Elon Musk Biography Success Story Of The 21st Century Innovator

Elon Musk Biography: Success Story Of The 21st Century Innovator
In this success story, we are going to share Elon Musk biography, the CEO and CTO of SpaceX CEO, chief product architect of Tesla Motors, chairman of SolarCity, and co-founder of PayPal. Musk is also involved in developing a high-speed transportation system known as Hyperloop. Elon Musk invests in the projects that can change our world. He is not only an entrepreneur but also an inventor, innovator, and engineer: Musk personally participates in designing electric cars and spaceships.

Elon Musk was the second entrepreneur in the Silicon Valley (the first one was James H. Clark) who managed to create three companies with the market cap of more than $1 billion – PayPal, SpaceX, and Tesla Motors. Elon Musk dedicates himself to space and alternative energy technologies.

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Net Worth: $22.0 billion (2019) Birth Date: June 28, 1971 Place of Birth: Pretoria, South Africa Education: University of Pennsylvania, Stanford University, Queen's University, Ontario He plays by some different rules and does that quite successfully. The distinctive personality traits of Elon Musk are perseverance, critical thinking, accurate self-analysis, and hard work (he works hours per week).

Early Life
Elon Reeve Musk was born on June 28, 1971, in Pretoria, South Africa. He was the oldest of three children. His father is a South African-born British and engineer Errol Musk, and his mother is a Canadian-English and dietetics expert Maye Musk. Musk spent his childhood in South Africa and at the age of 9, he got his first personal computer, the Commodore VIC-20. Elon immediately got interested in programming and started to learn it by himself. At the age of 12, he earned $500 by selling a computer game Blastar (a shooter similar to Space Invaders), which he had created by himself.

Biographies of famous people usually contain key episodes, which then lead them to an overwhelming success. In Elon Musk biography, there were, at least, two of such episodes. The first one was the decision that Musk made when he was only 17. After graduating from a secondary school in Pretoria, he decided to leave his home, and, without the support of his parents, to immigrate to the United States. However, he did not get into the United States right away.

In 1989, Elon Musk moved to Canada to the relatives of his mother. Having obtained Canadian citizenship, Elon went to Montreal. At first, he worked in low paid jobs, and almost a year was teetering on the brink of poverty. At the age of 19, he entered Queens University in Kingston, Ontario. In 2000, he met his future wife Justine Musk, who later gave birth to his five sons: Damian, Griffin, Xavier, Saxon, and Kai. However, he broke up with Justine after eight years and in 2010, got married a second time on a British actress by the name of Talulah Riley, with whom he has lived for 4 years and got divorced in 2014.

Elon Musk had been studying in Ontario for two years, and then, finally, his dream came true – in 1992, he relocated to the United States. He was able to move to the US after receiving a scholarship from The University of Pennsylvania: Penn. He earned his Bachelor of Science degree in Physics Bachelor the next year, but decided to continue his studying at The Wharton School of the University of Pennsylvania for one more year and obtained a Bachelor of Science degree in Economics as well.

Elon Musk graduates from The University of Pennsylvania with a B.S. in physics and from The Wharton School with a B.S. in economics.

When Elon Musk started to struggle with adolescent depression, he began to absorb philosophical and religious literature actively. Yet the most valuable lessons, he eventually learned from Douglas Adams’ book The Hitchhiker’s Guide to the Galaxy.

Elon Musk learned that the most difficult thing was to be able to come up with the right questions, and when he began to do that, the rest was obtained very simply. An episode that guided him to this conclusion was in which a giant supercomputer after several million years of thinking on the main purpose of life responded with a meaningless number 42.

When I was in college, I wanted to be involved in things that would change the world. – Elon Musk Click To TweetMusk figured out that humanity had to expand the limits of its consciousness to learn to ask the right questions; and he had found his question: what things would have a significant impact on the future of humanity’s destiny? Elon Musk decided that those would be the internet, the transition to renewable energy sources, and space colonization. He wanted to try to contribute to all three of them. To do that, he needed funds.

