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In 1999, at 28 years old, Elon Musk was already a millionaire and chose to invest everything in X.com, which later became PayPal and was sold for US$ 1.5 billion.
In 1999, Elon Musk appeared in an interview surrounded by cameras and expectations. At just 28 years old, having just sold his company Zip2 for hundreds of millions of dollars, the young South African showed more desire to start over than to enjoy his newfound fortune.
There, in front of a McLaren F1 worth a million dollars, he announced that he didn’t want luxury, but rather to create something new. A digital bank, for example.
Today, Elon Musk is the richest man in the world. But the path to get here has been full of ups and downs, bold decisions, and huge risks.
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Life Before Fame
Elon Reeve Musk was born on June 28, 1971, in Pretoria, South Africa. The son of Canadian model Maye Musk and engineer Errol Musk, he grew up in a middle-to-upper class family.
As a child, he showed interest in technology. At 12, he created a computer game called Blastar, which was sold for 500 dollars.
During his youth, he was bullied and sought refuge in books and computers. At 17, he moved to Canada, where he began his university studies.
He attended Queen’s University and then the University of Pennsylvania in the United States, where he graduated in economics and physics.
He even started a PhD at Stanford but dropped out two days later to invest in the internet — a risky bet in 1995.
Zip2 and the First Success
Musk’s first major venture was Zip2, an online city guide created with his brother. The business grew rapidly and was sold in 1999 for US$ 307 million.
Elon’s stake netted over 20 million dollars. Instead of retiring, he decided to found X.com, a fully digital bank — something unprecedented at the time.
In the 1999 interview, he said that “he could buy an island in the Bahamas,” but preferred to invest in something new. “I’m much more interested in trying to build and create a new company,” he stated.
At the time, he was driving his newly acquired McLaren with his fiancée Justine Wilson. The car, according to her, was “perfect for Silicon Valley.”
The Foundation of X.com
X.com was founded in March 1999 with an initial investment of around US$ 12 million from Musk himself.
The idea was to offer bank accounts, insurance, and financial transfers entirely online. It was one of the first fintechs in the world and quickly attracted market attention.
In 2000, the company merged with Confinity, which owned a technology called PayPal. Despite internal conflicts, the merger worked.
Musk wanted to keep the name X.com, but was outvoted. In 2001, the company was renamed PayPal.
Shortly before this, during a trip, Musk was ousted as CEO by decision of the executives. He remained a shareholder.
The Sale to eBay and the Next Leap
In October 2002, PayPal was sold to eBay for US$ 1.5 billion. Musk, the largest individual shareholder with 11.7% of the shares, received about US$ 180 million.
The money was essential to fund his next projects. He invested practically everything into three new companies: SpaceX (founded in 2002), Tesla Motors (2004), and SolarCity (2006).
At one point, he found himself with little liquid cash, despite being a millionaire. The bet was high, but the return was coming.
SpaceX: Reusable Rockets and Satellites
SpaceX was born with an ambitious goal: to reduce the cost of space travel. One of the company’s greatest achievements was the development of the Falcon 9, the first reusable rocket to reach orbit.
In 2012, SpaceX sent an uncrewed capsule to the International Space Station. In 2020, the company made history by sending two NASA astronauts to the station with the Crew Dragon.
The Starlink project, initiated by SpaceX, created a constellation of satellites to provide high-speed internet in remote locations.
By 2024, over 3 million customers in 99 countries were already using the service. The company’s fleet accounts for 60% of the active satellites in orbit.
Tesla: From Pioneer to Company in Crisis
Tesla was founded in 2003 and Musk became CEO, also being the main figure behind its design and strategy. He launched models such as the Roadster, Model S, Model 3, Model X, Model Y, and the controversial Cybertruck.
The latter was criticized for lacking crumple zones to absorb impacts. In 2024, two accidents with the model in Texas garnered significant attention, one of which resulted in a death.
Tesla has conducted six recalls of the Cybertruck. It also faces investigations and problems with production, delays, and layoffs.
