Social Media Means
Social Media Means
Photo: Karolina Grabowska
He's Never Paid Himself A Salary Well, in his early days, he might have, but now he is worth hundreds of billions; he doesn't actually pay himself a salary. He is entitled to pay himself a wage, but he's chosen not to claim it for the last few years.
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Read More »Elon Musk may have said that he doesn’t have a pot of money lying around, but you can bet your bottom dollar that he doesn’t have to search for change in his wallet to fill up his fancy Tesla. Yes, Musk might not have billions sitting in a bank account, but he does have billions at his disposal whenever he’s ready to use it. That’s thanks to a combination of his businesses, with Tesla and SpaceX being the most fruitful. Considering he doesn’t pay himself a salary and he isn’t sitting on a pot of money, so to speak, what are his reasons behind it, and what does he do with his money? Let’s explore.
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Read More »Well, in his early days, he might have, but now he is worth hundreds of billions; he doesn’t actually pay himself a salary. He is entitled to pay himself a wage, but he’s chosen not to claim it for the last few years. It’s common practice for business owners to do this. Recently, in an interview with The Diary of a CEO, Ben Francis – the founder of the global fitness company GymShark – said how he didn’t pay himself a salary for the first few years of running the company. Instead, he carried on working at a local sports and fitness brand and lived off his part-time wage. The idea behind not claiming a salary is to funnel every bit of profit back into the growth of the business. Jeff Bezos, Bill Gates, and Mark Zuckerberg have all done the same. Let’s face it; when you have shareholder percentages as large as Musk does, you won’t be worried about paying yourself a salary. Musk’s most lucrative shares come from Tesla, of which he has a 17% shareholder ownership. That doesn’t sound like a lot, but that’s valued at $172.6 million, and he recently unloaded $22 billion worth of his Tesla stock. He also owns and has a majority shareholder ownership of SpaceX – his company that he intends to take to Mars one day. There’s no denying that his revolutionary and visionary technology has the potential to do so. However, there have been a lot of setbacks to his SpaceX project that saw Musk lose millions over the years. Some people don’t know this, but Elon Musk was the initial founder of PayPal, and he still has huge investments in the company. He created PayPal under the name X.com – and a few years later, eBay bought X.com and changed the name to PayPal. He also has shares in DeepMind Technologies and The Boring Company. Elon Musk has accumulated his wealth over many years, and he’s by far one of the most intelligent business people on the planet. He understands how to manipulate markets in his favour, and he’s without a doubt a visionary. And now you know why he doesn’t pay himself a salary.
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