billion, Deutsche Bank was $21.12 billion, and Sun Life Financial was $27.26 billion; in only one day, Musk’s net worth climbed more than the combined values of all three companies.
Despite this, Musk does not receive a salary from his company. The CEO and primary shareholder of Tesla only receives compensation if and when the company’s market value and revenue growth meet predetermined goals.
Given that he is set to collect $23 billion in additional remuneration for the first quarter of 2022, it appears that this arrangement is working out for him. Musk probably doesn’t get paid on a daily basis, but if he did, his rate would be unprecedented.
Since the New York Stock Exchange is closed on weekends, a five-day workweek will be used to determine average pay. For the first three months of 2022, Musk most certainly made $23 billion (assuming he was paid on weekends and holidays). Using these numbers, his daily income would have been $333.33 million.
What Is Elon Musk’s Hourly Wage?
He makes his money through the success of Tesla’s stock, so we’ll assume he works Monday through Friday, 9:30 a.m. to 4:00 p.m. EST, to coincide with the New York Stock Exchange’s regular trading session. In this case, it looks like he gets paid for a 6.5-hour shift. This helps answer the question, “How much does Elon Musk make each hour?” With a projected daily income of $333.33 million in the first quarter of 2022, his hourly rate would be $51.30 million.
What Is Elon Musk’s Hourly Wage?
There is no doubt that Elon Musk’s earnings in the first quarter of 2022 were higher per minute than those of many people. Considering that his hourly wage was about $51.30 million, his minutely wage was about $855,000.
According to the Bureau of Labor Statistics, full-time wage and salary workers in the United States brought in a median weekly wage of $1,037 in the first quarter of 2022. It would take the average worker 825 weeks, or nearly 16 years, to make as much as Musk did in a minute.
Companies Headed By Elon Musk
Now that you know the annual salary of Elon Musk, you may be wondering what companies he runs to make so much money.
Tesla, which has been around since 2003, manufactures electric vehicles and equipment to generate and store sustainable energy.
Forbes reports that although Musk has around 21% of the company in his own portfolio, more than half of it is pledged as collateral for loans.
Tesla shares are a wonderful investment option as they have increased by 33% over the past year. On June 21, 2022, they ended at $711.11, with a 52-week range that was particularly large: $620.46 to $1,243.49.
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Musk is also the founder and CEO of SpaceX, which he established in 2002. According to the firm’s website, there have been a total of 164 launches, 126 landings, and 102 reflights since the company was founded.
SpaceX is a privately held firm, however existing investors claimed the company was worth over $100 billion after a share sale in October 2021. As reported by CNBC, the corporation has an agreement with both new and existing investors to sell up to $755 million in stock from insiders for $560 per share.
The company is apparently raising a fresh round of money, which will increase its valuation. CNBC estimated its worth at $127 billion in May of 2022, so this would bring it up to that level.
Properties Owned by Elon Musk
Even though he is the richest man in the world, Musk does not currently own a house. In fact, he’s determined to never own a house again.
He announced his decision to sell his things via Twitter in May of 2020. Will never become a homeowner. According to The Wall Street Journal, he delivered on his word by selling seven properties for about $130 million. In a tweet posted in June of 2021, he disclosed that he was renting a SpaceX property in Boca Chica, Texas for $50k per year.
Musk Joins the Social Network
Musk is considering adding Twitter to his list of business holdings. On June 21, 2022, shareholders will vote on his proposal to acquire the company for $44 billion, which he initially proposed in April.
Twitter’s board of directors recommended that shareholders accept the deal, as disclosed in a filing with the Securities and Exchange Commission.
With his 9% ownership in the social media giant, Musk is a major player in the industry. Time will tell if he will seize control of Twitter, but if he does, his wealth might increase significantly.
You may be surprised to learn the answer to the question “How much money does Elon Musk make a day?” It’s one thing to learn that he’s the wealthiest person on earth; it’s another to see the staggering amounts of money pouring in every minute.