Elon Musk already had his palms full even sooner than he finalized Monday’s $44 billion deal to take over Twitter.
The entrepreneur — who now holds the title of world’s richest man — acquired his start in Silicon Valley after he dropped out of Stanford School in 1995 and co-founded PayPal, the place he labored alongside completely different now-legendary entrepreneurs along with Palantir co-founder Peter Thiel and LinkedIn co-founder Reid Hoffman.
In 2002, eBay acquired PayPal for $1.5 billion in stock, giving Musk a non-public fortune of $175 million.
Musk parlayed the PayPal money into a variety of far-flung ventures and now controls $1 trillion electrical car agency Tesla, space exploration company SpaceX, thoughts implant startup Neuralink and tunnel constructing company the Boring Agency.
On Monday, Musk added Twitter to his assortment in a deal anticipated to close inside months. He has moreover mulled combining all of his corporations into a possible super-conglomerate.
Proper right here’s a take a look at Musk’s sprawling empire, which he hopes will sooner or later stretch from implants inside people’s brains to the ground of Mars:
Whereas Musk has flip into synonymous with electrical automaker Tesla, he didn’t found the company.
Fairly, he was the lead investor throughout the agency’s 2004 assortment A funding spherical, turning into the company’s largest shareholder in commerce for $6.5 million.
Musk assumed increased administration over Tesla in subsequent years, turning into the company’s CEO in 2008 and overseeing the rollout of its first commercially on the market car, the Roadster, in 2009.
Whereas Tesla continues to be tiny in comparison with automakers like Ford and Toyota, the company is quickly scaling up manufacturing and rocketed to “meme stock” standing by means of the pandemic, surging from decrease than $100 firstly of 2020 to higher than $1,200 at some elements in 2021. It’s now in all probability probably the most useful car agency on this planet.
Tesla has additionally acquired SolarCity, a photograph voltaic energy company Musk helped start in 2006 that has a producing facility in Buffalo, New York. After Tesla bought SolarCity for over $2 billion in 2016, some disgruntled shareholders claimed in court docket that Musk had unfairly strong-armed Tesla’s board into approving the deal in an effort to save lots of his cash-strapped and unprofitable picture voltaic company. They’re on the lookout for billions from Musk in an ongoing go properly with in Delaware.
Tesla’s hovering valuation has made Elon Musk the world’s richest man, with an estimated web worth of $246 billion, in response to Forbes.
Nevertheless most of Musk’s web worth is tied up in Tesla shares — not cash — which is why the mogul is utilizing an unconventional financing plan to cowl his purchase of Twitter that included borrowing money using his Tesla shares as collateral.
Musk primarily based SpaceX in 2002, throughout the same time eBay purchased PayPal, with a mission to make entry to space sooner and cheaper — and finally create a colony on Mars.
Musk personally interviewed every early employee of the company sooner than he employed them, in keeping with journalist Eric Berger.
SpaceX has since inked presents with NASA and have develop into the first private agency to ship astronauts into orbit and to the Worldwide Home Station.
Musk serves as CEO of the company, which has launch companies in Florida and Texas.
In addition to, SpaceX has launched an internet service often called Starlink, which beams down internet entry to far-flung areas of the world.
The Ukrainian military has since used Starlink internet service to assist fend off Russia’s invasion of the nation.
Musk secretly primarily based Neuralink in 2016 with a mission to create mind implants that can sooner or later make people hyper-intelligent, heal traumatic thoughts accidents and let paralyzed people stroll as soon as extra.
He serves as the company’s CEO and has described its know-how as a “FitBit in your skull.” He argues that the thoughts chips are wished to make sure that folks to take care of tempo with increasingly more intelligent laptop programs.
Neuralink’s existence was saved secret until a Wall Road Journal report in 2017 — and the company shares comparatively little particulars about its initiatives with most people.
Nonetheless, the company has nonetheless attracted its share of controversy.
In 2020, the MIT Know-how Overview dismissed Neuralink as “neuroscience theater,” writing that Musk is making “ensures that may be exhausting to take care of” and risks being a disappointment.
Animal rights activists have moreover accused Neuralink of subjecting monkeys to “extreme struggling,” writing in February of this 12 months that a minimum of 15 check out animals had died in ugly Neuralink experiments on the School of California, Davis.
Neuralink has defended the checks and claims that it’ll start testing its know-how n folks in 2022.
The Boring Agency
Musk started the Boring Agency as a subsidiary of SpaceX in 2016 and spun it off into an unbiased agency in 2018.
The company’s mission is to assemble “hyperloop” tubes that will shoot cars at extreme speeds between primary cities, slicing down on freeway congestion.
The Boring Agency has opened two quick loops in Las Vegas and a check out tunnel exterior Los Angeles — nonetheless Musk has far increased ambitions.
He claimed in 2017 that he had “verbal approval” from the US authorities to assemble hyperloop between New York Metropolis and Washington, D.C. that might cut back journey time between the two cities to solely 29 minutes. The Boring Agency moreover talked about in 2018 that it was pursuing a hyperloop connecting downtown Chicago to the O’Hare Airport. Nevertheless neither plan appears to have made progress since their preliminary bulletins.
Nonetheless, the Boring Agency launched on Friday that it had raised $675 million at a valuation of just about $5.7 billion from backers along with enterprise capital company Sequoia.
Musk reiterated his dedication to the Boring Agency in a tweet on Sunday, writing, “Inside the coming years, Boring Co will try to assemble a working Hyperloop.”
“From a recognized physics standpoint, that’s the quickest doable method of getting from one metropolis coronary heart to a unique for distances decrease than ~2000 miles,” he claimed. “Starship is faster for longer journeys.”
Twitter was co-founded in 2006 by Jack Dorsey, who’s a non-public pal of Elon Musk.
Musk joined the placement in 2009 and have develop into known as one in every of many web site’s hottest and outspoken clients, sharing all of the items from crude jokes about politicians to musings about space journey.
Twitter went public in 2013 and Musk hinted at plans to take it private for years.
In 2017, Musk tweeted “I actually like Twitter.”