Net Worth: $13.3 billion, down 4.3 percent
LAST YEAR: $13.9 billion
RESIDENCE: Bel Air
SOURCE OF WEALTH: E-commerce, electric vehicles, space exploration, solar power
THE MONEY: Tesla shares revved up after Musk revealed Model 3, $35,000 electric car with a range of 215 miles, though hit brakes in early May due to investor skepticism that company can meet production deadlines. Valuation of Hawthorne’s Space Exploration Technologies Corp. (SpaceX) also appears poised to skyrocket after company stuck three vertical rocket landings. The biggest downer in portfolio was Solar City, which has suffered from retracting government support for solar panels and lost two thirds of its value over past 12 months.
THE BUZZ: Musk having banner year though Tesla skepticism lingers. Chief executive of the San Carlos electric car maker, Musk unveiled Model 3, which tallied more than 400,000 preorders at $1,000 each in less than month. First mass-market vehicle Tesla has ever attempted to produce and will greatly test its ability to deliver on time, something company has struggled to do with other vehicles. Following first quarter losses, Musk told investors he was spending nights in sleeping bag on Tesla factory floor to keep close eye on cars coming off production line as company looks to speed up output in bid to finally become profitable. Late in 2015, SpaceX landed rocket vertically multiple times – twice on drone ship – an accomplishment that could greatly reduce cost of launching people and objects into space, putting company far ahead of competition. Musk said in April that SpaceX plans to send humans to Mars by 2018. However, Irvine chip maker Broadcom accused rocket manufacturer of poaching engineers in March lawsuit. When Musk wasn’t leading SpaceX and Tesla, supported development of Hyperloop pod-design competition; discussed implications of artificial intelligence; and divorced his wife, British actress Talulah Riley, for second time.
For reprint and licensing requests for this article, CLICK HERE.