Elon Musk: 5 Things Poor People Waste Money On

David Nadelle   Thu, June 13, 2024

Despite a rough start to 2024, Elon Musk is once again the world’s richest person, according to Forbes, and in the spotlight this week due to the vote to approve his vote-of-confidence $56 billion pay package being held later today and a sexual harassment lawsuit filed against him and SpaceX recently by eight former employees.

Even the most news-avoidant person will know who Musk is. If there is one thing we can say with certainty, it’s that the SpaceX and Tesla, Inc. CEO knows how to stir the pot like few others. Musk’s social media influence and business acumen is always up for debate. However, as Aeon reported, “Not since Steve Jobs has an American technologist captured the cultural imagination like Musk.”

We can assume that if Musk wants something frivolous, he buys it. However, there isn’t a great deal of wasteful spending by Musk, who has talked in the past about the need to trim down excessive consumer spending by selling off unused real estate and driving his own Teslas (although he has owned a number of valuable collectible cars).

1. Overpriced Real Estate

According to a 2020 story by CNBC Make It, Musk owned four properties in the Los Angeles area worth around $40 million at the time. However, this was after selling off a few Bel-Air properties and after announcing he vowed to “own no house” as a dedication against being seen as materialistic. He now resides in a spartan two-bedroom house in Bocca Chica near Space X’s HQ.

2. Too Much Car

Many Americans get into serious debt by buying a vehicle out of their income range. Like most billionaires, it would be difficult to think that Musk would buy overpriced, depreciating assets with additional financial commitments to fuel, insurance, repairs and maintenance too. That doesn’t mean he hasn’t splashed out on some collectible cars in the past.

However, although he owns or has owned a 1920 Ford Model T, a Jaguar Series 1 1967 E-type Roadster, a 1978 BMW 320i and a rare McLaren F1, he mainly sticks to driving a Tesla Model S or a Cybertruck now, per CNBC.

3. Dining Out and Ordering Food In

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