Barron’s: “A Lesson About Wealth From Elon Musk, the World’s Richest Human”By admin_45 in IN THE NEWS
Excerpt from Barron's quoting DataTrek co-founder Nick Colas:
.... "Elon Musk is worth a cool $274 billion. Now, a former auto analyst-turned-market researcher has broken down the number to show how the Tesla CEO amassed such a mind-boggling fortune—and drives home the point that the huge number is really no huge surprise.
Musk stepped off on his path to enormous wealth 20 years ago when eBay , the e-commerce platform, bought the fintech PayPal, which he co-founded with a host of other notables, including financier Peter Thiel.
“In 2002 Elon Musk got $176 million when PayPal sold to eBay , ” writes Nicholas Colas, co-founder of DataTrek Research. “He reinvested much of that into Tesla , SpaceX, and other startups. Now, he is worth $274 billion.”
The entrepreneur, in 20 years, has quadrupled that chunk of change almost 400 times—a near-unimaginable 1,557 times, which works out to an average annual return of about 42%"....
Read the full article here in Barron's!