Elon Musk and Grimes have a new baby boy. The couple named the child “X Æ A-12 Musk”, Musk tweeted, leading fans to speculate if the name has a hidden meaning. Speculation about the pregnancy has been flying since Grimes first hinted she was expecting in a cryptic social media post in January before officially confirming the pregnancy nearly two months later. The new baby is Musk's sixth child and Grimes' first. Musk has a US$38.2 billion fortune to support his family with, despite never having taken a paycheck from Tesla. The CEO refuses his US$56,000 minimum salary every year. In January 2018, Tesla announced it would pay Musk nothing for the next 10 years – no salary, bonuses, or stock – until the company reaches a US$100 billion market cap. If and when that happens, Musk could potentially overtake Amazon CEO Jeff Bezos as the richest person in the world. Keep reading to find out what we know about how Musk amassed his fortune and how he spends it. Musk and Canadian singer Grimes, his on-again, off-again girlfriend, welcomed their baby boy on May 4. They named the child “X Æ A-12 Musk,” Musk tweeted. Did Elon Musk really call his baby X Æ A-12? Here’s what it means Decades before becoming a father of six and amassing a US$38.2 billion fortune, Musk taught himself to code as a child growing up in South Africa. By the time he was 12, he sold the source code for his first video game for US$500. Just before his 18th birthday, Musk moved to Canada and worked a series of hard labour jobs, including shovelling grain, cutting logs, and eventually cleaning out the boiler room in a timber mill for US$18 an hour – an impressive wage in 1989. View this post on Instagram A post shared by Queen's University (@queensuniversity) on Jan 22, 2020 at 5:57am PST Musk got a pay cut to US$14 an hour when he started a summer internship alongside his brother, Kimbal, at the Bank of Nova Scotia after cold-calling – and impressing – a top executive there. After he arrived for his freshman year at Queens University in 1990, Musk quickly picked up a side hustle selling computer parts and full PCs to other students. “I could build something to suit their needs like a tricked-out gaming machine or a simple word processor that cost less than what they could get in a store,” Musk said. View this post on Instagram A post shared by University of Pennsylvania (@uofpenn) on Feb 22, 2020 at 12:00pm PST Within two years, Musk transferred to the University of Pennsylvania on a partial scholarship. To cover the rest of his tuition, Musk and a buddy would turn their house into a speakeasy on the weekends, charging US$5 at the door. “I was paying my own way through college and could make an entire month's rent in one night,” Musk said. View this post on Instagram A post shared by The Wharton School (@whartonschool) on Sep 16, 2018 at 4:11pm PDT Musk graduated with a bachelor's degree in physics and an economics degree from the Wharton School and moved to Stanford to pursue his PhD. He left the programme within days to found an internet start-up with his brother. They started Zip2, a city guide software for newspapers, with US$28,000 in seed money from their father. 11 immigrants who became billionaires after moving to the US Four years later, in 1999, they sold Zip2 for US$307 million, earning Musk US$22 million. He invested more than half of his earnings to co-found X.com, an online banking service. The company quickly merged with its rival and became PayPal, with Musk as the majority shareholder. In 2002, eBay bought PayPal and Musk walked away with US$180 million. Musk turned his attention to his new space exploration company, SpaceX, after leaving PayPal. A few years later he co-founded electric-car maker, Tesla, and then SolarCity, a solar power systems provider. The success of these companies eventually launched him into the billion-dollar club – but not before he went broke. In late 2008, Musk divorced his first wife and it took a toll on his finances. A year later, Musk said he “ran out of cash” and had been living off loans from friends while trying to keep his companies afloat. But when Tesla debuted on the stock market in 2010, Musk's fortune sky rocketed. By 2012, he appeared on Forbes ' richest list for the first time with a net worth of US$2 billion. More than seven years later, Musk has amassed a US$38.2 billion fortune – and he's not shy when it comes to spending it. What are these 8 billionaire bosses in California really worth? The CEO reportedly owns more than US$100 million worth of residential property in California but vowed to sell it all and “own no house” on May 4. Musk went on a buying spree in Los Angeles' ritzy Bel-Air neighbourhood starting in late 2012, when he bought a 1.67-acre estate for US$17 million. The mansion has a two-story library, a home theatre, a gym, and 1,000-bottle wine