Jessica Mendoza

But like Rockefeller, whose wealth was largely tied up in Standard Oil, a lot of Musk's wealth isn't liquid.

That's pretty common for many CEOs and founders.

Why would people believe in and invest in your company when you're selling your shares?

But Teo says it's an even more unique situation for Musk because of the cult of personality that's developed around him.

Because his wealth is largely tied up in his companies, Musk has made some deals that leverage those companies against each other.

That's how he was able to buy Twitter in 2022, for example.

But with all that interconnectedness, where is the line between Musk and his companies?

That's next.

For many investors, Elon Musk is a visionary.

And Musk has built a brand around that narrative, driving a lot of the interest in his businesses.

Musk spent lots of time campaigning for President Trump and later leading the Department of Government Efficiency.

Musk has also been focusing heavily on XAI, another venture of his that's since been rolled into SpaceX.

All to say, Musk has, at times, had a lot on his plate.

And Teo says that has rattled investors.

Like in 2024, when Tesla's shares dropped roughly 30%.

Tesla has a more traditional business structure, with an independent board of directors and voting rights for retail investors.

But Musk has complained that this setup doesn't give him enough control, and it's holding the company back.

After the SpaceX IPO, Musk held on to more than 80% of the company voting rights, and he serves as the CEO and chairman of the board of directors.

To signal to investors that he is locked in, Musk prefers to take pay packages and huge amounts of stock tied to specific milestones.

At SpaceX, one of these outlandish goals is to put a million-person colony on Mars.