Zip2 and PayPal
Kimbal Musk, the brother of Elon Musk, with whom he created Zip2.

In the summer of 1995, Elon Musk made the second and the most crucial decision in his life. Having graduated from the University of Pennsylvania, he enrolled in the graduate school at Stanford University to pursue studies in the field of applied physics and materials science. However, after 2 days, he left graduate school and together with his brother, Kimbal Musk, he created his first IT company Zip2. He worked from early morning until late evening. He lived in the same warehouse where he rent the office, and when he needed to take a shower, he had to go to locker rooms of a local stadium. In return, he accumulated savings and kept the company afloat during the most difficult first two years.

At that moment, the Internet was experiencing a period of rapid growth and development; however, nobody had ever earned a considerable fortune on it. Musk’s company was one of the first ones to do this: he created a platform where newspapers – including credible ones as the New York Times – could offer their customers some additional commercial services.

Max Levchin, Co-founder and former CTO of PayPal

In 1999, the biggest search engine of that time AltaVista (later acquired by Compaq) bought Zip2 for $307 million in cash and $34 million in securities. This deal set a record for selling a company for cash. Musk spent $20 million on a 1,800-square-foot condominium and completely renovated it. Also, he bought McLaren F1, which he would wreck in 2000, and 12-seat Dassault 900 private jet.

In 1999, Musk started to work on electronic payment systems that were gaining popularity. The X.com startup became his new business. In March 2000, X.com merged with a rival company Confinity that was running by Peter Thiel and Max Levchin. Confinity developed software to allow owners of PalmPilots and other PDAs to store encrypted information on their devices, creating the first digital wallet. In 2001, after the merger, X.com was renamed to PayPal, and Elon Musk became the chairman and chief executive of PayPal.

Peter Thiel (left) and Elon Musk (right).

There were some disagreements on strategy and management between new teams, but they have never affected the company’s dynamics and growth. Musk was involved in the development of new business models, conducted a successful viral marketing campaign, which led to a rapid increase in the number of customers. In 2002, eBay bought PayPal for $1.5 billion. Elon Musk received $180 million for his share from PayPal and had enough funds to pursue his other interests: space engineering and alternative energy sources. That was then when Elon stopped investing in internet business.

Tesla Motors
In 2003, engineers Martin Eberhard and Marc Tarpenning founded Tesla Motors. From the very beginning, the company positioned itself as the first serial manufacturer of electric vehicles and its founders dreamed of freeing the customers from oil burden. Musk significantly supported such aspirations.

Marc Tarpenning (left) and Martin Eberhard (right).

Elon Musk came into the project in 2004, leading an investment round in the startup with a personal contribution of $70 million. He became the chairman of the board of directors and, at first, did not take over the operational management of the company. Musk participated in designing their first electric car, which was a Tesla Roadster sports car based on the British Lotus Elise. He insisted on using carbon fiber composite materials in the hull to minimize weight, developed the battery module and even some elements of design, like the headlights. By 2006, the project has got into newspapers, and Musk received the Global Green 2006 product design award for Tesla Roadster design. Tesla Motors continued to grow, and now the pool of investors, including the creators of Google, Larry Page, and Sergey Brin and the total amount of the investments reached over $100 million.

Tesla is here to stay and keep fighting for the electric car revolution. – Elon Musk Click To TweetHowever, when Tesla Roadster was about to enter the production in 2007, a run of bad luck started for Musk. Some management failures led to the fact that the actual selling price of the electric vehicle was almost twice as high as the initially implicit price of $92,000. In addition, Martin Eberhard made a strategic miscalculation: his concept of transmission for Tesla Roadster proved to be ineffective, and the release of the car had to be postponed for more than a year.

During this crisis, Elon showed his incredible critical management skill: he fired everyone who stalled the project’s development, including Eberhard and a few other key players. After the cleanup, he headed the company by himself. Eberhard appealed to the court after being replaced by an interim CEO, Michael Marks, but the problem has been solved peacefully and so effectively that no details of the conflict were leaked to th