Excession operates as a single-family office (SFO). Therefore, it can be inferred that Excession likely has a dedicated team of financial analysts that directly manage Musk's private equity and legal affairs under the management of Birchall with assets under management points in the order of 80-100.
Most of Musk's money is tied up in companies: Tesla, SpaceX, Starlink, Twitter, The Boring Company, and other investments.
Musk's best investments include PayPal, SpaceX, DeepMind Technologies, Tesla, and The Boring Company. Elon Musk is an engineer, industrial designer, and technology entrepreneur known for disrupting multiple industries. Musk often holds the distinction of being the world's richest person.
Morgan Stanley took the lead and organized a syndicate of banks—including Bank of America and Barclays—that committed to lending Musk $13 billion. The whole thing took less than a week.
Elon Musk incredibly more so with his wealth going from just shy of $20 billion in 2019 to a lofty $251 billion in 2022.
Like many people, you're probably wondering how did Elon Musk make his money? He's best known as the co-founder and CEO of Tesla and SpaceX, but Musk earned his first fortune as a co-founder of PayPal.
Stocks and Mutual Funds
Many millionaires and billionaires made their money — at least in part — by investing in the stock market, or by owning stock in companies they started or worked for.
In 2002, PayPal was acquired by eBay for $1.5 billion in stock, of which Musk—the largest shareholder with 11.72% of shares—received $175.8 million. In 2017, more than 15 years later, Musk purchased the X.com domain from PayPal for its sentimental value.
Elon Musk was born into a wealthy family in Pretoria, South Africa in 1971. His mother, Maye, is a Canadian dietitian and model, while his father, Errol, is an engineer.
That makes Musk the first person ever to lose $200 billion in wealth, Bloomberg reported last week. The bulk of Musk's wealth is tied up in Tesla (TSLA), whose stock plunged 65% in 2022. Demand for Tesla (TSLA)s weakened as competition in electric vehicles from established automakers surged last year.
The Tesla CEO has about $18 billion of cash after his latest share sales, Bloomberg estimates show, short of what's needed to cover the remainder of his Twitter deal.
The charity that received a gift of Tesla shares valued at $5.7 billion from Elon Musk at the end of 2021 was his own foundation, Bloomberg News reports.
He owns about 44% of the space exploration technology company, which was valued at roughly $127 billion in a May 2022 funding round. With a combined value of almost $200 billion, Musk's Tesla and SpaceX stakes make up the vast majority of his net worth.
In taking the company private in his $44 billion purchase of Twitter, Musk cashed in some of his Tesla stock and also saddled the social platform with $13 billion in debt, which is a massive obligation for a company the size of Twitter.
While it is considered one of the best, if not the best bank for millionaires, J.P. Morgan Private Bank serves a wide range of customers with various financial requirements and goals. As such, they provide a variety of services, which include planning and advice, investing, lending, trusts, and estates.
The term billionaire refers to an individual with assets or a net worth of at least one billion currency units in their native currency such as dollars, euros, or pounds. Billionaires are extremely rich, with assets ranging from cash and cash equivalents to real estate, as well as business and personal property.
Studies indicate that millionaires may have, on average, as much as 25% of their money in cash. This is to offset any market downturns and to have cash available as insurance for their portfolio. Cash equivalents, financial instruments that are almost as liquid as cash.
At the age of 12, he created and sold his own video game called Blastar, which he sold to a PC magazine for $500. This is the first product Musk ever sold.
South African Elon Musk was just 27 years old when he cracked the seven-digit ceiling and became a millionaire. The 51-year-old did not just make just one million though — he became a multi-millionaire overnight in 1999 when he and his partners sold a web-software company for more than $300m.
1. Elon Musk is currently the richest man in the world, with a net worth of $253 billion. In 2022, Forbes reported that Musk made $253 billion, which works out to be about $650 million per day.
Jeff Bezos
Jeff Bezos is the founder of Amazon and he holds an estimated net worth of $110.6 billion.