Musk lives quite modestly by billionaire standards

Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new global wealth report.

The Tesla CEO is currently the world’s richest person with a net worth of $251 billion, as reported by Bloomberg’s Billionaires Index.

Informa Connect Academy reveals that Musk’s wealth is growing at an astonishing average rate of 110% annually. If this trend continues, he could hit the trillion-dollar mark within the next three years.

The report titled “2024 Trillion Dollar Club” puts Tesla’s market value at $669.3 billion.

Walter Isaacson

In 2020, Musk decided to sell his five grand houses and to have as his primary residence this spartan two-bedroom house in Boca Chica, TX, where we would meet and he would sit at this wood table and make phone calls. In my forthcoming bio, amazon.com/Elon-Musk-Walt…, I explain why.

The electric vehicle manufacturer’s growth rate is equally impressive at 173.3%, suggesting the company might surpass $1 trillion as soon as next year.

But despite his insane wealth, the South African lives a modest life in a minimalistic house, or a ‘box’ – as some have called it.

Last year, the author of the bestselling biography Steve Jobs, Walter Isaacson, posted on X (formerly Twitter): “In 2020, Musk decided to sell his five grand houses and to have as his primary residence this spartan two-bedroom house in Boca Chica, TX, where we would meet and he would sit at this wood table and make phone calls.”

This was shared alongside an image of what appears to be Musk’s front room used as his office base.

This followed Musk’s announcement in 2020 which read: “I am selling almost all physical possessions. Will own no house” and went on to list his California properties.

Jean Catuffe/Contributor / Getty

When one of his followers asked why, he had a one-word answer: freedom.

The combined asking prices for his seven California homes were over $100 million.

Commenting on his humble abode, Musk tweeted in 2021: “My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though.”

He added: “Only house I own is the events house in the Bay Area. If I sold it, the house would see less use, unless bought by a big family, which might happen some day.”

The New York Post revealed that Musk’s home is actually a foldable, 20-foot-by-20-foot prefabricated unit made by Boxabl, a housing startup. The Boxabl Casita is designed like a studio apartment, with a large room divided into a living and sleeping area, a fully equipped kitchen, and a bathroom with a tub shower.

It doesn’t seem as though hitting the one trillion mark will affect Musk’s modest lifestyle in any way.

Elon Musk is set to become the world’s first trillionaire but lives a bit more modestly than most billionaires.

The tech mogul’s net worth just surpassed $300 billion after last month’s US election welcomed Donald Trump back to the White House.

According to estimates from Forbes magazine, Musk is believed to have added more than $54 billion to his net worth since the November 5 election.

“Musk has made quite the bet by investing millions of dollars in the Trump campaign,” said Matt Mittelsteadt, a research fellow at the Mercatus Centre at George Mason University. “Now that Mr Trump has been elected, I think that bet is very much paying off.”

If the trend continues then the Tesla CEO could become the first trillionaire within the next three years.

Elon Musk’s net worth has surpassed $300 billion (Andrew Harnik/Getty Images)

Despite his skyrocketing net worth, there have been claims in the past that Musk’s living situation is far from extravagant.

According to his ex-partner Grimes, the SpaceX founder takes a very stripped-back approach.

In an interview with Vanity Fair back when they were together, she revealed that Musk apparently ‘lives at times below the poverty line’.

She continued: “To the point where I was like, ‘Can we not live in a very insecure $40,000 house? Where the neighbours, like, film us, and there’s no security, and I’m eating peanut butter for eight days in a row?’”

In recent years, Musk has been selling off his expensive property portfolio for years, sticking to his vow to get rid of his possessions to help fund his Mars colony dream.

So far, he’s been sticking to his word and the last home he sold was in San Francisco for $130 million.

Elon Musk is set to become the world’s first trillionaire (Brandon Bell/Getty Images)

Now Musk claims to reside in a modest three-bedroom tiny home on Boca Chica/Starbase in Texas which he rents from SpaceX for less than $50,000.

Musk made a post about it on his own platform X, formerly Twitter, saying: “My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though.

“Only house I own is the events house in the Bay Area. If I sold it, the house would see less use, unless bought by a big family, which might happen some day.”

The 20-by-20-foot prefab unit is made by Boxabl, a startup aiming to transform housing by creating foldable homes that are pre-made on a factory assembly line.

It’s designed like a studio apartment, with a large room divided into a living and sleeping area, a fully equipped kitchen, and a bathroom with a tub shower.