How rich is Elon Musk: So much money that it would take 6 generations to spend it all, but he only lives in rented houses and drives ‘ordinary’ electric cars

So much money that it would take 6 generations to spend it all, Elon Musk still lives in rented houses and drives a Tesla Model S.
According to a report from the charity Oxfam, the assets of the 5 richest people on the planet skyrocketed to $869 billion in November 2023, an increase of 114% compared to 2020. That is equivalent to an average increase of $14 million every hour.

Of which, billionaire Elon Musk’s assets increased to $245.5 billion by the end of November 2023, an increase of 737% compared to March 2020. However, there was a slight decrease in January 2024, when Musk’s asset value was estimated by Forbes at $243.46 billion. The reason is said to be because of Tesla.

Elon Musk’s wealth depends heavily on Tesla
Tesla contributes to the majority of Elon Musk’s wealth. About 80% of his net worth comes from this electric car company.

Tesla’s stock price has undergone huge fluctuations, from a peak of $1,200/share in November 2021 to $400/share in January 2024. In just the first two weeks of 2024, Tesla lost more than $94 billion in market value. This is attributed to the price cut race in China, rising labor costs, and slowing demand for electric vehicles, especially in the US market.

Because of the value of the company, Elon Musk’s net worth fluctuates with the market and investor sentiment. But basically, he is still the richest person in the world, with assets exceeding the GDP of many countries (according to IMF estimates in 2023) such as Hungary ($222.2 billion), Algeria ($239.21 billion) …

According to calculations, if Elon Musk spends $1 million a day, it will take him 673 years to spend all his current assets. This is a number 6 times longer than the average human lifespan. But with the current spending style, the actual time may be longer.

Elon Musk does not tend to spend money on luxury items, but instead, he lets money make money by continuously investing.

He used to own expensive real estate but then sold them to invest. He currently lives in a compact prefabricated house called Boxabl Casita, which costs about the same as a Mercedes-Benz C-Class (in US prices).

Musk’s biggest investments include Tesla, SpaceX, Twitter, and The Boring Company. These investments, especially Tesla, have significantly increased his wealth.

In addition, Musk sometimes spends money on unique items such as a James Bond submarine car or a flamethrower for his special personal hobby. The most invested means of transportation is a private plane. He also owns a number of expensive cars such as the McLaren F1 ($800,000 to $1 million), but mainly uses his “homegrown” Tesla Model S (priced from $75,000