Elon Musk's mother, May Musk, dislikes labeling her son as wealthy or a billionaire, considering it an insult. She believes these terms undervalue his contributions and prefers recognizing him as a 'genius of the world.' May Musk highlights that Elon's focus has always been on impactful ideas, whether through Tesla's electric vehicles or SpaceX's space exploration, and emphasizes that his financial status undermines the importance of his innovative work.