Elon Musk, the visionary behind Tesla and SpaceX, has become the world's wealthiest individual, thanks to his groundbreaking ventures.

His success stems from bold ambitions, calculated risks, and an unwavering focus on solving meaningful global challenges.

1. It’s Not About the Money

Elon Musk emphasizes that wealth is not his primary motivation. In a 2014 interview, he stated that he doesn’t track his net worth, viewing his holdings in Tesla, SpaceX, and SolarCity as votes of confidence rather than piles of cash. Although he doesn’t oppose wealth when earned ethically, it doesn’t drive him. This mindset has clearly worked for him. At the time of the interview, Musk was worth around $10 billion. Today, Tesla’s skyrocketing market value has propelled his net worth past $185 billion. Musk plans to channel much of his wealth into building a Mars colony, even if it consumes his entire fortune. He views dying with billions unspent as a failure, aligning with a philanthropic philosophy similar to Bill Gates’.

2. Do What You Love

Passion fuels Musk’s ventures. He founded SpaceX out of frustration with the lack of ambition in the U.S. space program. His goal wasn’t monetary but to rekindle excitement about space exploration and influence NASA’s budget. When he realized the problem was more about costs than willpower, SpaceX was born as the most affordable rocket-launch provider. Musk describes himself as an engineer driven by solving technical problems, not as an investor. His true measure of progress is breaking barriers that benefit humanity, such as open-sourcing Tesla’s patents to accelerate electric vehicle development.

3. Embrace Big Ambitions

Musk’s projects are defined by audacity: revolutionizing the auto industry, colonizing Mars, developing ultra-fast vacuum trains, integrating AI with the human brain, and transforming solar and battery industries. He believes most companies lack bold ambition, instead opting for incremental improvements. Musk advises pursuing meaningful breakthroughs. His focus on transitioning from fossil fuels and ensuring humanity’s survival through interplanetary colonization exemplifies this mindset. Bold aspirations, according to Musk, are the cornerstone of transformative success.

4. Be Ready to Take Risks

Risk-taking is central to Musk’s approach. After selling his first two companies, Zip2 and PayPal, he had nearly $200 million. His initial plan was to invest half while keeping the rest secure. However, challenges at Tesla and SpaceX, compounded by the 2008 financial crisis, forced him to risk everything. He funneled his remaining resources into his companies, even borrowing money to stay afloat. Musk viewed potential failure pragmatically, accepting that setbacks wouldn’t diminish his commitment to tackling critical challenges.

5. Ignore the Critics

Musk has faced skepticism and criticism throughout his career but remains undeterred. He believes in pursuing important ideas regardless of public opinion. When founding Tesla and SpaceX, few believed in their financial viability, but Musk prioritized solving meaningful problems over appeasing naysayers. His resilience and focus have allowed him to achieve remarkable milestones, such as revolutionizing space economics and reinvigorating America’s space program with SpaceX’s Crew Dragon missions.

6. Enjoy the Ride

Despite his workaholic tendencies—such as working 120-hour weeks during Tesla’s Model 3 production—Musk has also embraced a more playful side. His controversial moments, including smoking cannabis on live streams and publicly opposing pandemic lockdowns, demonstrate his unpredictable nature. While these actions have sparked debates, they haven’t slowed his ambitions. Musk continues to push boundaries, from promising a $25,000 Tesla model to testing SpaceX’s Starship for Mars exploration. Even when the Starship prototype exploded during a test, Musk celebrated the progress, reflecting his belief that every step, even a flawed one, is a step forward.

Musk’s story is a testament to the power of vision, risk, and perseverance. His unwavering dedication to bold goals and his ability to defy expectations make him one of the most influential innovators of our time.