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How Elon Musk, The World’s Richest Man, Plans On Spending His Money

Shouvonik Bose
·3-min read

With a net worth of $183.8 billion, Elon Musk has been in the buzz for being the richest man after overtaking Jeff Bezos, the founder and CEO of Amazon. The fact that he has become the world’s richest man is, however, not the most intriguing aspect of the scoop.

Elon Musk’s Companies

Having an electric car production company in which he has 21% ownership, Tesla, founded in 2003 is looking to revolutionize transportation on Earth, for a safer, cleaner, and greener environment. Very recently, the government of Karnataka has opened its arms for Tesla to be a registered company in India, and ergo, kickstarting an Indian presence.

Musk’s second company SpaceX, founded in 2002, manufactures and launches advanced rockets and spacecraft. Their aim is to revolutionize space travel and make it cheaper and affordable for the common people.

These companies go hand in hand as one looks for a sustainable planet for colonization and the other makes this planet sustainable and “Elon”-gates our time on planet Earth.

Musk’s Plans With The Money

Elon Musk was clear with his intentions for the money he made in an October 2018 tweet that said,

“ …Very little time for recreation. Don’t have vacation homes or yachts or anything like that. About half my money is intended to help problems on Earth & half to help establish a self-sustaining city on Mars to ensure continuation of life (of all species) in case Earth gets hit by a meteor like the dinosaurs or WW3 happens & we destroy ourselves.”

In 2019, he further explained his ambitious project and broke down the costs wherein sending a person to Mars would cost $100,000, and therefore a self-sustaining city on Mars would cost somewhere between $100 billion and $10 trillion.

Other than that, he has sold off his stocks worth more than $100 million for charity. He has also expressed his desire to own next to no physical possessions and even sell off his house in Hillsborough, California.

Also Read: Elon Musk Asks People To Switch From WhatsApp To This New App, After Privacy Concerns

He has also joined The Giving Pledge to donate money towards philanthropy. A 2019 investigation by The Guardian reveals that he has donated millions to over 160 charities over the span of two decades.

His donations continued as recently as yesterday when he donated $5 million to Khan Academy through a non-profit organization.

People’s Reaction To His Plans

Jack Ma lauded Musk’s efforts to look after the sustainability of the world and a possible alternative to it. Elon Musk himself went “How strange” on Twitter after he officially overtook Bezos, followed by “Well, back to work”.

Bernie Sanders, who is known for criticizing the wealthy, did not hold back. On Facebook, Sanders said: “Wealth of Elon Musk on March 18, 2020: $24.5 billion.

“Wealth of Elon Musk on January 9, 2021: $209 billion,” the Senator wrote.

“US minimum wage in 2009: $7.25 an hour. US minimum wage in 2021: $7.25 an hour.

Our job: Raise the minimum wage to at least $15, tax the rich & create an economy for all.”

Hate him or love him, one has to take into account his vision for the world and an uncanny resemblance to Marvel’s Tony Stark, a billionaire looking to save humanity in crisis. From a person who did not have money to repair his car, to be the driving forces of a car manufacturing company that makes the planet sustainable, Elon Musk’s story is an inspiration to many.

Image Sources: Google Images

Sources: Business Standard, The Guardian, CNBC

Connect With The Blogger: Shouvonik Bose

This post was tagged under: elon musk, tesla, spacex, richest man in the world, charity, mars exploration, jeff bezos, bernie sanders, jack ma, amazon, khan academy

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