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When it comes to the Musk family, the stories about their wealth and complicated dynamics are nothing short of extraordinary. On one side, we have Errol Musk, the father of tech mogul Elon Musk, recalling a time when money was so plentiful that the family struggled to close their safe. On the other hand, Elon Musk paints a starkly different picture, emphasizing a childhood that, despite its privilege, lacked happiness and financial inheritance.
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The Emerald Mine Controversy
One of the most enduring and debated narratives in the Musk family saga revolves around an alleged emerald mine in Zambia, which Errol Musk claims to have owned. Errol has shared tales of immense wealth during this period, describing how his teenage sons, Elon and Kimbal, would casually sell emeralds in places like New York's Fifth Avenue. According to Errol, a young Elon once walked into Tiffany & Co. with emeralds in his pocket and sold two for a total of $2,000, only to return later and find one of them marked up to a staggering $24,000 in a ring.
"We had so much money at times we couldn't even close our safe," Errol told Business Insider South Africa. He described a scenario where someone would hold the cash in place while another slammed the door, and even then, they'd still have bills sticking out, which they'd pull out and shove into their pockets.
However, Elon Musk's version of events offers a stark contrast to his father's tales of opulence.
Elon's Claim: "No Inheritance, No Large Financial Gifts"
In a 2022 tweet, Elon Musk responded to speculation about his family's wealth and his upbringing. He acknowledged that while his father had a successful electrical and mechanical engineering business for several decades, he never inherited any wealth or received significant financial gifts. In fact, he claimed that his father's financial situation had deteriorated over the last 25 years to the point that both Elon and his brother Kimbal had to provide financial support.
"There is no objective evidence whatsoever that this [emerald] mine ever existed," Elon wrote in his tweet. "He told me that he owned a share in a mine in Zambia, and I believed him for a while, but nobody has ever seen the mine, nor are there any records of its existence."
Elon's narrative directly contradicts his father's version. Instead of an upbringing where money was overflowing from safes, Elon describes growing up in a middle-income household that transitioned to upper-middle class but didn't bring happiness. By his account, Errol's business eventually faced hard times, and for decades, Elon and Kimbal have supported their father financially under the condition that he refrains from engaging in "bad behavior."
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The Reality Today
Today, Elon Musk is one of the wealthiest individuals on the planet, with companies like Tesla (TSLA) and SpaceX defining the future of energy, space exploration, and transportation. Meanwhile, his father, Errol, has fallen on hard times and is reliant on his sons for financial support. Despite the differing accounts of their past, Elon continues to provide for his father, albeit with the caveat that the support is conditional.
On the date of publication, Caleb Naysmith did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
