Elon Reeve Musk is a business magnate, industrial designer and engineer. He is the founder, CEO,CTO and chief designer of spacex; early stage investor, CEO and Product Architect of Tesla; founder of The Boring Company; and co-founder of Neuralink and OpenAI. A centibillionaire, Musk is one of the richest people in the world.
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Born
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Pretoria, South
Africa on June 28, 1971
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Occupation
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Entrepreneur,
Industrial designer and engineer.
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Net worth
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US $ 164.5 billion(As
of May 15, 2021)
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Title
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Founder and
CEO of Spacex.
CEO and product
architect of Tesla.
Founder of The
Boring Company and X.com ( now part of paypal).
Co-founder of
Neuralink, OpenAI and Zip2.
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Children
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7
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Citizenship
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South Africa(
1971-present)
Canada( 1971-
present)
United States(2002-present).
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Musk was born to a Canadian mother and South African father and raised in Pretoria, South Africa. He briefly attended the University of Pretoria before moving to Canada aged 17 to attend queen's University. He transferred to the University of Pennsylvania two years later, where you received a bachelor's degree in economics and physics. He moved to California in 1995 to attend Stanford University but decided instead to pursue a business career, co-founding the web software company Zip2 with his brother Kimbal. The startup was acquired by Compaq for dollar 307 million in 1999. Musk co-founded online bank X.com that same year, which merged with Confinity in 2000 to form the company PayPal and was bought by eBay in 2002 for dollar 1.5 billion.
In 2002, Musk founded Spacex, an aerospace manufacturer and space transport services company, of which he is CEO, CTO and Lead Designer. In 2004, he joined electrical vehicle manufacturer Tesla Motors, as Chairman and product architect, becoming it's CEO in 2008. In 2006, he helped create SolarCity, a solar energy services company that was later acquired by Tesla and became Tesla Energy. In 2015, he co-founded OpenAI, a non-profit research company that promotes friendly artificial intelligence. In 2016, he co-founded Neuralink, a neuro technology company focused on developing brain-computer interfaces, and founded The Boring Company, a tunnel construction company. Musk has proposed the hyperloop, high speed vactrain transportation system.
Mask has been the subject of criticism due to unorthodox or unscientific stances and highly publicized controversies. In 2018, he was sued for defamation by a diver Than Luang Cave Rescue; 1 California jury ruled in favour of Musk. In the same year, he was sued why the US securities and exchange commission for falsely tweeting that he had secured funding for a private takeover of Tesla. He settled with the SEC, temporarily stepping down from his chairmanship and accepting limitation on his Twitter usage. Mask has spread mis-information about covid-19 pendamic and has received criticism from experts for his other views on such matters as artificial intelligence and public transport.
Business Career
Zip2:
In 1995, Musk, Kimbal and Greg Koiri founded web software company Zip2 with funds from Angel investors. They housed the venture at a small rented office in Palo Alto. The company developed and marketed and internet city guide for the newspaper publication industries, with maps and yellow pages. Compaq acquired Zip2 for $307 million in cash in February 1999. Musk received $22 million for his 7% share.
X.com and PayPal:
In 1999, Musk co-founded X.com, an online financial services and email payment company. The start of was one of the first online banks to be federally insured and within its initial months, over 2 lakh customers joined this service. The company's investors saw Musk as inexperienced and had him replaced with the Intuit CEO Bill Harlis by the end of the year. The following year, x.com merged with online bank Confinity to prevent unnecessary competition.
Confinity had it's own money transfer service, PayPal, which was more popular than x.com's service. Within the merged Company, Musk returned as CEO. IN 2002, PayPal was acquired by eBay for $1.5 billion in stock, of which Musk - the largest shareholder with 11.7%- received over $100 million.
In 2017, Musk Purchased the Domain X.com for PayPal for an undisclosed amount, explaining it has sentimental value.
SpaceX:
In 2001, Musk became involved with the nonprofit Mars Society. He was inspired by plans to play se growth chamber for plants on mass and discuss the funding the project himself. In October 2001, Musk travel to Moscow to buy refurbished intercontinental ballistic missiles ( ICBMs) that could send the green house payloads into space. In February 2002, the group returned to Russia to look for 3 ICBMs. They had another meeting with Kosmotras and were offered one rocket for 8 million US dollars, which Musk rejected.
Musk instead decided to start a new company that could build Affordable rockets. With $100 million of his early fortune, Musk founded Spacex, In May 2002. As of 2021, he remains the company's CEO and Chief Engineer.
Tesla:
Tesla- originally Tesla Motors was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning, who finance the company until the series A round of funding. Both men played active rules in the company's early development prior to Musk's involvement.
Tesla first built an electric sports car. The Roadster, in 2008. With the sales of about 2500 vehicles, it was the first serial production all electric car to use lithium ion battery cells. Tesla begin delivery of its four door model s sedan in 2012, a crossover, the model x was launched in 2015.
Since its initial public offering in 2010, Tesla stock has risen significantly; it became the most valuable car maker in summer 2020. It entered the S&P 500 later that year.
Tesla Energy & SolarCity:
Musk provided the initial concept and financial capital for solar City, which his cousins Lyndon and Peter Rive co-founded in 2006. By 2013, solar City was the second largest provider of solar power systems in the United States.
Tesla acquired solarcity for over $2 billion in 2016 and merged it with its battery energy storage products division to create Tesla energy. The announcement of the deal resulted in a more than 10% drop in Tesla's stock price.
Neuralink:
In 2016, Musk co-founded Neuralink, a neuro technology startup company to integrate the human brain with AI. Neuralink's purpose is to create devices that are embedded in the human brain to facilitate the merging of the brain with machines. The devices will also reconcile with the latest improvements in artificial intelligence to stay updated.
At a live demonstration in August 2020, Musk described one of their early devices as “ a Fitbit in your skull” that could soon cure paralysis, deafness, blindness and other disabilities.
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