From a South African teenager to the world's richest person: How Elon Musk built a multi-dimensional business empire

Elon Reeve Musk’s life journey spans over half a century, from being born in 1971 into an ordinary family in Pretoria, South Africa, to becoming one of the world’s most influential entrepreneurs. In October 2024, his net worth reached $244 billion, marking his third consecutive year as the richest person in the United States. Behind this achievement are a series of business ventures, technological breakthroughs, and controversies that weave into a legendary story.

The Transformed Genius: From Programming Teenager to Stanford Dropout

Musk’s talent first appeared in childhood. His father was a South African electromechanical engineer, and his mother was a Canadian model and nutritionist. Influenced by his father, Musk developed a fascination with technology from a young age. Using his birthday allowance at age 10 and his father’s support, he bought his first computer, learned programming, and created a space-themed game called “Blastar,” which he sold to PC Magazine for $500, earning his first fortune.

In high school, Musk spent his youth in South Africa, but at 17, he made a bold decision—to move alone to Canada to join relatives of his mother. During his work on a farm, he earned a living while completing his studies at Queen’s University in Canada. In 1992, he enrolled at the University of Pennsylvania in the U.S., double majoring in economics and physics. During university breaks, he interned in Silicon Valley, researching supercapacitors at Pinnacle Research Institute during the day and coding at a rocket science gaming company at night.

After graduating from Penn in 1995, Musk planned to pursue a Ph.D. in materials science at Stanford but changed his life just two days after starting—dropping out to start a business. This decision was driven by his keen sense of the internet wave.

Internet Entrepreneur: Three Successful Wealth Accumulations

Musk’s first entrepreneurial venture began in 1995. He and his brother Kimbal Musk rented a small office and developed Zip2, an internet mapping service based on GPS data. The company secured contracts with The New York Times and Chicago Tribune. By 1999, Compaq acquired Zip2 for $307 million in cash and $34 million in stock options, netting Musk $22 million. At just 30, he had his first substantial wealth.

Next, Musk targeted online financial payments. In 1999, he founded X.com, which profoundly impacted global fintech. In 2000, X.com merged with Confinity and was renamed PayPal, becoming a leader in online payments. In 2003, eBay acquired PayPal for $1.5 billion, and Musk earned $180 million from the deal.

These two successful startups laid the foundation for Musk’s business empire. He not only accumulated wealth but also gained vital experience—how to spot market opportunities, execute quickly, and win in competition. These lessons would fuel his future grander ventures.

Mars Dreamer: Redefining Commercial Spaceflight

In 2001, Musk traveled to Moscow to buy intercontinental ballistic missiles for Mars projects but was refused because he couldn’t pay the $8 million per missile. On the return flight, he conceived the idea of developing low-cost rockets independently. In June 2002, Musk invested $100 million to establish SpaceX, becoming CEO and CTO, opening a new chapter in commercial space exploration.

Early SpaceX faced setbacks. In 2006, Falcon 1 failed due to fuel leaks; subsequent launches also failed. Facing financial ruin and near bankruptcy, the company’s fourth Falcon 1 launch on September 28, 2008, succeeded, marking the first privately developed rocket to reach orbit. Musk later said this success was “the company’s last chance.”

This breakthrough changed everything. SpaceX secured a $1.6 billion NASA commercial launch contract. Musk pushed forward with Falcon 9 development, culminating in the 2012 docking of Dragon with the International Space Station, marking the first time a private company completed a space supply mission.

From 2015 onward, Musk challenged rocket reusability, achieving vertical landing of an unmanned rocket in December 2015 after multiple failures. This technological leap drastically reduced launch costs, enabling large-scale space activities.

Starship represents Musk’s ultimate Mars vision. This heavy-lift rocket consists of a reusable “Super Heavy” booster and a “Starship” spacecraft. Since its second test flight in December 2023, Musk has conducted four orbital tests, each flying higher and farther, gathering valuable data. By June 2024, the fourth test saw the booster land successfully in the Gulf of Mexico, another milestone in rocket recovery.

Starlink demonstrates Musk’s obsession with internet democratization. This satellite internet project aims to provide low-cost global connectivity. By January 2022, SpaceX had launched 1,993 Starlink satellites, with 1,469 operational. Despite concerns from astronomers and NASA, Starlink has obtained licenses in multiple countries, transforming global communications.

Building an Energy Empire: Tesla’s Electric Vehicle Revolution

In 2004, Musk invested $6.3 million in Tesla’s Series A funding and became chairman. Over the next decade, he transitioned from investor to manager and visionary. Tesla went public in 2010, with the stock closing at $24.64 on its first day, up 45% from the $17 initial price.

Under Musk’s leadership, Tesla evolved from a niche luxury brand into the world’s most valuable automaker. In June 2020, Tesla’s stock surpassed $1,000, making it the highest-valued car company globally. In 2021, Tesla’s revenue in China reached $13.84 billion, with over 100% growth for two consecutive years.

Beyond cars, Musk pushed Tesla into energy. In 2016, Tesla acquired SolarCity for $2.6 billion, integrating solar panels and solar roofs into its ecosystem, creating a vertically integrated clean energy company.

In April 2024, Musk announced Tesla would launch an autonomous taxi, Robotaxi (Cybercab), priced below $30,000 by August 8. On October 11, he revealed plans to start production in 2026, causing Tesla’s stock to surge.

