Errol Musk’s net worth is estimated at around $200 million. He is a South African pilot, electrochemical engineer, consultant, property manager, and sailor better known as the father of Elon Musk, a popular American businessman and co-founder of Tesla, Paypal, SpaceX, and Neuralink.
Although Errol stepped into the limelight basically for his son’s wealth and fame, he had already made some cool money for himself. Find out all about his business endeavors and how he made his wealth here.
Errol Musk’s Net Worth is At Least $200 Million
For Errol Musk, being the father of one of the richest men on earth does not mean sitting around to feast on his son’s wealth. Errol has, since his youth, worked hard to make enough money that can afford himself and his family a luxurious lifestyle. His ventures as an electromechanical engineer, pilot, property manager, sailor, and consultant have greatly paid off for him over the years. He currently has a net worth of over $200 million.
How Errol Musk’s Net Worth of $200 Million Accrued
Errol Musk comes from a long line of adventurers and pacesetters, so it is no surprise that he sought to create different sources of income from different areas of life. Errol’s wealth was built from his works as an engineer, consultant, property manager, pilot, and sailor. However, he has not released the names of the brand he has worked with throughout his career.
Did Errol Musk Own an Emerald Mine?
Over the years, rumors have been flying around the internet that Errol Musk was able to provide his family with a luxurious lifestyle because he once owned an emerald mine in South Africa.
While Elon Musk had come out to debunk the news of there ever being an emerald mine, he said that his father never provided him a luxurious lifestyle as he had to work his way through college and even ended up with a $100,000 students’ loan debt. However, upon closer investigation, we find out that the rumors are not exactly unfounded, as Errol confirmed the rumors and clarified the events which led to them.
He didn’t own an emerald mine & I worked my way through college, ending up ~$100k in student debt. I couldn’t even afford a 2nd PC at Zip2, so programmed at night & website only worked during day. Where is this bs coming from?
— Elon Musk (@elonmusk) December 28, 2019
In an interview with Business Insider South Africa, Errol gave an account of an event in the mid-1980s when he was in a plane with a co-pilot on their way to England, hoping to sell the plane when they landed. However, they were unable to reach their destination after they realized that their flight plans would be more expensive than they originally planned, so they had to cancel their flight plans and return to South Africa.
However, on their way back to South Africa, the two pilots came across an Italian man who was looking to buy a plane. Errol struck a deal with the Italian and was paid $80,000 cash. While still standing with the cash, the Italian guy proposed to him another irresistible deal of buying half the share to an emerald mine in Zambia, and Errol struck another deal which made him a part owner of an emerald mine, getting free emeralds for six years.
With the help of a jewelry cutter, Errol started a lucrative business and sold emeralds to people everywhere he traveled for either business or pleasure. This new venture, he said, helped him provide his family with a more than comfortable lifestyle. With enough money and jewels to throw around, so much so that his then teenage sons Elon and Kimbal once sold some pieces of their father’s emerald to a Tiffany & Co store on Fifth Avenue, New York.
Errol Musk’s Net Worth Compared to His Children’s
The Musk family line certainly has lots of self-made millionaires and billionaires. Not only is Errol Musk worth millions of dollars, but he also has children who are worth even more than him. His oldest sons, Elon and Kimbal, are all entrepreneurs making waves in the business world. Here is a comparison of Errol Musk’s net worth with that of his children.
Elon Musk is 100 Times Richer Than His Father
According to Forbes 2022 magazine, Errol’s oldest Elon Musk is currently listed as the world’s richest man with a net worth of $228 billion, this is over ten times as much as his father’s $200 million.
Elon’s wealth comes from different strings of income from the various companies he has co-founded. He is the co-founder and major investor in multi-billion dollar companies like SpaceX, Tesla, Paypal, and Boring Company. And presently, he is on the verge of buying one of the world’s most popular social media platforms, Twitter.
Although Elon Musk is from a wealthy home with a millionaire father, he worked hard to get where he is. He claims to have seen himself through college and even finished up with a $1,000 student loan.
Kimbal Musk is the Second Richest Musk
Elon Musk’s younger brother Kimbal Musk is another Musk kid making waves in the money world. Kimbal currently has a net worth of about $700 million. Just like Elon, Kimbal is also a self-made millionaire who learned hard work from his early days when he and his brother co-founded their first software company, Zip2. His major source of income is primarily from his investments in companies like Tesla, Upside Foods, Chipotle, and SpaceX.
Besides his interest in investments and buying stocks in tech companies, Kimbal is also a passionate restaurateur and an investor in the food business. He is the co-founder of The Kitchen Restaurant Group, Square Roots, and also an investor in Upside Foods and Everytable. In 2021, he founded Big Green, a non-profit organization that seeks to teach kids more about nutrition by creating gardens in their schools.
Although being a board director of many big-shot companies has its ups and downs, Kimbal is unrelenting in his course to do what he loves and make some cool cash doing it. Although a series of events have strained the relationship between Errol Musk and his children, he is still super proud of all that they have achieved with little or even no help from him. Recently the proud father and his children seem to be taking some steps towards reconciling their differences.