Elon Musk on his financial circumstances growing up: “Didn’t Have Happy Childhood”

Billionaire Elon Musk, who runs a number of businesses including Tesla, SpaceX, and Twitter, has always been outspoken about his transition from a student to an entrepreneur. Elon Musk’s father allegedly owns an emerald mine in South Africa and has provided Mr. Musk with financial support, according to a persistent myth. These rumours gained traction after Elon Musk’s father, Errol, said in an interview that he used emeralds from a mine in Zambia that was operated “under the table” to pay for his son’s flight from South Africa to the United States. The millionaire has once more denied the accusations, claiming that he has never “inherited anything from anyone.”

This information was provided by Mr. Musk in response to a user’s tweet disputing the claim that he arrived in the US with “no money and graduated with over $100k in debt, despite scholarships and working two jobs while at school.” The user stated, “I firmly support the community notes and all of this work, but not this time. A student may have numerous financial issues even from an affluent home. However, the cited source is completely unreliable.

The CEO of the microblogging site claimed, “I did not have a joyful childhood. I grew up in a lower, middle-class environment that was moving up to an upper class. I’ve never received an inheritance from anyone, nor has anyone ever given me a sizable financial gift. A modest electrical/mechanical engineering firm that my father founded was prosperous for 20 to 30 years until it started to struggle. He has needed my brother and me for financial help for the past 25 years or so because he is practically insolvent.

I grew up in a lower, transitioning to upper, middle income situation, but did not have a happy childhood. Haven’t inherited anything ever from anyone, nor has anyone given me a large financial gift.

My father created a small electrical/mechanical engineering company that was…

— Elon Musk (@elonmusk) May 6, 2023

The principles of physics, engineering, and construction, which, in Mr. Musk’s words, are “more valuable than money,” are thanks to his father. Nevertheless, he claimed that Mr. Errol Musk “did not financially support me after high school in any meaningful way.” In the tweet, he stated: “Our requirement for giving him financial support was that he not exhibit bad behaviour. But he did, which is unfortunate. Since there are young children involved, we have kept up our financial support for their welfare.

The “emerald mine” was also discussed, and he clarified that there is no concrete proof of it or any records of its existence. Regarding the so-called “emerald mine,” there is absolutely no proof to support its existence. He claimed to possess a stake in a mine in Zambia, and I initially believed him. However, no one has ever seen the mine, and there are no records of its existence. He wouldn’t need my brother and me for financial help if this mine were true, he said.

Mother of the millionaire, Maye Musk, shared further information about their early days. In a tweet, she recalled how they spent three weeks cleaning up their one-bedroom flat after moving to Toronto in 1989 while waiting for her to find a rent-controlled one. We were all employed, content, and hopeful. About ten years ago, I learned about emerald mines for the first time on Twitter.

When we moved to Toronto in 1989, we stayed in a one-bedroom apartment until I found a rent-controlled apartment, which took us three weeks to clean up. We all worked, were happy and optimistic. The first I heard of an emerald mine was on @Twitter about 10 years ago. Thanks for… https://t.co/6gIdvj9Yel

— Maye Musk (@mayemusk) May 6, 2023

A few days before, Mr. Musk had made the decision to offer a million Dogecoins to anyone who could provide evidence of the existence of the mine his dad was said to have owned.