Elon Musk, the world’s richest man, made headlines again in October when his net worth crossed $500 billion — making him the first person in history to reach the half-trillion mark. But despite this astronomical fortune, Musk insists that he lives modestly.
The Tesla and SpaceX chief has often claimed to lead a simple life. In 2021, he revealed that he lived in a small prefabricated home worth about $50,000 in Texas, near his rocket launch site. His former partner, musician Grimes, told Vanity Fair that Musk often avoided luxury spending, even refusing to buy a new mattress despite theirs being damaged.
Not long ago, Musk owned several lavish properties in California’s exclusive Bel-Air neighbourhood, collectively worth about $100 million. His collection included homes with swimming pools, a tennis court, a ballroom and even a ranch once owned by actor Gene Wilder.
By 2020, however, Musk decided to sell nearly all of them. He declared on social media that possessions “just weigh you down” and vowed to “own no house”. He later sold Wilder’s former home to the late actor’s nephew, though he reportedly reclaimed it this year after loan repayments lapsed.
Since then, Musk has mostly lived near SpaceX’s Texas base, in what he describes as a “kinda awesome” compact home. He has even said he often stays at friends’ places when visiting California, rotating between spare rooms instead of owning property.
While he shuns expensive homes, Musk has an obvious passion for vehicles. His collection has included a Ford Model T, a 1967 Jaguar E-Type, a McLaren F1 and several Teslas — including the Roadster that he famously launched into orbit in 2018.
Perhaps the most unusual is the white Lotus Esprit submarine car from the 1977 James Bond film The Spy Who Loved Me, which Musk bought at auction for nearly $1 million. He reportedly hopes to make its underwater transformation a reality.
Musk also owns several Gulfstream private jets, which he says are essential for his work, allowing him to shuttle quickly between Tesla and SpaceX sites. “If I don’t use the plane, then I have fewer hours to work,” he said in a 2022 interview.
Regulatory filings show that Musk has donated billions of dollars in Tesla shares to charities. However, his philanthropy has drawn criticism for being opaque and benefiting his own ventures. Reports in The New York Times said his foundation — which funds scientific and technological projects — failed to meet its minimum giving requirements for several years.
Musk, for his part, argues that his companies themselves serve humanity. “If you say philanthropy is love of humanity, then they are philanthropy,” he said, adding that Tesla promotes sustainable energy, SpaceX ensures humanity’s survival, and Neuralink aims to heal brain injuries.
For a man worth half a trillion dollars, Musk’s financial choices remain as unconventional as his ambitions — a mix of restraint, extravagance, and a mission to push the limits of human progress.