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Elon Musk companies: what they do and what they are worth

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Thanks to his companies, Elon Musk has become the first person ever to be worth more than $300 Billion. According to Forbes, he has crossed the previously untouched $300 billion threshold on Monday, 1 November 2021.

Here is a list of Elon Musk’s companies and how much they are worth.

Tesla – Worth $1 trillion

Elon Musk Companies
Tesla

Tesla is a company that deals with electric cars. The latest update in Musk’s worth came because of Tesla’s stock spike, dramatically increasing the company’s market capitalization. It passed $1 trillion on Monday 25 October 2021 after Hertz announced it was buying 100,000 Tesla vehicles.

According to Hertz interim CEO Mark Fields, “Electric vehicles are now mainstream, and we’re just beginning to see increasing global demand and interest. The new Hertz Mobility will lead as the largest EV rental fleet in North America and our commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers worldwide.”

However, Elon Musk posted a tweet that night that made everyone doubt the mega-deal. His tweet reads: “I’d like to emphasize that no contract has been signed yet … Hertz deal has zero effect on our economics.”

By the morning of 26th October 2021, Tesla’s stock ascent had reversed, with the shares down by 4% at the market’s opening. The development shaved about $8.6 billion off of Musk’s net worth.

Hertz spokesperson, however, maintained that the deal with Tesla is on. The spokesperson who shared a statement with Forbes said: “As we announced last week, Hertz has made an initial order of 100,000 Tesla electric vehicles and is investing in new EV charging infrastructure across the company’s global operations. Deliveries of the Teslas already have started.

Elon Musk has a 23% stake in the electric car company. This makes up most of his fortune.

Read More: Tesla Stock rises | See most valuable companies in 2021

Space x – Worth $100.3 billion

Elon Musk companies

The company was founded in 2002 by Elon Musk as Space Exploration Technologies Corporation, but popularly known as SpaceX.

The billionaire had the intention of building spacecraft for commercial space travel when he founded the company, and by 2008, his intention with SpaceX was well established when the company was awarded a contract to handle cargo transport for the International Space Station—with plans for astronaut transport in the future— by NASA.

In May 2012 Musk made history with SpaceX when the company launched its Falcon 9 rocket into space with an unmanned capsule to the International Space Station. For the first time in history, a private company sent a spacecraft to the International Space Station and with about 1,000 pounds of supplies for the astronauts stationed there.

Speaking about the launch, Musk was quoted as saying, “I feel very lucky. … For us, it’s like winning the Super Bowl.

The company also had its fair share of set back. Once in November 2017, an explosion occurred during a test of the company’s new Block 5 Merlin engine. When SpaceX reported the incident, they stated that no one got hurt.

But importantly, they announced that the issue would not deter the company’s planned rollout of a future generation of Falcon 9 rockets. And it didn’t! A few months after, in February 2018 they had a successful test launch of the powerful Falcon Heavy rocket.

With the success SpaceX was enjoying, the company branched into internet Satellites. In late 2018, SpaceX was permitted by the U.S. government to launch satellites into low orbit to provide Internet service.

The company launched the satellite network named Starlink into space. The intention was for the satellite to make broadband service more accessible in rural areas. It also had intentions of boosting the competition in heavily populated markets dominated by one or two providers.

SpaceX started its launch of Starlink internet Satellites and the first batch of 60 satellites was in space by May 2019, and another payload of 60 satellites followed that November.

See Also: 10 companies boosting real estate industry with Bitcoin

Neuralink – Worth $500 million

Neuralink is a neural interface technology company. This company is one of Elon Musk companies that he co-founded with eight others in 2016.

Musk is popular for his unusual ventures and Neuralink is one of them with the company building a chip that can be embedded in the human brain. The company’s technology is also to help study and treat neurological disorders.

OpenAI – Worth $1 billion

OpenAI is an artificial intelligence company that operates as a non-profit organization. Its automated intelligence benefits all of humanity with its ability to outperform humans at economically valuable tasks. Elon Musk and 5 other business personnel founded OpenAI in December 2015.

SolarCity – Worth $8.4 billion

SolarCity

SolarCity is a company founded in 2006 based on Musk’s idea by his cousins Lyndon and Peter Rive.  It began its full operation in 2007 and since then, they have been the leading solar power provider for residents in California.

In 2013 Google Tag Manager (GTM) listed them as the number one residential solar installer in the US, while Solar Power listed them as number 2 overall solar installation company in the US.  Elon Musk is the chairman of the company.

The Boring Company – Worth $920 million

Elon Musk' companies
The Boring company

The Boring Company is a company that started on the streets of Twitter as a rant in December 2016. It started when Elon Musk was ranting about the difficulty of navigating Los Angeles traffic, then he stated he could “build a tunnel boring machine and just start digging.

Then, The Boring Company was born. Its objective is to accelerate the speed of tunnel-building by a factor of 10, to 0.03 miles per hour.

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