The world's richest man, Elon Musk, has admitted he stays in spare bedrooms as he doesn't own a house.

Despite having an estimated net worth of $251bn, the Tesla founder spoke in an interview with TED about his low outgoings.

“I don't have yacht, I don’t take vacations, so it's not as that my personal consumption is high,” he said. “One exception is a plane but if I don't use the plane I have less hours to work.”

“I don’t even own a place right now, I’m literally staying at friends’ places."

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