cellar. It is now for sale. He also listed the neighbouring ranch-style home he owns, which once belonged to Gene Wilder, at the same time. View this post on Instagram A post shared by Mr Toad (@mrtoadgentlemandriver) on Jan 9, 2019 at 2:15pm PST As the leader of one of the pre-eminent carmakers, it's no surprise Musk has an affinity for cars. Back in 2013, he paid US$920,000 at an auction for the Lotus Esprit submarine car used in a James Bond movie. In addition to driving Teslas, Musk owns two gas-powered cars: a Ford Model T and a Jaguar E-Type Series 1 Roadster. Despite having funds to spare, Musk isn't a fan of lavish holidays – or any holidays for that matter. In 2015, he said he'd only taken two weeks off since founding SpaceX about 12 years earlier. Musk has five children with his ex-wife Talulah Riley. In a 2014 tweet, Musk said he takes the kids on an annual camping trip. “I'm a pretty good dad,” he said. “I have the kids for slightly more than half the week and spend a fair bit of time with them. I also take them with me when I go out of town.” But by August 2018, Musk told The New York Times that he had taken to working 120 hours a week. “There were times when I didn't leave the factory for three or four days – days when I didn't go outside,” he told The Times . “This has really come at the expense of seeing my kids. And seeing friends.” Musk said on an earnings call in 2017 that he doesn't have a desk at the Tesla factory: “I always move my desk to wherever – I don't really have a desk actually – I move myself to wherever the biggest problem is in Tesla. I really believe that one should lead from the front lines, and that's why I'm here.” Musk admitted to spending “many late nights” at Tesla's Nevada gigafactory rewriting software during a production sprint for the Model 3. For a story published in August 2018, Business Insider spoke with 42 Tesla employees, who said Musk is a visionary, but also unpredictably demanding. Musk said in June 2019 that he even planned to spend his 48th birthday on June 28 at work, improving the company's “global logistics.” Musk told CBS' 60 Minutes that he is, in fact, “somewhat impulsive” and doesn't “really want to try to adhere to some CEO template. “Not only does Musk spend a ton of time at Tesla, he also spends a lot of his money on the company. In the first six months of 2018, he bought more than US$35 million worth of shares in Tesla. Musk also invests a lot of time, energy, and resources into SpaceX. SpaceX has raised more than US$2.2 billion to develop, build, and launch Starlink, an effort to cover Earth in ultra-fast broadband internet and build the prototype of its Big Falcon Rocket (BFR), a gargantuan reusable space vehicle designed to bring people to Mars, reported Business Insider . The company was valued at US$33.3 billion in June 2019. Musk also helms The Boring Company, which he founded in 2016 to develop and construct an underground tunnel in Los Angeles in an effort to mitigate traffic. In December 2018, Musk debuted the first prototype. According to The New York Times , The Boring Company raised more than US$112 million in 2018 – and more than 90 per cent of it came from Musk. Why Mark Zuckerberg chose to ‘kill what you eat’ and Jeff Bezos ate octopus In 2012, Musk signed The Giving Pledge, vowing to donate most his wealth during his lifetime. Though he's already in the business of improving our environment and the future during his day job, Musk has made sizeable donations to causes he cares about, including a US$10 million gift to the Future of Life Institute to regulate artificial intelligence. Musk found himself in legal trouble with the Securities and Exchange Commission (SEC) in 2018 after he tweeted that he had obtained the funding to take Tesla private, which moved the company's stock price. Musk reached a settlement with the SEC in April 2019. Musk moved Tesla share price again on May 1, sending it down 13 per cent after tweeting “Tesla stock price is too high imo.” At the end of the day, the multibillionaire says he enjoys inexpensive hobbies like listening to music, playing video games and reading books. “Hang out with kids, see friends, normal stuff,” he said. “Sometimes go crazy on Twitter. But usually it's work more.” Musk's Twitter habits once again got him into legal trouble after Musk called the British cave diver who helped rescue a Thai soccer team a “pedo guy”; the diver sued Musk for defamation. A jury ruled in Musk's favour in December 2019. Musk has had plenty of headline-making outbursts both on- and offline. When a metal ball shattered the “armoured glass” of Tesla's Cybertruck during a demonstration in November, Musk said “oh my f---ing god.” Want more stories like this? Sign up here . Follow STYLE on Facebook , Instagram , YouTube and Twitter . 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