LeoGlossary: Elon Musk
Elon Musk is presently the wealthiest person in the world.
He is most recognized as the CEO of Tesla. This is a company that he has led for more than 15 years. It went from a start up to the largest producer of electric vehicles globally.
Musk is also known for starting SpaceX, the Boring Company, and Neuralink. Each endeavor is meant to take on a major challenge that Musk believes humanity is facing.
Musk was born and grew up in Pretoria, South Africa. He attended the University of Pretoria before moving to Canada at age 17, acquiring citizenship through his Canadian-born mother. Two years later, he matriculated at Queen's University and transferred to the University of Pennsylvania, where he received bachelor's degrees in economics and physics.
His business career started with the founding of the web software company Zip2 with his brother. This was eventually sold to Compaq for $307 million. After that, he co-founded X.com, which was an online bank. This eventually evolved into PayPal which was sold to Ebay for $1.5 billion.
Musk is known for his controversial style. Prior to buying Twitter, he was known for tweeting off the cuff things that drew the ire of different individuals and entities. One of them was the Securities and Exchange Commission (SEC) which ultimately fined him $20 million for tweeting that he secured funding to purchase Tesla and take it private.
Over the years as CEO of Tesla, Musk presented timelines that were repeatedly missed. This caused many to coin the phrase "Elon Time" which means add a couple years to any target date.
Another highly controversial move, one that ended up as a lawsuit was Tesla's purchase of Solar City. The deal was completed in 2016. This was to be integrated into Tesla Energy. Musk originally providing financing to the company in 2006, at the start. One of the co-founders was Elon's cousin. The acquisition pushed Tesla's stock down 10% since Solar City was having liquidity issues.
In 2020, Musk was sued over the deal, with the court eventually ruling in his favor.
His personality attracts a lot of attention, both positive and negative. Musk has his share of both fans along with detractors. Many invested with him, a move that resulted in a lot of money being made. He even got on the radar of the past two United States Presidents with both Donald Trump and Joe Biden taking positions on Musk.
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