In 2002, Musk established Space Exploration Technologies or SpaceX with a goal of making more affordable and energy-efficient rockets. Its Falcon class of launch vehicles are designed to carry a heavy payload to orbit at a much cheaper cost than its competitors. SpaceX has also designed the Dragon spacecraft with the primary objective of resupplying the International Space Station. In 2020, the Dragon capsule was used to transport astronauts Doug Hurley and Robert Behnken to the ISS. Apart from Falcon and Dragon, SpaceX has also been working on a reusable rocket module called the Grasshopper. SpaceX is the second-most valuable private company in the world, valued at over 100 billion USD. Musk, reportedly, owns approximately 48 percent of the company.
Elon Musk joined the board of Tesla Motors, founded by Martin Eberhard and Marc Tarpenning, in 2004. Following the success of the company’s first electric sports car – the Roadster, its initial public offering (IPO) in 2010 raised over 225 million USD. Two years later, Tesla launched the Model S – the first electric vehicle to be awarded the Car of the Year Award in 2013 by Motor Trend. Dominating the electric vehicle industry in 2017-2020, Tesla stocks saw a major upsurge in 2020 and had increased almost 4000 percent since its IPO. Recently, Tesla broke the $1 trillion valuation mark on October 25, 2021, surging its share prices further by 12.6 percent. As of now, Musk owns 17 percent of Tesla shares along with approximately 92 billion USD worth of stocks.
In 2016, Musk founded The Boring Company (TBC) – an infrastructure and tunnelling company – after being deeply dissatisfied with the present 2-dimensional system of traffic flow in Los Angeles. It was initially held as a subsidiary of SpaceX and only became an independent company in 2018 and as of then, 90 percent of the company’s equity was owned by Musk and 6 percent by SpaceX. In 2019, The Boring Company was valued at $920 million.
Despite being previously known for discreet investments, in April 2022 Musk successfully bought Twitter after a very public takeover bid. The social platform agreed to sell to Musk for $44 billion. The deal closed in October 2022.
To transform the social media platform, Elon Musk decided to rebrand it as X. He also introduced a premium subscription model that verifies users with a blue tick. Consequently, users can now post longer forms of content and receive a share of the advertising revenue. Musk aims to turn the app into an “everything app” by adding banking and money transfer services and a dating site to the platform. The platform’s value has decreased over the past year since Musk’s group of investors acquired it for $44 billion and made it a private company. It is estimated that Musk now owns 74% of X.