The world riches man- Elon Musk reveals his secrets to the throne? Elon Musk, born in South Africa, has become the world’s richest person, as his net worth crossed $185bn (£136bn). This was made known on 7th January 2021.
The Tesla (the electric vehicle that will crash the economy of many nations including Nigerian economy due to its high dependency on crude oil) and SpaceX owner was pushed into the top slot after Tesla’s share price increased on Thursday January 7th.
He takes the top spot from Amazon founder Jeff Bezos, who had held it since the year 2017.
Mr. Musk’s electric car company Tesla has surged in value this year, and hit a market value of $700bn (£516bn) for the first time on Wednesday.
That makes the car company worth more than others such as Toyota, Volkswagen, Hyundai, GM (General Motors) and Ford combined.
However, on hearing such amazing feat, Mr. Musk reacted to the news in signature style, replying to a Twitter user sharing the news with the remark “how strange” as shown below.
Actually, what piqued my interest was some of the top secrets he reveals that get him to the throne.
However, let’s see some of the secrets that made him the world riches man ahead of Amazon CEO Jeff Bezos.
- It Isn’t About The Money: If it’s not all about money, then what? When interviewed he said he didn’t know how rich he was.
“It’s not as if there is a pile of cash somewhere,” he said. “It’s really just that I have a certain number of votes in Tesla, and SpaceX, and SolarCity, and the marketplace has value on those votes.”
He doesn’t have anything against the pursuit of wealth “if it’s done in sort of an ethical and good manner”, but said it just isn’t what drives him.
He said he thinks most of his money will be spent building a base on Mars, and wouldn’t be surprised if the project consumed his entire fortune or finance.
- Pursue Your Passions: That Mars base is a clue to what Elon Musk believes is the “key to success”.
“You want things in the future to be better,” he said. “You want these new exciting things that make life better.”
“I kept expecting us to advance beyond Earth, and to put a person on Mars, and have a base on the moon, and have, you know, very frequent flights to orbit,” he said.
He regards himself as an engineer rather than an investor, and says what gets him up in the morning is the desire to solve technical problems.
- Don’t Be Afraid To Think Big: One of the really striking things about Elon Musk’s businesses is how audacious they are.
He wants to revolutionise the car industry from using petrol to electric, colonise Mars for people live on, build super-fast trains in vacuum tunnels, integrate AI (Artificial Intelligence) into human brains and upend the solar power and battery industries.
There’s a common thread here. All of his projects are the kind of futuristic fantasies you’d find in a kid’s magazine in the early 1980s.
Musk makes no secret of the fact he was inspired by the “books and movies” he consumed as a kid in South Africa where he was born and raised.
So, his advice to everyone is to make sure you are working on what he calls “stuff that’s going to matter”. Like I said, “think big.”
- Be Ready To Take Risks: This one is obvious. You’ve got to have skin in the game to do well, but Elon Musk has taken more risks than most.
By the year 2002 he had sold off his holdings in his first two ventures, an internet city guide called Zip2 and the online payment company known as PayPal.
He had just entered his 30s and had almost $200m in the bank.
He says his plan was to put half his fortune into the businesses and keep the other half.
Things didn’t work out like that. His new companies faced all sorts of teething troubles and challenges.
SpaceX’s first three launches had failed, and Tesla had all manner of production problems, and supply chain, and design issues.
Then the financial crisis struck. Musk said he faced a stark choice. “I could either keep the money, then the companies are definitely going to die, or invest what I have left and maybe there is a chance.”
He kept pouring in money he saved. At one point he was so in debt he had to borrow money from friends just to pay his living expenses.
So, did the prospect of bankruptcy frighten him? He says it didn’t: “My kids might have to go to a sort of government school. I mean big deal, I went to a government school.”
- Ignore The Critics: He suggested many people may have wanted him to fail because there’s a kind of arrogance about his ambition.
He rejected that. “I think it would be arrogant if we said we were definitely going to do it, as opposed to we’re aspiring to do it, and we’re going to give it our best shot.”
This brings us to Musk’s next lesson in business success – don’t listen to the critics.
He said he didn’t believe SpaceX or Tesla would ever make money when he set them up – and the truth is nor did anyone else. But he ignored the doomsters or critics and went ahead anyway.
Why? Remember, this is a man who judges success on the basis of the important problems he’s solved, not how much money he has made.
- Enjoy Yourself: Elon Musk is famously a workaholic – he boasts of working 120-hour weeks to keep production of the Tesla Model 3 on track – but he doesn’t fail to enjoy himself despite being a workaholic.
However, follow this guide and, with a bit of luck, you’ll become impossibly rich and famous too like Elon Musk and share your own success stories as well.