Elon Musk Background and Education:
Elon Musk is a well known personality in the Technology and Business world. He is known for his tremendous wealth (around $23 Billion) and is a Tech adventurer. He is known for his entrepreneurial skills and vision. He is the owner of well known Tech companies like PayPal, Tesla and SpaceX and Neuralink. Musk was born on the 28th of June in 1971 in Pretoria in South Africa. He has been innovative since his childhood and started writing programming codes for his own video game when he was just 12 years old.
In his young age he moved to Canada as he didn’t want to serve in Military service which was compulsory for white men in South Africa. His mother was from Canada hence he could easily get his admission in Queen’s University in Kingston which is one of top schools in Ontario’s. He did his graduation from there and later moved to the University of Pennsylvania. He got his economics bachelor’s degree from there and later got another bachelors degree in Physics. During this time he was also invited to join Doctoral program from esteemed Stanford University, California.
Zip2 Corporation: His first Venture
He dropped within two days from joining the doctoral program in Stanford University to pursue his internet entrepreneurial journey in order to start his very first company zip2 corporation.
This was an online city guide aimed at the newspaper publishing business and musk was successful in cracking contracts with the New York Times and the Chicago Tribune to provide content for their new online sites. He was just 24 years old when he started this company and he dedicated all of his energies for the success of the company. In the initial days, he lived in the same rented office that served as his company’s headquarters and used to sleep on a couch and take baths at a local public bath facility which was much economical than renting out an apartment he explained in an interview with Roger Glen of The Sunday Times of London. However, the company struggled to fulfill its contracts and was finding it difficult to meet the payroll and other day to day costs and he looked for outside financing as a revamp solution. He could convince a group of investors who used to provide startup money to new businesses. They financed zip2 Corporation with 3.6 million dollars but Musk had to give up majority control of the company to those investors in exchange.
X.com (now PayPal)
His career breakthrough came when he started an online financial service company by name of X.com in year 1999 which is now known as PayPal. It was started as a sort of online bank for facilitating online receipts and payments. PayPal has become integral part of lives of the online communities and we can hardly imagine internet without PayPal. It has become one of the most used and famous online payment methods in the world. eBay decided to buy PayPal in 2002 due to its tremendous success. PayPal currently pulls in almost two billion dollars profit every year.
SpaceX Technologies:
For Musk’s ambitions even sky wasn’t a limit. He ventured into the space arena as he was of the opinion that that for human life to survive, we needs to become a multi-planet species. However he was disappointed with the huge cost of launching rockets into space. In Year 2002 he founded Space Exploration Technologies or SpaceX to manufacture much more economical rockets. Musk was the first to invent a reusable rocket the Falcon 9. This rocket is used to refuel the International Space Station and bring satellites into track. Falcon 9 can use the same engine for multiple launches and it can return to base without a pilot. Another product from his rockets family Falcon Heavy was launched in 2018 and its designed to carry a hundred and seventeen thousand pounds into orbit nearly twice as much as its largest competitor the Boeing company’s delta 4 heavy for only one-third of the cost. SpaceX also developed the dragon spacecraft which carries supplies to the international space station and is designed to carry as many as seven astronauts into space. Musk wanted to reduce the cost of reaching into the space by making a fully reusable rocket that could return to the base. From 2012 SpaceX Grasshopper rocket made several short flights to test such technology. In addition to being CEO of SpaceX musk was also chief designer in of the Falcon rockets, dragon and grasshopper. Musk declared at this point I’m highly confident that it’s possible to achieve at least a hundredfold reduction in the cost of space access with the help of a completely reusable rocket.
According to him reusability of rockets is the real key to opening up space and becoming a space faring civilization. Musk believes that the first human mission to Mars could sensibly take place in 2022.
Tesla Motors:
Another field that entice him is energy especially what concerns renewable energy this is why he created Tesla Motors in 2003. Tesla Motors is a car manufacturer that will transform the idea of electric cars. The first Tesla Roadster was produced in 2008 a supercar that was able to reach 200 mph. It immediately had great success even though it was very costly. It is no longer in production but more than two thousand of these cars were manufactured. It was clearly a car that only few people can buy but it allowed musk to invest and create the first electric luxury sedan. This car has beaten numerous records with more than a 400 kilometer range for the first model the following model reached 900 kilometers. It’s also the first car with an autopilot and an integrated connection to the web.
Tesla offers much more as Musk’s idea is for electric cars to be accessible to everyone after the futuristic Model X , an SUV with gullwing doors Tesla recently created a compact car called the Model 3 it costs around 30000 EUROs even though it will probably reach 50 thousand after accessory options musk promise that we won’t stop until every car on the road is electric.
With all of these various ventures everyday is different for Elon Musk. He spends Mondays and Fridays at SpaceX in Los Angeles. On Tuesdays Wednesdays and Thursdays he heads to the Bay Area to work at Tesla. Per estimates he spends an average of 40 hours a week working at Tesla and 40 hours a week working over at SpaceX he also that he usually spent about half a day working at the artificial intelligence.
Musk is earning money from a wide variety of revenue sources so what exactly is he spending his money on? Well first of all he has an extremely impressive real estate portfolio. In 2016 musk paid twenty four and a quarter million to buy a new mansion in Los Angeles’s ritzy bel-air neighborhood. Surprisingly this is actually his fifth home in the same neighborhood though it’s still under construction combine that with the 48 million he spent on previous homes and his total real estate in the area is around 72 million all the homes are close in proximity giving the his own personal compound in an extremely pricey ZIP code in the foothills of the Santa Monica Mountains. These days his main residence is a mansion he bought in 2012 and contains seven bedrooms nine bathrooms in combination with the rest of the compound musk has much more real estate than a family of six could ever use. A known workaholic, musk does not spend cash on lavish vacations or expensive hobbies instead the entrepreneur spends most of his time at the office or in factories so that he can guarantee profits for each of his companies this is particularly important in the case of Tesla because musk refused to take a salary there. He doesn’t even earn bonuses- stock or even a minimum wage this is to prove his commitment to investors essentially musk will be rewarded with stock options as the company progresses as it reaches 12 different financial milestones the company will trigger a payout for musk culminating in a payment of over 50 billion. It was announced that musk had bought more than 72 thousand shares of Tesla when shares were trading at three hundred and forty two dollars according to an SEC filing the total purchase was worth about twenty four point nine million dollars. Tesla has an abundance of skeptic but musk has continued to work. Musk bought thirty three thousand Tesla shares then worth about ten million. Shares were trading just below three hundred dollars at that point.
Elon Musk is Tesla’s largest shareholder he now owns about 33.70 million shares of Tesla a roughly nineteen percent slice of all outstanding shares. Musk made his purchases shortly after Tesla said it would cut about nine percent of its workforce for forty six thousand employees in salaried roles. Outside vehicle production the company is trying to improve efficiency and productivity.
Musk has acquired a whole lot of luxury items given his affinity for making waves in the auto industry it’s no surprise that musk has a taste for luxury cars. In 2013 he paid 920 thousand dollars at an auction for the Lotus Esprit submarine car which was made famous in a James Bond movie. In addition to driving his own products musk owns two gas-powered cars a Ford Model T and a Jaguar e-type Series 1 Roadster. Musk also bought a McLaren f1 supercar but crashed it in 2017 the car is believed to inspire Elan to make performance oriented cars that Tesla manufactures today. Going by his workaholic lifestyle, musk never takes vacations though of course he can afford luxurious trips anywhere in the world. In 2015 he said he has only taken two weeks off since founding SpaceX about 12 years earlier. Most of his time and money goes to his five young children. In a 2014 tweet musk said he takes the kids on an annual camping trip. I’m a pretty good dad he said I have the kids for a little more than half the week and spend a little time with them but by August 2018 musk told the New York Times that he has taken to working a hundred and twenty hours a week. There were times when I did not leave the factory for three or four days at a stretch. When I did not go outside he told the times this has really come to the expense of seeing my kids and seeing friends however musk has had one of his Bel Air properties converted into a full-time private schoolhouse for his kids it might not be a replacement for quality time but it’s certainly a good start but despite his adoration of his children musk will ultimately give away his full inheritance after signing Bill and Melinda Gates giving pledge. More than a hundred and fifty billionaires and billionaire couples have signed the giving pledge to donate a majority of their fortunes to charity and a new report from financial research company wealth axe predicts the pledge may be worth as much as six hundred billion by 2022 while some claim that musk would be better off using his assets to ensure the success of his various philanthropic business ventures his signature on the Giving Pledge is undoubtedly selfless.
SUBCRIBE to Mr. Luxury: https://goo.gl/aktHKQ
From lavish homes, to expensive cars, billionaire Elon Musk is doing life just right.
Like us on Facebook: https://www.facebook.com/TopTrending
Follow us on Twitter: https://twitter.com/TopTrending
10 Most Expensive Things Owned By Bill Gates https://www.youtube.com/watch?v=M0Yxhtl793c
10 Most Expensive Things Owned By Jeff Bezos https://www.youtube.com/watch?v=G-IwSI1cDrM