Childhood and the first steps of Elon Reeve Musk
The path to the success of the future genius was not easy. As a child, Musk was not the most popular student and suffered from peer tricks. The future billionaire grew closed and instead of fun with his friends absorbed encyclopedias, thereby developing a photographic memory. After the divorce of his parents, he began to live with his father, who was a construction engineer. Together with his brother, Elon came to his construction site, helped to install plumbing and customized the frames. The knowledge gained from books and acquired by manual labor will help the Musk in the future.
At age 10, Elon received his first computer as a gift and quickly mastered programming. So much so that after 2 years he sold his first computer game for $ 500.
In his youth, Musk invested his earnings in shares of a pharmaceutical company. Profit allowed him to leave the RSA to study first in Canada and then in the USA. True, he never graduated from any university.
Debut serious success of Elon Reeve Musk
At 25, Elon and his brother founded the company Zip2, which developed software for news companies. Its products are used, in particular, the edition of The New York Times. In 1999, Zip2 bought Compaq for $ 304 million. Mask has got 20 million for his 7% share. Thus, he became a millionaire in 28 years.
The businessman immediately invested in the creation of X.com – a payment system via e-mail. In 2000, the company merged with Confinity, which included a branch called PayPal.
The co-founders of X.com wanted to merge their payment system with PayPal, and call the new service as well. Musk was supportive for the X.com brand. As a result of disagreements, he left the company, while leaving himself the largest share of it – 11.7%. Subsequently, this will have a great impact on the future success of the entrepreneur.
The active development of PayPal led to the fact that already in 2002, the company bought eBay for $ 1.5 billion. Musk’s 11.7% share turned into $ 180 million.
Elon Reeve Musk domesticates space
After making money on PayPal, Elon launched the third business – SpaceX. She develops launch vehicles and other space technology. Musk is the Chief engineer of SpaceX.
In 2006, the first tests of the Falcon1 rocket took place. They were successful – a Malaysian satellite was put into orbit. After another 2 years, a unique event took place: SpaceX has signed a $ 1.6 billion contract with NASA. Never before has a private company competed with the state in the field of space flight.
The goal of the company was to reduce flight costs, and SpaceX was confidently moving towards this goal. In particular, in 2013, the company’s offer with a price of $ 56.5 million for one launch of the launch vehicle was the cheapest in the space industry. Low cost is achieved through the reusable use of missiles, rather than developing a new one for each operation.
For example, now the price of one launch of the Falcon9 vehicle is from $ 56 to $ 77 million. At competitors the sum leaves for 100 million.
SpaceX plans until 2030 to carry out a manned flight to Mars with the subsequent colonization of the planet.
Elon Reeve Musk and the sphere of electric cars
Another Musk pride is Tesla Company. It produces electric cars and electric energy storage solutions.
In 2004, Musk invested $ 70 million in its development. Despite the fact that since 2010 the company is unprofitable, its capitalization is growing, and among the investors are the founders of Google, the president of eBay and Toyota Corporation. We can say that Tesla has launched a fashion for electric cars in the world.
In the third quarter of 2018, Tesla Company showed a profit of $ 311 million. This was made possible thanks to the high level of sales of Tesla Model 3 which is one of the latest Tesla cars. She became the best-selling car in the US in terms of revenue and fifth in terms of quantity. After these indicators, the Company’s shares rose by 8%.
These are not all successful business projects of Elon Reeve Musk. In the future we will have a chance to tell you more about his companies.