Elon Musk is now the richest entrepreneur in the world with a net worth of $187 billion. Here’s how the Tesla and SpaceX CEO went from getting bullied as a child to becoming one of the most successful and controversial men in tech.
Elon Musk—the richest entrepreneur—born on June 28, 1971, in Pretoria, South Africa.
Musk’s mom, Maye, is an expert dietitian and model. She has showed up on boxes of Special K cereal and the front of Time magazine. In 2017, at 69 years old, she handled an agreement with CoverGirl.
After their parents separated in 1979, the 9-year-old Musk and his younger sibling, Kimbal, chose to live with their dad. It wasn’t until after the move was made that his famously painful relationship with his father started to arise. “It was not a good idea,” Musk said in a Rolling Stone meeting about shifting to his dad.
In 1983, at 12 years old, Musk sold a game called “Blastar” to a computer magazine for $500. Musk depicted it as “a trivial game … but, better than Flappy Bird.”
Yet, Musk’s school days weren’t simple — he was once hospitalized subsequent to being beaten by menaces. The harassers tossed Musk down the stairs and beat him until he got unconscious.
Following the graduation from secondary school, Musk moved to Canada with his mom Maye, his sister Tosca, and his younger brother Kimbal, and went through two years learning at Queen’s University in Kingston, Ontario.
However, he completed his studies at the University of Pennsylvania, acquiring degrees in economics and physics.
While learning at the University of Pennsylvania, Musk and a schoolmate leased a 10-room fraternity house and transformed it into a club. The move, which Musk embraced with Adeo Ressi, was one of his first businessmenship experience.
After graduation, Musk made a trip to Stanford University to study for his PhD — however he scarcely began the program prior to leaving it. He conceded his admission after just two days in California, choosing to test his fortune in the .com world that was simply getting in progress. He never got back to complete his studies at Stanford.
With his sibling, Kimbal, Musk launched Zip2—website provides tour guide with map—A group of Silicon Valley investors funded the organization.
While Zip2 made headway, Musk in a real sense lived in the workplace and showered at a local YMCA. The hard work returned with a reward when Compaq purchased Zip2 in an agreement worth $341 million in cash and stock, procuring Musk $22 million.
Musk then began X.com, an internet banking company. He started the organization in 1999 utilizing $10 million of the cash he got from the Zip2 deal. About a year later, X.com partnered with Confinity, a financial startup co-established by Peter Thiel, to frame PayPal.
Musk was named the CEO of the newly marked PayPal — yet it wouldn’t keep going long. In October 2000, he began an immense battle among the PayPal fellow benefactors by pushing for them to shift its servers from the free Unix working framework to Microsoft Windows. PayPal prime supporter and afterward CTO Max Levchin pushed back hard.
While Musk was on the way to Australia for a genuinely-needed vacations, PayPal’s board terminated him and made Thiel the new CEO. “That’s the problem with vacations,” Musk revealed to Fortune years after the fact about his doomed excursion in late 2000.
Yet, things turned out for Musk — he made another bonus when eBay handed over PayPal in late 2002. As PayPal’s single greatest investor, he got $165 million of the $1.5 billion price eBay paid.
Even prior to the PayPal deal, Musk was thinking of his next move, including a wild ischeme to send mice or plants to Mars. In mid 2002, Musk established the organization that would be known as Space Exploration Technologies, or SpaceX, with $100 million of the cash got from the PayPal deal. Musk’s objective was to make spaceflight less expensive by a factor of 10.
Another early vehicle was named after the song “Puff the Magic Dragon.” The name of the shuttle, the Dragon, was Musk’s punch at cynics who revealed to him SpaceX could never be able to place vehicles into space.
SpaceX’s drawn out objective is to make colonizing Mars reasonable and affordable. Musk has said that SpaceX won’t petition for a first public sale until what Musk calls the “Mars Colonial Transporter” is flying regularly.
Musk has additionally been keeping very occupied here on Earth, especially with Tesla Motors. In 2004, Musk made the first of what would be $70 million of aggregate interests in Tesla, an electric car corporation helped to establish by veteran startup executive Martin Eberhard.
Musk played an active role at Tesla, building up its first car, the Roadster. The all-electric Roadster launched in 2006, when Musk was working for Tesla as its chairman. He’s presently also its CEO.
As though that wasn’t sufficient, Musk surfaced with another idea for SolarCity, a solar energy organization. Musk gave his cousins Peter and Lyndon Rive the working capital to get SolarCity started 2006. In late 2016, Tesla acquired SolarCity in a $2.6 billion deal.
In 2007, Musk organized a boardroom coup at Tesla, first removing Eberhard from his CEO seat and afterward from the organization’s board and executive suites altogether.
In 2008, with the monetary crisis genuinely restricting his options, Musk actually saved Tesla from bankruptcy. Musk put $40 million in Tesla and credited the company $40 million more. Not unintentionally, he was named the organization’s CEO the same year.
But, between SpaceX, Tesla, and SolarCity, Musk almost lost everything. He portrays 2008 as “the worst year of my life.” Tesla continued losing money, and SpaceX was experiencing difficulty debuting its Falcon 1 rocket. By 2009, Musk was living off loans to survive.
