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CEO, and Chief Engineer of SpaceX
Elon Reeve Musk: born June 28, 1971, is a business magnate and entrepreneur. He is the founder, CEO, and Chief Engineer of SpaceX, an investor, CEO, and Product Architect of Tesla, Inc., the founder of The Boring Company, and the co-founder of Neuralink and OpenAI. With a net worth of approximately $221 billion as of March 2022, According to both to Bloomberg Billionaires Index and the Forbes real-time billionaires list, Musk is the world's wealthiest person.
Musk was born in Pretoria, South Africa, to a Canadian mother and a South African father. He attended the University of Pretoria for a short time before moving to Canada at the age of 17 to avoid conscription. He attended Queen's University for two years before transferring to the University of Pennsylvania, where he earned a bachelor's degree in economics and physics. In 1995, he moved to California to attend Stanford University but instead chose to pursue a business, co-founding the web software firm Zip2 with his brother Kimbal. In 1999, Compaq paid $307 million for the startup. Musk co-founded the online account X.com the same year, which
merged with Rates as low in 2000 to form PayPal. eBay purchased the company in 2002 for an undisclosed sum of $1.5 billion. Family and childhood Born in Pretoria, South Africa, on June 28, 1971.
Maye Musk (née Haldeman), a design and nutritionist born in Saskatchewan, Canada, but raised in South Africa, is his mother. Errol Musk is his father, a South African electromechanical engineer, pilot, sailor, consultant, and real estate
developer who was a half-owner of a Zambian emerald mine near Lake Tanganyika. Kimbal, Musk's younger brother, was born in 1972, and Tosca, Musk's younger sister, was born in 1974. Musk is of British and Pennsylvania Dutch ancestry, and his father, Joshua Haldeman, was an American-born Canadian. In Elon's youth, the family was extremely wealthy; Errol Musk once stated, "We had so
much money at times we couldn't even close our safe." Musk mostly lived with his father in Pretoria elsewhere after his parents divorced in 1980, a decision he made two years later and later regretted. Musk has grown distanced from his father, whom he describes as "a terrible human being... He has done almost every evil thing you can think of."
During the summer of 1994, Musk worked at two Silicon Valley startups: Pinnacle Research Institute, which researched electrolytic ultracapacitors for energy storage, and Rocket Science Games, which was based in Palo Alto. In 1995, he was accepted to Stanford University's Doctor of Philosophy program in materials science. Musk applied for a position at Netscape and yet never received a
response. He decided to drop out of Stanford after only two days, instead deciding to enroll in the Internet revolution and release an Internet startup.
A career in business
With the help of angel investors, Musk, Kimbal, and Greg Kouri founded the web software company Zip2 in 1995. The company was housed in a small rented office in Palo Alto. The company created and marketed an Internet city guide with maps, directions, and yellow pages for the newspaper publishing industry. Musk claims that prior to the company's success, he couldn't afford an apartment and instead rented an office, slept on the couch, showered at the YMCA, and shared one computer with his brother. Musk claims that "The website was online throughout the day and I was coding it in the evenings, seven days a week." The Musk brothers secured contracts with The New York Times and the Chicago Tribune, as well as convincing the board of directors to scrap proposals for a merger with CitySearch. Musk's attempts to succeed Chairman Rich Sorkin as CEO was rebuffed by
the board of directors. In February 1999, Compaq paid $307 million in cash for Zip2, and Musk received $22 million for his 7% stake.
Musk stands in front of a Tesla Model S with his arms crossed and a smirk on his face. In 2011, Musk stood next to a Tesla Model S at the Tesla Fremont Factory.
Martin Eberhard and Marc Tarpenning founded Tesla, Inc.—originally Tesla Motors—in July 2003, and funded the company until the Series A round of investment. Prior to Musk's engagement, both men played key roles in the company's early development. In February 2004, Musk led the Series A round of funding, investing $6.5 million to become the majority stakeholder and chairman of Tesla's
board of directors. Musk was involved in the company and oversaw Roadster product design, but he was not involved in the day-to-day operations. After a series of escalating clashes in two other cities, Eberhard was fired from the company between 2007 and 2008, during the financial crisis. In 2008, Musk took over as CEO and product architect of the firm. Musk and Tarpenning were named
co-founders of Tesla in a 2009 court settlement with Eberhard. Elon Musk was the longest-serving CEO of any automotive company in the world as of 2019. Musk formally changed his status to Technoking in 2021 while keeping his CEO status.
