Elon Musk Has Rebranded Twitter to ‘X’—Here’s Musk’s Net Worth

Elon Musk has rebranded Twitter to X. Musk introduced the rebrand by way of a tweet on Sunday, saying “http://X.com now factors to https://twitter.com/. Interim X emblem goes stay later at present.” Twitter’s unique blue fowl emblem has now been changed with an X.

Musk additionally not too long ago introduced his newest startup, xAI, shall be targeted on synthetic intelligence. In line with the corporate’s web site, the purpose of xAI is to “perceive the true nature of the universe.” The xAI staff shall be led by Musk and others who’ve beforehand labored with OpenAI, DeepMind, Google Analysis, Microsoft Analysis, and Tesla. 

Musk’s new AI enterprise is the most recent in an inventory of firms he has based and leads together with Tesla, SpaceX, and The Boring Firm.

As of July 2023, Musk is the richest individual on the earth, with a web value of $254 billion. Right here’s how the Tesla CEO and Twitter proprietor made his billions.

Tesla 

Tesla is the biggest carmaker on the earth by market worth. The corporate builds and designs absolutely electrical autos (EV) and power era and storage techniques. Its automobiles embrace sedans and compact and mid-size SUVs. 

Tesla (TSLA) was based in 2003 as Tesla Motors by Martin Eberhard and Marc Tarpenning. Musk invested within the firm and was a member of the board beginning in 2004, and later grew to become CEO in 2008.

Musk was allowed to assert the title of cofounder, due to an out-of-court settlement. Tesla went public in an preliminary public providing (IPO) on June 29, 2010. In 2021, Tesla moved its headquarters from its native Palo Alto, California, to Austin, Texas.

 In July 2023, Tesla unveiled its first Cybertruck inbuilt its Texas manufacturing unit, nearly two years behind the unique schedule.

Musk has a 13% possession stake in Tesla, value $108 billion. In 2022, Tesla’s complete income was $81.46 billion. 

SpaceX

Musk can also be the cofounder and CEO of SpaceX, a rocket manufacturing firm that counts NASA as one in every of its purchasers, and helps resupply the area station. 

SpaceX is valued at $137 billion as of January 2023 and raised $2.2 billion in 2022, making it probably the most helpful non-public firm within the nation. Musk owns 42% of SpaceX, which launched its two hundredth rocket in January and has greater than 1 million subscribers for its Starlink web service.

Twitter (X)

In April 2022, Musk purchased Twitter for $44 million after threatening a hostile takeover. The deal was finalized in October 2022, after Twitter sued Musk for attempting to again out of the deal.

His takeover has been controversial, as he laid off half of the corporate’s workforce and added a paid subscription service ($8 per 30 days) for anybody who needs their account verified. Musk owns about 79% of Twitter. The corporate is valued at about $20 billion as of March 2023.

In July 2023, Musk rebranded Twitter as X, changing the blue fowl emblem with the letter.

The Boring Firm 

Musk can also be the founding father of The Boring Firm, a tunnel building firm that goals to “clear up site visitors” by constructing freight tunnels. The corporate raised $675 million in April 2022, at a valuation of $5.7 billion, in keeping with Forbes.

Neuralink

Musk additionally co-founded an organization known as Neuralink which designed a “brain-computer interface,” a chip that may be implanted into the mind. Neuralink is valued at about $5 billion, in keeping with reporting by Reuters.