Anish Vij
Elon Musk has explained his motivation for selling seven mansions in exchange for a £37,000 tiny home.
The former head of DOGE remains one of the richest men in the world with a current net worth of £308 billion, according to Forbes.
At 54, Musk has co-founded seven companies, such as electric car maker Tesla, rocket producer SpaceX, and artificial intelligence startup xAI.
Despite not being short of a few quid, the South African has an unusual lifestyle for a billionaire, choosing to live in a smaller home instead of a super mansion, a yacht, or even an island.
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In 2020, Musk said on X that he was selling almost all his physical possessions, including his seven properties in California. “Will own no house,” he declared, before selling a collection of estates in the Bel Air neighborhood of Los Angeles.
Among them was the historic former home of actor Gene Wilder, which Musk insisted he kept in good condition when selling it. Collectively, the properties were worth over $100 million (£75 million).
Following the sales, Musk moved to Texas, a decision partly influenced by his companies’ shifting operations.
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"My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX," he tweeted at the time. "It's kinda awesome though. Only house I own is the events house in the Bay Area.
"If I sold it, the house would see less use, unless bought by a big family, which might happen some day."
In a 2022 podcast interview with Full Send, he added that his smaller home is 'right next to the rocket factory', so he could just 'literally walk' to the factory whenever he needed.
"When friends come to stay in it, they can't believe I live in this house... I find if I am by myself, it is fine," Musk continued.
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He also told Joe Rogen that building a house, even a 'really great house', is not a good allocation of his time in comparison to 'getting us to Mars and helping solve sustainable energy'.
Musk decided to move in to a 375-square-foot prefabricated home made by startup Boxabl, which cost around $50,000 (approximately £37,000).
This compact 'Casita' model is supposedly designed for portability and affordability, with a living area, kitchen, bathroom, and bedroom.
The New York Times reported in 2024 that Musk bought multiple properties in Austin for $35 million. He was rumoured to be building a massive compound for his 14 children.
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“That way, his younger children could be a part of one another’s lives, and Mr. Musk could schedule time among them,” a source supposedly familiar with his plans said.
However, the tech mogul said to Page Six after the article was published that 'I don’t own nor am I building a compound in Austin'.
“No grand family home has been built or is expected to be built,” he added.
Well, Business Insider reported that Musk wants his SpaceX complex 'Starbase' to become and actual city in Texas.
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The majority of SpaceX staff voted to include the surrounding area into an official city, which would span 1.5 square miles and home roughly 500 people.
And in May, he won the vote to do so, as he tweeted that Starbase was 'now a real city'.