Tesla Energy and SolarCity
In 2009, SolarCity solar-panel installation vans were on the road.
Musk and his cousins Lyndon and Peter Rive co-founded SolarCity in 2006, and Musk contributed the initial concept and financial backing. SolarCity was the second biggest solar power system provider in the United States by 2013. Musk proposed in 2014 that SolarCity establish an advanced manufacturing facility in Buffalo, New York, that would be three times the size of the country's largest
solar plant. The factory's construction began in 2014 and also was finished in 2017. It functioned as a partnership with Panasonic until Panasonic exited in early 2020. In 2016, Tesla paid over $2 billion for SolarCity and integrated it with its battery energy storage business. In 2016, Tesla paid over $2 billion for SolarCity and integrated it with its battery energy storage business.
Tesla Energy will be formed by combining the SolarCity and Tesla Energy product divisions. Tesla's stock price dropped by more than 10% after the introduction of the agreement. SolarCity was having financial difficulties at the time, but Tesla shareholders were not notified. As a result, various shareholder organizations sued Musk and Tesla's board of directors, alleging that the purchase of SolarCity was made primarily to enrich Musk at the expense of Tesla and its shareholders. Musk
admitted at a court deposition in June 2019 that the firm sent every available person from the solar business to work on the Model 3, and that "as a result, solar suffered." Shareholders had not heretofore been informed of this. Musk was apparently knowledgeable of the company's cash concerns, according to court documents recently unsealed. The lawsuit against Tesla directors was settled in January 2020, retaining Musk as the only surviving defendant.
Musk's net worth was graphed from 2012 to 2021, demonstrating a nearly exponential growth Musk's net worth graph from 2012 to 2021, as calculated by Forbes magazine. When PayPal was sold to eBay in 2002, Musk made $165 million. With a net worth of $2 billion, he was first placed on the Forbes Billionaires List in 2012. Musk has a net worth of $27 billion at the start of 2020. His net worth had climbed by $150 billion by the end of the year, owing to his holding of around 20% of Tesla stock. Musk's net worth fluctuated a lot over this time. In September, for example, it plummeted by $16.3 billion, the greatest single-day decrease in the Bloomberg Billionaires Index's history. In November of that year, Musk became the world's third-richest person that year, passing Facebook co-founder Mark Zuckerberg; a week later, he passed Microsoft co-founder Bill Gates to become the second-richest.
After passing Microsoft co-founder Bill Gates to become the world's second-richest person a week later, Zuckerberg became the third-richest person in the world. Musk beat Amazon founder Jeff Bezos to become the wealthiest person on the planet in January 2021, with a net worth of $185 billion. The following month, Bezos recaptured first place. After Tesla's stock soared, Forbes reported on September 27, 2021, that Musk had a net worth of more than $200 billion, making him the world's richest person. Musk was the first individual to have a net worth of more than $300 billion in November 2021.
Tesla is responsible for about three-quarters of Musk's fortune. Musk does not get a salary from Tesla; in 2018, he and the board of directors agreed on a compensation structure that links his private earnings to Tesla's valuation and sales. Musk is only paid if Tesla reaches specified market values, according to the terms of the agreement. It was the biggest contract here between the CEO and his board of directors ever. He was able to buy 1.69 million TSLA shares (about 1% of the firm) at below-market pricing as part of the first reward, which was worth nearly $800 million.
In 2014 and 2018, Musk paid $455 million in taxes on $1.52 billion in revenue. Musk paid no federal income taxes in 2018, according to ProPublica. Based on the selling of $14 billion in Tesla stock, his tax liability for 2021 is expected to be $12 billion. Musk has stated numerous times that he is "cash poor" and that he "professes to have little interest in the material trappings of money."
