• By Vaamanaa Sethi
  • Thu, 20 Jul 2023 06:48 PM (IST)
  • Source:JND
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Tech Visionary and entrepreneur Elon Musk, who is currently the richest man in the world, saw his wealth leapfrogged from $24 billion in 2020 to $219 billion by 2022, according to a report by Financial Express.

His electric vehicle company Tesla is said to be the forefront runner in the exponential rise in his wealth. Between 2020 and 2022, Tesla gained a remarkable traction and also became the market leader in the EV space.

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According to Bloomberg Billionaires Index, Musk has a net worth of $255 billion, as of July 20, 2023 and saw his wealth change by $118 billion year-to-date.

Musk owns about 13% of Tesla, according to an April 2023 regulatory filing. He also holds about 304 million exercisable stock options from his 2018 compensation package.

Other than Tesla, Musk also embarked on other projects like SpaceX, which also plays a valuable role in increasing his wealth. SpaceX, his private aerospace manufacturer and space transportation company, also achieved several significant milestones in the last two years.

SpaceX is valued at $137 billion. Musk owns 42% of the company through a trust, according to a December 2022 filing with the Federal Communications Commission. The value reduced by 15% to account for typical discounts that shares in unicorns attract on the secondary market.

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According to a Bloomberg report, Musk had pledged 58% of his Tesla shares as collateral to secure personal indebtedness. The maximum loan allowable under this arrangement could be no more than the lesser of 25% of the value of those shares or $3.5 billion, according to the filing, and a $3.5 billion loan is included in his calculation. 

Musk has also been active on social media platforms which helped him in amplifying his ventures. His tweets, which range from project updates to audacious goals, has often sparked discussions and has influenced market sentiment, and investment in his companies.

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