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529

bank

>bank

(post is archived)

[–] 2 pts

Not true. He's currently worth $242 Billion.

He had already made $150 million in 1999 by selling an online business directory company he and his brother built in 1995 called Zip2.

He used his $150 million to cofound an online bank in 2000 (which became PayPal) with 6 other guys, which gave him 11% of the private shares. The board fired him from his CEO spot, forced him out, and put Peter Thiel in charge.

In 2002, when Thiel negotiated a $1.5B stock swap sale with eBay, Musk's portion came to about $175 million which is 0.06% of his current net worth. PayPal actually earned him only $25 million.

He took his $175 million and founded SpaceX in 2002, and Tesla in 2004, and Solar City (Tesla's battery company) in 2005. He spent nearly all his money keeping those companies afloat until they became profitable.

So, technically PayPal only earned Musk $25 million to add to the $150 million he got from Zip2.

His fortune is currently primarily based on the shares of SpaceX and Tesla. (He owns other companies he founded like the Boring company, Starlink, Neurallink, an AI company, etc, but they are not a significant part of his wealth, yet.)

[–] 2 pts

I wouldn't say he's got any agenda other than his own

[–] 2 pts (edited )

uh no. he was born rich. His dad was a mining magnate and his mother was Cruella DeVil (google "Maye Musk").
He was allowed to work on Paypal when the builders of the first iterations of alt-payment networks and file sharers were getting arrested.

[–] 1 pt

Right. I understand he's from wealth. Though like it's reasonable to say Gates got rich off of CIACrosoft even though he's a jew from a jewish banking dynasty.

[–] 0 pt

and his Mom was on the board at xerox

[–] 1 pt

And he went to a hebrew school. His name is also jewish.