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Sunday, Sep 25, 2022
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50 Wealthiest: Elon Musk #24

NET WORTH: $2 billion

LAST YEAR: New to list

AGE: 40

RESIDENCE: Bel Air

SOURCE OF WEALTH: E-commerce, electric vehicles, space exploration, solar power

THE MONEY: The multitalented South Africa native joins our list based on 20 percent increase in value of publicly traded electric-car manufacturer Tesla Motors. Also benefits from new valuations of his Space Exploration Technologies Corp. rocket maker and stake in SolarCity solar panel company.

BUZZ: Musk is big name in Silicon Valley, having co-founded PayPal and Palo Alto’s Tesla, maker of a very sleek sports car, but has lived primarily in Los Angeles since 2002. That means a short commute to Hawthorne headquarters of SpaceX, where he is chief executive and chief technology officer. That company has NASA contracts worth more than $1 billion to ferry supplies to the International Space Station. Musk has a $875 million stake in SpaceX , scheduled this month to launch a cargo ship that will dock with the station. Plan is to eventually take private passengers to Mars. San Mateo’s SolarCity, co-founded by Musk’s cousins, will likely file for an IPO this year, and Musk’s 25 percent stake could be worth upwards of $250 million. Filed for divorce from first wife and mother of his five children, Justine, in 2008. She wanted shares of Tesla and SpaceX and a Tesla Roadster as part of the divorce settlement. Married British actress Talulah Riley in 2010 but announced separation in January. Now single and living in Bel Air, Musk recently signed the Giving Pledge, nonbinding agreement to give at least half his wealth to charity.

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