Musk’s personal life was in a state of total disturbance as well: Musk and his better half Justine, a Canadian author, got separated in 2008. The couple got hitched in 2000 — their first child, Nevada, passed away due to SIDS when he was 10 weeks old (the Musks later proceeded to have twin and triplet babies).
Musk began dating actressTalulah Riley lately that year . They proceeded to get hitched in 2010, at that point separated in 2012. In July 2013, they remarried. In December 2014, Musk petitioned for a separation yet pulled out the paper work. In March 2016, Riley sought legal separation; that separation was concluded in October.
Close to Christmas 2008, Musk got two good news: SpaceX had handled a $1.5 billion deal with NASA to convey supplies into space, and Tesla at last discovered more outside investors.
By June 2010, Tesla held a prosperous first public offering. The company brought $226 million up in the IPO, turning into the first car organization to open up to the world since Ford in 1956. To get his financial status back to the right path, Musk sold shares worth about $15 million in the offerings.
Musk’s phenomenal career was beginning to get seen in other areas, as well, most prominently in Hollywood. Robert Downey Jr’s. depiction of Tony Stark in the “Iron Man” movie is halfly based on Musk. Musk even had an appearance in “Iron Man 2.”
Before the finish of 2015, SpaceX had made 24 launches on tasks like resupplying the International Space Station, establishing bunches of records en route. In 2016, the SpaceX Falcon 9 made the first remarkable sea arriving of a reusable orbital rocket.
The Falcon Heavy, the replacement to the Falcon 9 and the most impressive rocket SpaceX has worked to date, fulfilled an effective maiden launch in February 2018. The Falcon Heavy conveyed a novel payload: a dummy dubbed “Starman,” and Musk’s own cherry red Tesla Roadster, which were launched towards Martian orbit.
Musk can’t get exhausted from coming up with ground-breaking ideas, either, like the Hyperloop. A super-fast train that runs in a vacuum tube, the Hyperloop could hypothetically ship travelers from Los Angeles to San Francisco within 30 minutes.
In a similar vein, Musk began another organization in 2016 — The Boring Company, which has a mission to burrow a network of tunnels under and around cities for fast, no-traffic driving.
Furthermore, in late 2015, Musk helped to establish OpenAI, a nonprofit devoted to researching Artificial Intelligence and guaranteeing it doesn’t wreck humanity.
Musk has shown concern that the race for better AI could wind up beginning of a third world war.
Moreover, recently, Musk reported he was venturing down from the board of OpenAI in February 2018 to evade any likely potential conflicts with Tesla, which has gained ground into AI for its self-driving car innovation.
Musk began dating “Aquaman” actress Amber Heard, however the two split in 2017 following a time of dating. Musk later said in a meeting with Rolling Stone that the separation was difficult for him.
It was somewhat rough from a political outlook too. Musk joined President Trump’s business advisory board, a move which caused an immense public backfire. He at first safeguarded the move, yet he quit after Trump hauled the US out of the Paris Agreement on environmental change. Musk said he did whatever it takes not to pull out.
In the spring of 2018, there was another advancement in Musk’s own life — he and the actress Grimes struck up a relationship. They allegedly hit it off after the two of them made similar geeky fun at Artificial Intelligence .
Musk ran into some difficulty in 2018 when he sent a tweet proclaiming he was thinking about taking Tesla private at $420 per share and had just made sure about securing funds. Only a couple days after the fact, the SEC sent Tesla summons about the company’s scheme to go private and Musk’s remarks.
By September, the SEC had officially documented a claim against Musk, blaming him for making “false and misleading statements.” Musk settled with the SEC, which brought about both him and Tesla paying a $20 million fine and Musk consenting to venture down as chairman of Tesla’s board.
Also, Tesla was needed to appoint an advisory group to regulate Musk’s correspondences.
In November 2019, Musk launched another Tesla car: the Cybertruck, Tesla’s first — and profoundly envisioned — pickup truck. Since the disclosing, Musk has been detected a couple of times cruising around in the truck, inclusive of a night out for dinner at Nobu with Grimes.
After one month, Musk won a successfully in court when a jury administered he was not blameworthy of slandering the British diver Vernon Unsworth. Unsworth had documented a defamation claim in 2018 after Musk called him a “pedo guy” on Twitter.
Grimes dropped a bombshell in January 2020 when she posted a photograph of herself where she seemed pregnant. The performer later affirmed that she was expecting a baby with Musk.
On May 4, Grimes birthed a baby who the couple named X Æ A-Xii Musk, or “X Ash A-12 Musk.”
SpaceX has had two significant achievements this year: first, in May, SpaceX cooperated with NASA to complete its initial debut of space explorers into space. At that point, in November, SpaceX fulfilled its first “operational” human spaceflight by sending four space explorers to the International Space Station for what’s required to be a six-month stay.
Tesla has also been having a good year: It’s set to join the S&P 500 in December, which has made its stock take off. Presently, the organization’s reasonable worth is approaching $500 billion.
Presently, on account of Tesla’s stock flooding in 2020, Elon Musk is the richest entrepreneur on the planet with a total assets of $187 billion. Musk’s wealth has outperformed Mark Zuckerberg and Bill Gates, and now, Jeff Bezos.