Saturday , September 18 2021

Elon Musk’s millions: some 5 investments explain the wealth of the second richest person in the world



FILE PHOTO: SpaceX founder and CEO Tesla Elon Musk visits the construction site of Tesla's giga factory in Gruenheide near Berlin, Germany, May 17, 2021. REUTERS / Michele Tantussi
FILE PHOTO: SpaceX founder and CEO Tesla Elon Musk visits the construction site of Tesla’s giga factory in Gruenheide near Berlin, Germany, May 17, 2021. REUTERS / Michele Tantussi

Elon Musk’s net worth of more than $ 160 billion means Tesla’s CEO is the second richest man on the planet, behind Amazon founder Jeff Bezos alone. At a conference focused on Bitcoin last Wednesday, Musk has unveiled five major investments that make up his huge fortune today.

Not surprisingly, his fortune, like most billionaires, is heavily concentrated in a handful of names, and Musk only invests in a public company.

That’s 5 big investments that, based on the definitions of the businessman himself, cited by Business Insider, increase Elon Musk’s net worth by more than $ 160 billion.

In May, Dogecoin peaked at around $ 0.75 in anticipation of Musk hosting a well-known U.S. comedy show, Saturday Night Live.  Since the peak, dogecoin has been declining by more than 70%.  REUTERS / Dado Ruvic / Illustration
In May, Dogecoin peaked at around $ 0.75 in anticipation of Musk hosting a well-known U.S. comedy show, Saturday Night Live. Since the peak, dogecoin has been declining by more than 70%. REUTERS / Dado Ruvic / Illustration

5. Dogecoin

Musk collaboration: unknown.

Baptized as “Dogefather”- a word game that revolves around the title of the film Godfather and Doge – Musk has long been a defender of Dogecoin and often tweets jokes about cryptocurrency inspired by memes that gave birth to the controversial cryptocurrency. In May, Dogecoin peaked at around $ 0.75 in anticipation of Musk hosting a famous U.S. comedy show, Saturday Night Live. Since its peak, dogecoin has fallen by more than 70%.

Ether for mining and system maintenance requires much lower energy consumption than Bitcoin.  This point is essential because Musk has complained about the energy consumption of the Bitcoin network this year.  REUTERS / Dado Ruvic
Ether for mining and system maintenance requires much lower energy consumption than Bitcoin. This point is essential because Musk has complained about the energy consumption of the Bitcoin network this year. REUTERS / Dado Ruvic

4. Ether

Musk collaboration: unknown.

The second most important cryptocurrency for market valuation, Ether, is based on the Ethereum blockchain protocol, and although as Bitcoin it has not freed itself from doubts caused by violent price fluctuations suspected of creating a bubble, it has huge advantages over its main competitor.

First, Ether for mining and system maintenance requires much lower power consumption than bitcoin. This point is essential because Musk has complained about the energy consumption of the Bitcoin network this year.

Second, the protocol on which the cryptocurrency is based holds promise because of its almost infinite capacity to create decentralized financial solutions and smart contracts, which is the real bet of the cryptoworld in the future.

“My possessions in Bitcoin are worth much more than Ether or Doge [que poseo]”, Dijo musk. REUTERS / Dado Ruvic / Photo File

3. Bitcoin

Musk collaboration: unknown.

“My possessions in Bitcoin are worth much more than Ether or Doge [que poseo]Musk said Wednesday at the conference. Musk added that SpaceX and Tesla own Bitcoins and that Tesla can once again accept Bitcoin as a payment method when bitcoin mining relies more on clean energy.

Elon Musk owns nearly half of SpaceX, a stake of about $ 35 billion.  REUTERS / Steve Nesius / File Photo
Elon Musk owns nearly half of SpaceX, a stake of about $ 35 billion. REUTERS / Steve Nesius / File Photo

2. SpaceX

Contribution: Estimated at 48%, but could be lower if Musk’s share were reduced in the last round of funding.

Value: $ 35 billion based on the latest SpaceX estimate of $ 74 billion and assuming Musk owns up to 48% of the space exploration company.

Musk owns 22.4% of Tesla, a value estimated at $ 141,000 million.  REUTERS / Michele Tantussi / File Photo
Musk owns 22.4% of Tesla, part of which is valued at $ 141,000 million. REUTERS / Michele Tantussi / File Photo

1. Tesla

Participation: 22.4%, last from 31 December. Musk may still receive billions of Tesla stock under the payroll contract.

Value: $ 141 billion based on Tesla’s market estimate of $ 631 billion on July 21st.

In addition to the investments listed above, Musk added that it has an ownership stake in two of its early-stage private companies, Neuralink and Boring Company, but these investments are negligible compared to the others.

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