Musk signed The Giving Pledge in 2012 and has pledged to "sell practically all physical possessions" by May 2020. In 2021, Musk defended his fortune by claiming that he is "accumulating resources to assist in the multi-planarization of life and the expansion of consciousness to the stars." Musk required a private pilot in the early 2000s, and his preferred aircraft at the time was the L-39 Albatros, though he decided to cease flying by 2008. He travels in a private jet owned by SpaceX, and in August 2020, he purchased a second plane. The plane's high reliance on fossil fuels (it flew over 150,000 miles in 2018) has been criticized.
Musk has been chastised for his public words and behavior in the wake of the COVID-19 epidemic. He circulated false information regarding the infection, pushing chloroquine and thinking that death statistics were altered, among other things. He asserted at the outset of the pandemic that children are "mostly immune" to the SARS-CoV-2 coronavirus.
The Verge called Twitter's decision "irresponsible" because it did not infringe their rules on COVID-19 criticism because of the "whole context and conclusion of the Tweet." "The coronavirus panic...dumb," Musk added. By reopening the Tesla Fremont factory, Musk repeatedly chastised lockdowns and disobeyed municipal orders. In March 2020, Musk estimated that there must be "probably close to zero new cases in the US by the end of April," based on a New York Times article that China had reported no new cases of domestic transmission of the novel coronavirus.
This statement was eventually dubbed "one of the most brazen, arrogant, and stunningly inaccurate prognostications" by Politico. After Musk published false information on the effectiveness of COVID-19 testing, the phrase "Space Karen" trended on Twitter in November 2020. Musk also promised to provide ventilators that Tesla will develop or purchase from a third party in March 2020. Although the donated devices were BiPAP and CPAP machines rather than the much more pricey and sought-after intrusive mechanical ventilator (IVM) machines, the devices could still be utilized to free up ventilation systems for the sickest patients, according to multiple hospitals. Invasive ventilation systems can cost upwards of $50,000, whereas CPAP machines cost around $500.
The results of an antibody-testing program developed by SpaceX in collaboration with doctors and research scientists were published in Nature Climate change in 2021, with Musk named as a co-author.
Musk Family and Personal life.
Musk met his first wife, Canadian author Justine Wilson, while at Queen's University, and the two married in the year 2000. During a vacation in South Africa in 2000, he developed malaria and nearly died. Nevada Alexander Musk, their first child, died of SIDS at the age of ten weeks in 2002.
The couple decided to use IVF to start a family after he passed away. In April 2004, triplets Kai, Saxon, and Damian were born, followed by twins Xavier and Griffin in April 2006. In 2008, the couple divorced, and their five sons are split between them. Musk began dating English actress Talulah Riley in 2008, and the couple married in Scotland's Dornoch Cathedral in 2010. He announced his divorce from Riley in 2012. Musk and Riley remarried in 2013.
He filed for a second divorce from Riley in December 2014, but the process was withdrawn. In 2016, a second divorce was finalized. Musk then dated Amber Heard for several months in 2017, after chasing her since 2012, according to reports. Johnny Depp later accused Musk of having an affair with Heard while they were still married. Both Musk and Heard denied having an affair. Musk and Canadian artist Grimes announced their relationship in May 2018. In May 2020, Grimes gave birth to their son. Musk and Grimes said his name was "X A-12," but it would have broken California standards since it comprised characters not seen in the present English alphabet, so it was modified to "X A-Xii." The fact that is not a letter in the contemporary English alphabet added to the confusion. "X AE A-XII" Musk was the child's final name, with "X" as a first name, "AE A-XII" as a middle name, and "Musk" as a surname.
In September 2021, Musk acknowledged allegations that the pair is "semi-separate"; in a December 2021 interview with Time, he stated that he was single, and in early 2022, Musk was believed to be dating Australian actress Natasha Bassett. "I would probably refer to him as my boyfriend, but we're really fluid," Grimes stated of her relationship with Musk in March 2022. She also said that their first daughter, Exa Dark Siderl Musk, dubbed Y, was delivered via surrogate in December 2021. Grimes later tweeted in March 2022 that she and Musk had broken up again. "However, he is my best friend and my life's love."
Musk lived in California from the early 2000s until late 2020, where both Tesla and SpaceX were formed and where their headquarters are now based. He relocated to Texas in 2020, claiming that California had grown "complacent" in its economic achievements. Musk revealed that he had Asperger syndrome when presenting Saturday Night Live in May 2021.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 Natalia Judith Zwarts