In 2024, it laid off 14% of its employees. The Model 3, for example, experienced multiple delays. Tesla’s market share fell from 75% to 49% in five years.
Declining Profits and Image Crisis
In 2025, Tesla reported a 71% drop in net income in the first quarter. The figure fell from US$ 1.4 billion to US$ 409 million.
Revenue for the period also fell by 9%, totaling US$ 19.3 billion. The reasons include declining sales, operational losses, and contraction in markets such as Europe and the U.S.
Moreover, Elon Musk’s image began to directly affect the brand. His political support for Donald Trump and controversial statements provoked negative reactions, especially among the European public.
Chinese competition, especially BYD, surpassed Tesla in electric vehicle sales. Offering lower prices and advanced technology, these Asian brands forced Tesla to rethink its strategies.
X: The Purchase of Twitter and the Decline
In 2022, Musk purchased Twitter for around US$ 43 billion. After legal disputes, he took control of the company, laid off half the staff, and implemented a paid verification system.
He renamed it X and moved the headquarters to Texas.
The company lost value: a 2024 estimate from Fidelity indicated an 80% drop in its market value.
Musk faces at least 30 lawsuits related to the company, involving former employees and suppliers. He appointed Linda Yaccarino as CEO but remains influential in X’s decisions.
Innovations and Parallel Projects
In addition to SpaceX and Tesla, Musk invested in the Hyperloop, a low-pressure tube transportation system. The project, which promised to connect cities like San Francisco and Los Angeles, is practically abandoned.
Another significant investment is Neuralink, which develops brain chips. After testing on monkeys, some with severe side effects, the company performed its first human implant in 2024. By 2025, three people were already using the devices.
Relationship with Trump and Government Involvement
Musk has a long-standing connection with Donald Trump. In 2016, he joined the government council but left after the U.S. withdrew from the Paris Agreement.
He returned to support Trump in 2024 during the presidential election. After an assassination attempt against Trump, Musk appeared beside him at rallies.
He created a political action committee and promoted US$ 1 million daily giveaways for those who signed a petition. The giveaway led to a lawsuit but was cleared by the courts.
In 2025, he was appointed head of the Department of Government Efficiency (DOGE), created to cut public spending.
However, he publicly clashed with Trump.
Personal Life, Children, and Addictions
Elon Musk has 14 children. He is a fan of video games and has described Elden Ring as “the most beautiful art I’ve ever seen.” According to biographer Walter Isaacson, this hobby is almost an addiction.
In 2020, Musk stated that he would sell almost all of his possessions. He then began living in a rented house costing US$ 50,000 in Texas, near the SpaceX base.
He has also publicly discussed having Asperger’s syndrome, which helps explain his direct and sometimes insensitive style.
Unstable Fortune
Musk’s net worth has surpassed US$ 400 billion. In 2022, he became the first person to lose US$ 200 billion. Two years later, he regained that mark.
The majority of his fortune is in Tesla stocks. In 2024, the Washington Post estimated he owned US$ 120 billion in company shares.
Musk reached his first billion with the sale of PayPal in 2002. Since then, he has achieved historic milestones, becoming the richest person on the planet multiple times.
Did He Start from Scratch?
Although he built his fortune through hard work and innovation, Elon Musk did not start from scratch. He grew up in a family with resources.
His father, Errol Musk, was involved in an emerald mine in Zambia, which ensured some financial comfort for the family.
Nevertheless, Elon Musk did not receive a direct inheritance. He faced hardships and came close to bankruptcy while investing everything he had in his projects during the 2008 crisis.
The Future of Elon Musk
With Tesla’s profits declining and his image tarnished, Elon Musk signals a change in direction. Tesla faces investigations. X has lost value.
Neuralink is still far from becoming a commercial product. And SpaceX needs to maintain its leadership in the face of competition.
Still, Musk remains influential. His projects have changed the sectors of energy, transportation, and communications. The impact of the entrepreneur in the 21st century is profound and lasting.
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