The fixation on Elon Musk's billionaire-ness overlooks the fact that he doesn't care about money
But he mostly owns California real estate — millions of dollars worth, an illiquid asset that's hard to sell.shares, after a massive run-up, are worth close to $40 billion, but he almost never sells stock. He lives off loans from major banks, using his Tesla stake as collateral.
So Musk lives off credit: around $550 million is his current burden, owed to a trio of banks, and backed by his Tesla shares. Even if Musk is trying to deleverage his personal balance sheet a bit, he's not exactly marketing liquid assets; multimillion-dollar mansions in California can take years to sell, if they sell at all.What Musk embodies is actually a walking, talking wealth paradox: so rich on paper, but kinda not rich in reality.
Skeptical? Fine. But space exploration had previously required the resources of large nations, while the received wisdom in the auto industry, pre-Tesla, was that starting a new car company was impossible. Musk couldn't have picked two better ways to lose all his money. He has some cool clothes, but that's hardly an extravagant outlay. He drives Tesla vehicles. He sent his personal original Roadster into orbit, so goodbye to that museum piece! He tweets a lot, so he probably owns the latest iPhone. I think he plays video games, so ... an Xbox and a flat-screen or two? And he travels quite a bit, using a business jet, but so do mere millionaires.
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