AI Prophet and Brain-Computer Interface Pioneer

Starting in 2015, Musk invested $1 billion in OpenAI, a nonprofit AI research organization, aiming to ensure AI benefits humanity. However, after OpenAI shifted to a profit model and partnered with Microsoft in 2023, Musk expressed discontent through lawsuits, accusing OpenAI of abandoning its original mission for profit.

In 2023, Musk founded his own AI company, xAI, developing the chatbot Grok. He claims Grok aims to seek truth rather than political correctness. In July, Musk revealed xAI was training Grok 3 at the Memphis data center using 100,000 Nvidia H100 chips.

Brain-computer interfaces are another Musk dream. In 2016, he founded Neuralink to develop implantable brain interfaces. The short-term goal is to help paralyzed individuals type with their minds; the long-term is achieving “human-machine symbiosis.” In January 2024, Neuralink announced the first human subject had fully recovered and could control a computer mouse with their mind—a breakthrough in medicine.

Personal Life and Controversies: A Multi-Dimensional World

Musk’s personal life is as dramatic as his business achievements. He was married twice—first to Justine Wilson, then to Talulah Riley—and has had relationships with Canadian singer Grimes and Neuralink executive Sivan Terzian. He has at least 12 children.

In July 2024, Musk’s eldest son Xavier requested a gender change, renaming himself Vivian Jenna Wilson and seeking to cut ties with his father. Musk responded strongly against teenage transgender issues, calling them “evil” and suggesting supporters should be jailed. His comments sparked widespread controversy online.

On July 24, 2022, media reported Musk’s affair with Nicole Shanahan, ex-wife of Google co-founder Sergey Brin. Musk denied the affair, but it affected his public image.

In June 2024, The Wall Street Journal reported Musk had sexual relations with several female SpaceX employees, raising concerns about workplace power imbalance.

Political Shifts and the 2024 U.S. Election

Long claiming to be a “100% supporter of the Democratic Party,” Musk in March 2024 called for a “red wave” to save America on social media. After an assassination attempt on Trump on July 13, Musk publicly endorsed Trump’s campaign.

He then established a political action committee (PAC), promising to provide financial incentives to swing-state voters supporting Trump. By October 2024, he had donated $75 million to the PAC. On October 19, he announced he would randomly distribute $1 million daily to Pennsylvania voters who signed petitions from October 19 to Election Day, prompting warnings from the U.S. Department of Justice about potential violations of federal election law.

International Diplomacy and Social Issues

Musk has been active internationally. In May 2023, he met with Chinese State Councilor and Foreign Minister Qin Gang in Beijing, then engaged with the Ministry of Industry and Information Technology and Commerce. On April 28, 2024, Chinese Premier Li Qiang met with him, praising Tesla’s development in China as a successful example of Sino-U.S. economic cooperation.

In November 2023, Musk faced international criticism after replying “You are right” to a post supporting anti-Semitic views on X. Subsequently, the White House, Apple, IBM, Disney, and others paused advertising on X. Musk then visited Israel, meeting President Herzog and Prime Minister Netanyahu to repair his image.

Regarding the Russia-Ukraine conflict, Musk’s stance has been controversial. In 2022, he ordered the shutdown of Starlink in Crimea over fears of nuclear escalation if Ukraine used it for military purposes, leading to accusations of “betrayal.” In March 2024, he called Ukraine’s continued counteroffensive a “tragic waste of lives” and suggested negotiations to resolve the conflict.

Confrontations with Authorities

In August 2024, Musk shut down SpaceX operations in Brazil via X, citing actions by Supreme Court Justice Alexandre de Moraes, who had frozen Starlink accounts and demanded X restrict certain accounts. Musk viewed this as an attack on free speech. Although X eventually complied, the incident reflected Musk’s deep skepticism of regulatory power.

In the U.S., Musk’s longstanding conflicts with the SEC include the 2018 lawsuit over his tweets about taking Tesla private, which ended in a settlement. Since then, he has often mocked the SEC, calling it “the short-seller’s enrichment commission.”

Unfinished Dreams and Ongoing Evolution

As a relentless innovator, Musk never stops exploring. In 2016, he announced plans to send humans to Mars starting in 2022, aiming to establish a city of one million by 2060. Though timelines have shifted, this vision continues to drive SpaceX’s technological progress.

In December 2023, Musk revealed plans to establish a university in Austin, Texas, offering free education in STEM fields—reflecting his commitment to democratizing education.

In 2024, under Musk’s leadership, Tesla plans to invest over $500 million to expand its Supercharger network, emphasizing his ongoing focus on electric transportation infrastructure.

The Innovator in Controversy: Reflection and Outlook

From a programming teen to a global billionaire, Musk’s life witnesses the transformation of the internet, space, electric vehicles, and AI. He redefines these industries with unprecedented vision, pushing technological boundaries.

Yet, his path is also filled with controversy—from allegations of misconduct to drug rumors, from supporting anti-Semitic claims to political shifts. He has reshaped industries and repeatedly challenged public opinion. This complexity makes Musk both a dreamer and a disruptor—an innovator and a critic.

In October 2024, Forbes announced Musk’s net worth at $2.44 trillion, making him the world’s richest person for the third year in a row. Behind this number lies the story of a relentless individual who, through persistence and innovation, turns science fiction dreams into reality. His life reminds us: success is never the end but an endless journey of exploration.