Insights into how world’s richest person- Elon Musk, uses his wealth

Dethroning Jeff Bezos, Elon Musk is now the richest person on the planet having a net worth of $190 billion. Besides the more important thing people are interested to know is that how does the world’s wealthiest person uses his money?

As of now, most of Elon Musk’s wealth is in Tesla stock. In June 2018, he outlined his plan to sell off the stock.

“Already sold >$100M TSLA for charity. Will do about that every few years. Major disbursements in about 20 years when Tesla is steady state.”

 

Elon Musk has also outlined his plans for the far future as well. In October 2018, he tweeted: “you should ask why I would want money.”

Musk’s half of the money would be spent on helping with the problems on Earth while the other half for self-sustaining life on Mars just unlike the other billionaires who spend their money on exotic vacations, luxury homes etc.Unlike other billionaires whose money is partly spent on recreation, house, expensive trips, and other luxury items.

The comments highlight one of the most expensive projects Musk is working on: a self-sustaining Martian city of 1 million people by 2050. In October last year, he broke down the project’s cost. It costs $100,000 to send 1 ton to Mars while a self-sustaining city requires 1 million tons, meaning his dream Martian city will cost from $100 billion to $10 trillion. Let’s say Elon Musk plans to spend 50% of his newly found wealth on this project, it seems that he can afford the low-end estimate only.

But we all know he’s an ambitious man with a lot of creation and initiatives, it’s exciting to see what he can achieve in the future.