We’ve all heard of billionaires. But how about a trillionaire?
Elon Musk — who built his status as a legendary innovator through the success of Tesla, SpaceX and other ventures before taking his current unpaid position heading President Donald Trump’s Department of Government Efficiency (DOGE) — is on track to soon become the world’s first trillionaire.
Musk is currently worth more than $300 billion and could become a trillionaire by 2027, according to a recent estimate from Informa Connect Academy, which offers global education and training solutions.
Musk remains a controversial figure, but few would question the scope of his achievement. Here are some lessons everyone can learn from Musk’s extraordinary success.
1. Hard work pays off
First and foremost, Musk is a hard worker. In fact, the amount of time he puts into his work — juggling multiple responsibilities at the six companies he owns — is almost mind-boggling.
In Walter Isaacson’s recent biography of Musk, the author notes that Musk has been driven since childhood. In recalling Musk’s time at his first company, Zip2, Isaacson writes:
“At Zip2 and every subsequent company, he drove himself relentlessly all day and through much of the night, without vacations, and he expected others to do the same.”
Hard work has become a bit unfashionable in recent years. But Musk’s story is a reminder that very few people succeed without outworking their competition.
2. Taking risks is essential to success
Musk’s business ventures — including taking on the world’s auto industry and putting his own rockets into space — look a little crazy from the outside. And yet, time after time, his moon-shot ventures have been successful.
Taking risks scares most of us. But Musk said in an interview that he simply uses the scientific method to assess risk. He first considers the importance of the outcome and what he is risking to achieve that goal.
He went on to say:
“If the outcome is important enough, even if the probability of success is low, one must, I think, still do it.”
3. Investing in stocks is rarely optional
Musk is the world’s richest person — “excluding sovereigns,” as he likes to add with a touch of humor. The bulk of his net worth is tied up in Tesla stock.
As of 2024, Musk’s Tesla stock ownership and stock options made up about $150 billion in assets, meaning Tesla stock accounts for the bulk of his wealth.
Few people think of Musk as a stock investor. But as with many other success stories, stock ownership is ultimately what made him so rich.
You can fear investing in the stock market — and many people do. But it’s very difficult to become rich without some exposure to stocks.
4. Delaying gratification helps you achieve bigger things
In 2002, eBay bought PayPal for $1.5 billion. As PayPal’s co-founder, Musk collected a cool $175 million from the sale.
Many folks lucky enough to collect such a staggering windfall would likely call it a career and head to the beach. But not Musk.
Instead, he plowed his money into the ventures that have made him the unparalleled success he is today.
Musk was a huge success by 2002. But delaying gratification and continuing to work toward new goals made him a legend.
5. Determination may not be sufficient, but it is essential
In a “60 Minutes” interview in 2012, journalist Scott Pelley recounted how a struggling SpaceX had three consecutive rocket failures that almost destroyed the company. Pelley then asked if Musk ever thought it was time to “pack this in” after the third failure.
Without hesitation, Musk shot back, “Never.” He went on to say:
“I don’t ever give up. I mean, I’d have to be dead or completely incapacitated.”
Determination alone will not make you a success, but it is an essential ingredient in achieving any big goal.
6. The ability to ignore your critics is an indispensable skill
Musk is one of the most admired people in the world. He’s also among the most despised and criticized.
Yet, through it all, Musk simply forges ahead. In the 2012 “60 Minutes” interview, Pelley referred to critics who had been in the rocketry business for decades and who denigrated SpaceX, saying Musk couldn’t achieve the goals he set out for the company.
Pelley then says, “When critics say, ‘You can’t do this,’ your answer to them is…?”
Musk simply smiles and responds, “We’ve done it.”
7. It’s OK to dream big
Musk has acknowledged that “there’s a lot of terrible things that are happening all over the world, all the time.”
And yet, he discourages anyone from taking a hopeless view of life and the future:
“Life cannot just be about solving one miserable problem after another. That can’t be the only thing. There need to be things that inspire you, that make you glad to wake up in the morning and be part of humanity.”
So, don’t be afraid to dream big. Ultimately, Musk says he dreams of ventures that will “expand the scope and scale of human consciousness.”
He adds:
“I find that incredibly exciting. That makes me glad to be alive. I hope you feel the same way.”
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