Tesla founder Elon Musk has recently captured media attention by creating a series of waves in both the cryptocurrency and stock markets. With a total net worth of $290 billion as of November 2021 and currently the richest person in the world, it’s no surprise that Elon Musk has become a hot name for students aspiring to become wealthy entrepreneurs.
However, surprisingly, this billionaire does not care much about degrees or going to college. For billionaire Elon Musk, attending college seems to hold little value when a diploma does not determine success, which relies more on real-world skills and abilities.
“I think college is basically just for fun… not for learning,” the Tesla founder bluntly responded at a conference in 2020 when asked what universities should do to provide students with more opportunities.
Knowledge is Everywhere
According to billionaire Elon Musk, young people do not need to go to college to acquire basic knowledge that is freely available in today’s information technology age. He believes that college is no different from a burden with a bunch of annoying homework that is rarely applicable to future jobs.
Musk argues that the greatest value of student life is having the time to socialize and expand relationships with peers before entering the labor market and starting a career. These relationships are the most valuable assets for those looking to start their own businesses later on.
“What’s important is that you have a deep understanding of artificial intelligence (AI) as well as the ability to effectively apply neural networks. You don’t need a college degree, and I don’t care if you haven’t graduated from high school, as long as you have the capability,” Musk stated during a seminar on AI.
Even CEO Elon Musk declared that Tesla’s hiring process would not have any requirements related to candidates needing a college degree because that is unreasonable. Ironically, the positions this company hires for are mostly in technology and engineering, which do require a certain level of education.
The Example of Steve Jobs
Elon Musk’s disdain for college is not new; in 2014, he expressed admiration for Microsoft’s Bill Gates, Apple’s Steve Jobs, and Oracle’s Larry Ellison, successful individuals who dropped out of college to start their own companies.
“Going to college is not proof of superior ability. In fact, you can drop out and still do something fine. Ideally, you drop out and do something. For example, looking at Bill Gates, he’s extremely smart but still dropped out. Steve Jobs was exceptionally smart and dropped out too. Larry Ellison, a smart person, also dropped out. Clearly, college is unnecessary. Did the great writer Shakespeare go to college? Probably not.”
Despite criticizing college degrees, Musk spent two years studying at Queen’s University in Kingston, Ontario. He then transferred to the University of Pennsylvania, where he earned degrees in physics and economics. This billionaire dropped out while pursuing a Ph.D. at Stanford to start his first startup, Zip2.
Perhaps part of the reason Elon Musk is so disillusioned with college is due to a student loan debt of $100,000 after graduation. Thus, just two days after enrolling in the Ph.D. program at Stanford, he dropped out to establish Zip2, which he later sold to Compaq in 1999 for $22 million.