Elon Musk is the world’s richest individual. He is now the first person to surpass a net worth of $500 billion (£370 billion). He has long been a figure of fascination. Yet, despite his astronomical wealth, the Tesla and SpaceX CEO insists that his personal life is surprisingly modest.
A Billionaire With a Bare-Bones Lifestyle
Back in 2021, Musk revealed that he was living in a tiny prefabricated home in Texas. The home was valued at around $50,000 (£38,000). It was located near the SpaceX launch site. His former partner, musician Grimes, told Vanity Fair the following year that Musk’s lifestyle was anything but luxurious.
“Bro doesn’t live like a billionaire,” she said. “At times he lives below the poverty line.”
She recalled how Musk once refused to replace a mattress that had a hole in it. This small detail symbolised his unusual frugality for many.
From Bel-Air Mansions to Minimalism
It wasn’t always that way. At one point, Musk owned a collection of multimillion-dollar mansions in Bel-Air, California. Reports suggested he spent around $100 million on seven homes within a few years. These homes were complete with pools, tennis courts, wine cellars, and even a ballroom.
One of these properties had once belonged to actor Gene Wilder, famous for his role as Willy Wonka. In 2020, when Musk decided to sell his houses, he declared that he was “selling almost all physical possessions.” He wanted to focus on Mars and Earth. The only condition he attached was that the Wilder property must not lose its “soul.”
The home was eventually sold to Wilder’s nephew, Jordan Walker-Pearlman, after Musk loaned him the money to buy it. However, Musk reportedly regained ownership in mid-2025 after Walker-Pearlman defaulted on the loan.
Since then, Musk has claimed that he often stays with friends rather than maintaining a permanent home. “I don’t even own a house right now,” he said in 2022. “If I’m in the Bay Area, I just rotate between friends’ spare rooms.”
Even Larry Page, co-founder of Google, once called Musk “homeless,” recalling that he sometimes emailed to ask, “Can I crash at your place tonight?”
A Passion for Extraordinary Cars
Where Musk does spend freely is on his car collection – an unsurprising hobby for the head of Tesla. His garage over the years has included vehicles that range from historical to futuristic.
Among them:
- A Ford Model T, the car that revolutionized the auto industry;
- A 1967 Jaguar E-Type Roadster, Musk’s childhood dream car;
- A 1997 McLaren F1, which he famously crashed and later sold;
- And, of course, the Tesla Roadster that he launched into space in 2018 aboard a SpaceX rocket.
He is well-known for acquiring a 1976 Lotus Esprit. It is the submarine car from the James Bond film The Spy Who Loved Me. Musk purchased it at auction in 2013 for nearly $1 million, expressing plans to engineer its amphibious capabilities for real.
Flying for Work, Not Luxury
While Musk avoids owning multiple mansions, his private jets are another story. He argues that they’re a necessity, not an indulgence.
“If I don’t use the plane, I lose hours I be working,” he said in a 2022 interview.
His fleet includes several Gulfstream models. Each costs tens of millions of dollars. He uses them to travel between Tesla, SpaceX, and Neuralink facilities across the world.
Philanthropy, on His Own Terms
When it comes to charity, Musk’s giving style is as unconventional as his lifestyle. He has donated billions in Tesla stock and pledged significant sums to scientific and humanitarian causes. However, critics have accused his donations of being unpredictable. They claim his donations are self-serving. The New York Times emphasized that his donations are structured in ways that often provide tax advantages. They also benefit his own enterprises.
His charitable arm, the Musk Foundation, claims to support “scientific research, technological innovation, and efforts to advance humanity.” Yet filings have shown that the foundation sometimes failed to meet minimum giving requirements. It directed many donations to groups linked to Musk’s ventures.
Asked about philanthropy, Musk has often rejected the idea that charity is limited to donations.
“If you care about doing good rather than looking good, philanthropy is extremely difficult,” he said in 2022.
He argues that his companies themselves are acts of philanthropy. Tesla accelerates sustainable energy. SpaceX ensures humanity’s survival beyond Earth. Neuralink develops technology to treat brain injuries and manage AI risks.
A Fortune With Purpose
For Musk, wealth appears to be a tool for ambition rather than indulgence. He views his billions as fuel for the next phase of human progress. This includes funding space exploration, artificial intelligence, and new forms of transportation.
Critics see contradictions in his minimalist image and extravagant ventures. Still, Musk remains consistent in one belief. He believes that his fortune’s ultimate mission isn’t comfort; it’s colonizing the future.
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