In this success story, we will discuss Elon Musk, the CEO and CTO of SpaceX, the chief product architect of Tesla Motors, the chairman of SolarCity, and the co-founder of PayPal. Musk is also working on the Hyperloop, which is a high-speed transportation system. Elon Musk invests in ventures that have the potential to alter the world. Musk is not just an entrepreneur, but also an inventor, innovator, and engineer, working on electric automobiles and spaceships himself.
Elon Musk is the second Silicon Valley entrepreneur (the first being James H. Clark) to build three firms with a market capitalization of more than $1 billion: PayPal, SpaceX, and Tesla Motors. Elon Musk is devoted to space exploration and alternative energy solutions.
He follows his own set of rules and is fairly effective at it. Perseverance, critical thinking, accurate self-analysis, and hard effort are some of Elon Musk’s distinguishing personality qualities (he works 80-100 hours per week).
After a weeks-long story in which he first became the company’s largest shareholder and then attempted to purchase it entirely, Elon Musk has finally acquired Twitter. On Monday, the world’s richest man agreed to acquire the social network for $54.20 per share, valuing the company at around $44 billion dollars.
Elon Musk: Early Life and Education
Elon Musk was born in Pretoria, South Africa, on June 28, 1971. Musk purchased his first computer when he was ten years old and taught himself to program. He sold his first piece of software, a game named Blaster when he was 12 years old.
He traveled to Canada at the age of 17 to attend Queen’s University but left in 1992 to attend the University of Pennsylvania to study business and physics. Musk earned an undergraduate degree in economics before going on to complete a second bachelor’s degree in physics and a Ph.D. in energy physics. However, he dropped out of Stanford University to pursue a career in the internet boom.
Elon Musk Journey To success:
Zip2 Corporation, Musk’s first startup, was an online city guide. Zip2 was purchased for $307 million in cash and $34 million in stock options by a division of Compaq Computer in 1999. Musk also co-founded X.com, online financial services, and payments firm, in 1999. The next year, an X.com acquisition resulted in the formation of PayPal, as we know it today, and in 2002, PayPal was purchased by eBay for $1.5 billion in shares.
Space Exploration Technologies Corporation (SpaceX), Musk’s third firm, was created in 2002 with the goal of developing spacecraft for commercial space travel. By 2008, SpaceX had established itself, and NASA had given the corporation the contract to transport cargo to the International Space Station, with ambitions to transport astronauts in the future.
Tesla Motors was next, a car firm focused on making inexpensive, mass-market electric vehicles. Martin Eberhard and Marc Tarpenning launched Tesla in 2003. Elon, Ian Wright, and J.B. Straubel were the company’s first workers and were declared co-founders retrospectively.
Tesla Motors raised $226 million in its first public offering in June 2010, with Daimler taking an interest in the firm and a strategic relationship with Toyota. Musk and SpaceX created history in 2012 when they sent an unmanned capsule into space aboard their Falcon 9 rocket. In 2013, he unveiled an idea for a new mode of transportation dubbed the Hyperloop, which would allow commuters to travel between large cities at speeds of more than 700 mph. In contrast to trains, the Hyperloop would travel via tubes. Musk estimates that the Hyperloop will take 7 to 10 years to build, test, and deploy.
Elon Musk: Tesla Compensation Plan
In January 2018, the Tesla board of directors announced a $100 billion compensation package for Musk. Musk was to get up to $100 billion in stock options over the course of a decade in 12-tranches, according to the plan. Once Tesla reaches a market capitalization of $100 billion, the first tranche of options will be given (roughly double the value when the plan was announced). Every time the company’s market valuation increased by $50 billion after that, Elon earned another of the tranches.
He would have gotten no compensation if he had not completed any of the 12 tranches.
Elon unlocked all 12 tranches of the compensation plan within three years when Tesla’s market worth surpassed $1 trillion for the first time in October 2021.
Elon Musk Net Worth As of Now:
Elon Musk is a Canadian-American businessman, inventor, and investor who was born in South Africa. Elon Musk has valued at $264 billion dollars. He is most known for being the CEO and CTO of SpaceX, the CEO and principal product architect of Tesla Motors, and the chairman of SolarCity. He wears multiple jobs and is continuously topping his next project. He is the world’s wealthiest individual and the wealthiest person in contemporary history.
Elon Musk controls around 24 percent of Tesla’s outstanding shares and 43 percent of privately held SpaceX as of this writing. Tesla’s market worth surpassed $1 trillion for the first time in October 2021. In the same month, SpaceX raised $100 billion in funding. Elon’s net worth teetered around $300 billion for the first time at this moment.
Talulah Riley, an actress, has been married to Elon three times. They have been together twice. The two were married from 2000 to 2008. Justine Wilson, a Canadian author, was his wife at the time. They have five sons together. He has also been romantically linked to actress Amber Heard and a Canadian musician named Grimes, as well. In May 2020, Grimes and Elon had a son named X A-Xii.
- In 1999, he sold his first firm, Zip2, for $340 million to Compaq.
- He put some of his newfound wealth into X.com.
- Paypal was once known as X.com. Paypal was sold to eBay for $1.5 billion in 2002.
- Owns a 48 percent stake in SpaceX, which is worth $46 billion.
- Tesla is owned by him, and he owns 22% of the company.
- In 2020, net worth climbed by $142 billion.
- He was once told that he is “cash poor” and owes $500 million in debt.
- Once upon a time, I had real estate worth $100 million.
- In 2020, six residences in Los Angeles were sold.
During this time, Elon Musk, the 21st-century industrialist, makes the best ideas come to life. For example, if you look at Elon Musk’s life, you can see that he made it all happen because he worked hard and never gave up. We hope you have learned a lot about Elon Musk and his businesses, Tesla Motors, SpaceX, and SolarCity, and that they have inspired you to make new discoveries.