Elon Musk: Unprecedented wealth and power

Few business leaders are as deeply rooted in popular culture as Elon Musk, the ambitious entrepreneur who became a central figure in internet culture and amassed a fortune that made him the world's first billionaire (trillionaire in the American counting system).

At a time when concerns about inequality and negative attitudes toward the ultra-rich are increasingly pronounced, Musk has managed to maintain a loyal base of supporters despite his astronomical wealth and without the approachable image that has made other tycoons, such as Warren Buffett, beloved by a wide audience.

While his fans consider his direct and unfiltered style part of his charm, critics accuse him of wielding power akin to that of oligarchs, express concerns about the way his companies are managed, and object to his increasingly open political engagement.

However, SpaceX, a major rocket, satellite and artificial intelligence company that, along with electric car maker Tesla, forms the core of Musk's business empire, raised a record $75 billion in its initial public offering (IPO) on Thursday, demonstrating strong investor interest in his ventures.

Before the stock sale, Forbes magazine estimated Musk's wealth at approximately $780 billion, far ahead of the second-place finisher on the list, Alphabet co-founder Larry Page.

Most of Musk's wealth is now tied to SpaceX, where he owns a stake valued at about $866 billion. Combined with Tesla and other assets, his total wealth will exceed $1,1 trillion when the shares begin trading today, according to Reuters calculations based on company filings. The valuation also includes stock components that would vest over time.

Musk rose to prominence thanks to Tesla and SpaceX, before further expanding his influence by purchasing social network Twitter for $44 billion in 2022. The deal gave him direct access to hundreds of millions of users and made him a prominent voice in debates about politics, migration, government spending, and free speech.

Together with Tesla and other assets, his total wealth will exceed $1,1 trillion when the shares begin trading today, according to Reuters calculations based on company documents.

His entry into politics, particularly his role in US President Donald Trump's administration through the Department of Government Efficiency last year, was among his most controversial moves.

The political fallout from that engagement coincided with a decline in Tesla vehicle sales in several international markets during 2025, when protests and consumer boycotts were directed against the electric car manufacturer.

Elon Musk (54) was born in Pretoria, South Africa, to a Canadian mother and a South African father. He studied at the University of Pennsylvania, where he graduated in 1997.

He took over Tesla in 2008, convinced that electric vehicles could combine high performance with software-based features to fundamentally change the global automotive industry. Some analysts believe that Tesla's success and its market value of more than $1 trillion have encouraged traditional automakers to accelerate the transition to electric vehicles.

Many investors believe Musk could replicate similar success in the space industry and artificial intelligence fields. However, SpaceX still requires huge investments, and much of its estimated value is based on technologies that may take years or even decades to become commercially viable.

In addition to Tesla and SpaceX, Musk is the co-founder of five other companies, including the Boring Company, a tunnel-building startup, and Neuralink, a company developing brain implants.

As Tesla CEO, Musk has attracted both controversy and praise. He is credited with turning Tesla into the world's most valuable automaker. For years, executives at traditional car companies have downplayed the threat posed by Tesla, doubting that a startup could profitably produce electric vehicles in large quantities.

"He restored the world's respect for American ingenuity in automotive engineering," said Bob Luc, a former vice president of General Motors.

At the same time, Tesla has been facing legal disputes and shareholder concerns related to its well-known CEO, particularly over his 2018 compensation package, which was at one point estimated at $56 billion.

Musk's influence has become so widespread that market analysts have dubbed the network of companies gathered around him the "Maskonomy."

The concentration of so much influence in the hands of a single entrepreneur has heightened concerns about corporate governance, conflicts of interest, and the risks posed by too much tying the fate of companies to one person.

Over the years, Elon Musk has turned conflicts with regulators, billionaires, bearish investors, journalists, and media organizations into frequent public showdowns that often took place on social media.

Yet for many investors, concerns about Musk's often unconventional behavior are less important than his past successes in turning ambitious ideas into some of the most valuable companies in the world.

“Elon is the Edison of our time,” said Jamie Dimon, CEO of JPMorgan Chase, during a recent conversation with Musk.

The banker, who was once Musk's opponent in a long-running legal battle, has since become his admirer. Dimon told CNBC last year that the two had "buried the hatchet" and called Musk "the Einstein of our time."