Elon Musk has always been a headline magnet, but his 2024 financial performance was in a league of its own. His net worth soared by an astonishing $203 billion over the year, making him the first person in history to surpass a $400 billion net worth, according to CNN.
For a leap year like 2024, that breaks down to approximately $554.64 million a day, $23.11 million an hour or a jaw-dropping $6,420 per second. While these numbers make for great trivia, they're not reflective of an hourly wage – it's more about the rapid growth of his assets, primarily tied to Tesla and SpaceX stock.
So, what does the richest man spend his ballooning fortune on?
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Spending Big on Family and Foundations
Despite famously declaring in 2020 that he would "own no house," Musk has reevaluated that stance. In October 2024, Austin American-Statesman reported that he purchased a sprawling $35 million Tuscan-style compound in Austin, Texas, for his 11 children and two of their mothers. This estate spans 14,400 square feet and is complemented by an adjacent six-bedroom mansion. Musk reportedly wanted a setup where his younger kids could grow up together while he remained close by.
The purchase is a rare splurge for someone who, until recently, claimed to prioritize minimalism. In 2020, he announced his intention to sell almost all of his physical possessions, including his homes. This decision was part of his effort to simplify his life and focus on his work and larger goals.
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Following through on his promise, Musk sold seven of his California homes for a total of $128 million in 2022. But as a father to 12 children (one of whom tragically passed away in infancy), it seems Musk's priorities have shifted toward creating stability for his family.
Politics: Musk's Quiet Power Play
Musk didn't just spend his money on real estate. In 2024, he became the largest political donor, funneling at least $277 million into various campaigns and causes. This included $239 million to America PAC, a super PAC supporting Donald Trump's campaign and $20 million to a group focused on softening Trump's stance on abortion.
He also spent $40.5 million on payments to swing-state voters to back a petition regarding constitutional issues. Musk’s camp framed these contributions as "investments in democracy," but critics questioned the billionaire's growing influence on U.S. politics.
What About the Rumors?
Beyond confirmed purchases, Musk was the subject of endless speculation in 2024. Reports of him eyeing a $100 million penthouse near Mar-a-Lago and buying Boeing or CNN were debunked. It's worth noting that his spending is dwarfed by the pace at which his wealth grows. Musk makes millions more through his businesses for every dollar he spends.
And speaking of his companies, Tesla is driving innovation with its new Tiny House initiative. While this wasn't a personal purchase for Musk this year, it reflects his ongoing focus on sustainability and affordable living solutions.
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What's the Real Story Behind the Numbers?
Elon Musk's financial rise in 2024 wasn't just record-breaking – it was downright mind-bending. His spending paints a picture of a man balancing two worlds: creating a stable life for his family with multimillion-dollar mansions while flexing his influence on the political stage with hundreds of millions in donations. At $554 million a day, Musk's wealth growth makes him seem unstoppable.
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