4 Best Money Lessons From Elon Musk
4 Best Money Lessons From Elon Musk
July 10, 2023 By Yaёl Bizouati-Kennedy
Paris: 2023 Elon Musk Vivatech, France - 16 Jun 2023JEANNE ACCORSINI / SIPA / Shutterstock.com
Elon Musk — still the world’s richest man, with a $243 billion net worth as of July 10, according to the Bloomberg Billionaires Index — is at the helm of several companies. From Tesla to SpaceX, and from Neuralink to The Boring Company — and most recently, Twitter — Musk is no stranger to controversy and is known for speaking his mind. Not everything Elon Musk has done, financially speaking, has been exemplary. However, Musk’s best money moves are at the center of many commentaries, however, and four follow.
PayPal: An Early Mind for Bold Investing
Musk founded X.com, later named PayPal, and sold it to eBay for $1.4 billion in 2002, according to The Wall Street Journal. He collected $100 million from the deal.
“One of Elon’s best financial moves was placing most of his net worth into Paypal, at a time where the ‘.com’ world was seriously taking off,” said Sebastian Jania, owner of Ontario Property Buyers.
Upon successful growth of this company, he sold it and was paid handsomely — but instead of cashing out of the “entrepreneurship game” and living on the proceeds, he recycled his money into three more businesses which also took off as successes, said Jania.
“This was a very wise decision as he was able to take his successes in the tech industry and diversify across solar, automotive, and space industries. This move protected him in case the tech industry or other industries would crash.”
Musk Reinvests Profits Into his Visions
Elon Musk has made billions of dollars from his ventures but doesn’t all profits on lavish lifestyles or frivolous things, said Anna Koval, co-founder and CMO at Tarotoo.
“Instead, he reinvests his profits into his vision of making humanity a multi-planetary species and advancing clean energy and transportation. This shows his passion, dedication, and long-term thinking, which are essential for any successful entrepreneur.”