Elon Musk Will Sell All His Properties to Finance Colonization of Mars

The richest man in the world plans to get rid of all his possessions on Earth to invest in building a city on the red planet.
Elon Musk Will Sell All His Properties to Finance Colonization of Mars
Image credit: Britta Pedersen-Pool/Getty Images via PC Mag

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Entrepreneur Staff
3 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

As a good businessman, Elon Musk knows that big projects require big investments and sometimes owning the greatest fortune on the planet is not enough. The founder of Tesla and SpaceX plans to sell all his terrestrial properties to follow his dream of populating Mars.

Musk, who at this time has a net worth of 181.7 billion dollars, explained that a huge investment is required to colonize another planet.

“I think it is important for humanity to become a space civilization and a multi-planet species. It will take a lot of resources to build a city on Mars , ”the mogul told Business Insider . "I want to be able to contribute as much as possible ."

The 49-year-old businessman assured that he will only keep the assets he has on the stock market.

"Basically I will not have possessions with monetary value, other than company stocks," Musk said.

Of course, the billionaire will need a roof for himself and his six children, the youngest of only 8 months, the result of his relationship with the Canadian singer Grimes.

“If things are intense at work, I like to sleep in the factory or in the office. And obviously I need a place if my kids are there. So I'll rent a place or something like that, " said the CEO of Tesla.

"About half of my money is intended to help the problems on Earth and the other half to help establish a self-sufficient city on Mars to ensure the continuation of life (of all species) should Earth be hit by a meteor like the dinosaurs or World War III happens and destroys us, "Elon Musk wrote on Twitter just over two years ago.

In June 2020, Musk said he wanted to ditch all of his Los Angeles properties to move to Texas. “I am going to sell almost all my physical properties. I will not own any house ” , announced the tycoon on his Twitter account in May 2020.

He has since sold his six luxurious Bel Air properties, recovering nearly $ 150 million.

In October of last year, Musk's aerospace company SpaceX declared that when he settles his colony on Mars, it will be a "free planet", not governed by the laws of Earth.

What is more important? Mars or a house? " The billionaire argued on Joe Rogan's radio show a few months ago. "Taking the time to build a house, even if it is a really cool house, is not a good use of time compared to developing the rockets to go to Mars and help pay for sustainable energy ." And he added that he had many houses and he doesn't actually spend that much time in them.

Musk plans to launch his first unmanned mission to Mars in less than 4 years. He also plans to send 1 million people to the red planet by 2050 and build a fleet of 1,000 spacecraft to transport them there.

In early January, Elon Musk's fortune surpassed $ 185 billion thanks to the increase in the value of Tesla shares. With that he took the top spot from Jeff Bezos, founder and CEO of Amazon, and became the richest person on the planet .

More from Entrepreneur
Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!
  1. Schedule a FREE one-on-one session with a Franchise Advisor
  2. Choose one of our programs that matches your needs, budget, and timeline
  3. Launch your new franchise organization
Discover the franchise that’s right for you by answering some quick questions about
  • Which industry you’re interested in
  • Why you want to buy a franchise
  • What your financial needs are
  • Where you’re located
  • And more
Make sure you’re covered for physical injuries or property damage that occur at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur