Incredible Elon Musk – Creator of Paypal, Tesla and SpaceX

In this article, we are going to talk about Business visionary, technology entrepreneur, investor, and 21st-century engineer Elon Musk. Born on June 28, 1971, South African born American entrepreneur who co-founded Paypal, Tesla, and SpaceX.

With all these multinational company technologies inventions, Elon Musk seems to push all his potential in changing the way of technology in Space and Energy field.

Elon also part of Hyperloop, which is developing a high-speed transportation system. He is also co-founder of OpenAI, which is non-profit Artificial Intelligence company.

Many times he said that he won’t be happy until we have escaped Earth and settles at Mars. Space rockets, electric cars, Solar products, advanced robotics and many more he has made his way changing billions of human lives.

Elon Musk is the 2nd Entrepreneur in Silicon Valley who managed to create 1 $ billion market cap with Paypal, Tesla, and SpaceX ( the first one was James H. Clark ). The qualities which brought him this long are dedication, critical think, self-analysis, and his hard work. People say that he works 80 to 100 hours per week.

Early life

Elon Musk was born to a South African father and Canadian mother. He has shown an early talent towards computers and entrepreneurship. At age 12 he created a video game and sold it to a magazine

Entrepreneur Journey

Elon musk attended Queen’s University in Ontario and in 1992 he transferred to the University of Pennsylvania, Philadelphia, where he received bachelor’s degree in Physics and economics in the year 1995. In the same year, he founded Zip2, a company that provides maps and business directories to online newspapers.

In the year 1991, Zip2 was bought by the computer manufacturer Compaq for $307 million, when he founded an online financial services company X.com, which later became PayPal.

PayPal

In 1999, Elon started to work on online electronic payments. In this process, he started his new venture X.com, which merged with Confinity Inc that was running by Peter Thiel and Max in the year 2000. After this merger, in 2001 X.com was renamed to PayPal and Elon Musk become the Chairman and CEO of PayPal.

elon musk
elon musk

In 2002, E-commerce giant eBay acquired PayPal for $1.5 billion and Elon received $180 million as his share and he felt he got sufficient funds to pursue his passion in the field of Space Engineering and Energy fields.

Tesla Motors

Elon Musk had long been interested in the subject of exploring electric cars.

Tesla Motors was founded by Martin Eberhard and Marc, engineers in a profession, in the year 2003. It was the manufacturer of Electric vehicles and Elon Musk supported such projects.

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In the year 2004, Elon contributed $70 million and became one of the Board of Directors. Musk led in designing of Tesla Roadster sports car. In 2006, the project got completed and Musk received Global Green award for Tesla Roadster car. With this, Tesla started growing with investor Google’s Founder Larry Page.

However, when Roadster was about to start its production, bad luck started for Elon. Due to some Management failures in pricing calculations of Tesla Roadster, the release of the car has been postponed for another year.

tesla roadster

During this bad time, Elon showed his skills and he fired everyone who failed the Roadster project including Eberhard. After this, Elon headed the company by himself. In the year 2007, Zeev Drori was assigned as CEO of Tesla Motors. Due to low performance, Drori dropped as Vice-chairman, Elon became CEO and Drori left the company in 2008.

With the crisis, Elon continued with cost cuttings. He reduced staff, demanded low rates from suppliers, closed few offices. Finally, Tesla Roadster entered on the road in 2008.

In his most difficult times, Elon got divorced, which did not get public. Musk received $120 million as the fund from Dell to save Tesla from bankruptcies.

In 2010, Tesla Motors started its first IPO and got listed on NASDAQ with 17$ per one stock and attracted $225 million as investments. As of 2015, one stock value of Tesla Motors has become $221 and Elon Musk owns 30% of it.

SpaceX

It was founded in 2002, in the USA with an ambitious idea of reducing space transformation cost from earth to Mars. In 2006, Elon received $100 million and collaborated with Russian federation to launch such vehicles.

Musk very soon found the problem in space industry that large corporation efforts to prevent the new players in the market. In 2008, his PayPal partners invested a huge amount in SpaceX. Even after this, SpaceX got few other investments, Elon Musk owns 66% share in SpaceX.

SpaceX started working on Falcon. It took 4 years to design it. In the period of 2006-08, three attempts got failed, finally in 2008 Falcon 1 reached the orbit. If the fourth attempt has also failed, SpaceX would have lost.

NASA impressed with SpaceX dedication and signed 1.6$ billion contracts to fly American astronauts from earth. According to Musk, Science fiction should become a reality at an affordable cost. Mars Colonization should soon become a reality in the space industry.

Interplanetary Transport System

With ITS, Raptor developed which is capable of carrying 100 passengers with luggage. Elon plans to take 1 Million humans with 10k trips ( 100 people per trip ). This can be implemented in 40 to 100 years as per Elon.

The trip from earth to Mars can take 80 days. The biggest challenge is to reduce cost per flight. Based on the new model, per passenger cost is beyond $200,000.

Conclusion

Elon Musk is the most successful Entrepreneur, who brought most advanced valuable technologies in space and Energy industry. All his stories show that his success only because of his patience, hard work, critical decisions and faith in his talents.

We hope you have inspired exploring Musk biography for your new life discoveries.

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