His first was a joint venture with his brother Kimbal, in 1995. Musk had two previous, successful, ventures before becoming a co-founder of PayPal. He may no longer own any part of PayPal, but the sale of his shares was a turning point in history. Musk made up to $180 million from the sale, and his ties with PayPal were cut once the shares were sold. Exactly two years after being ousted as CEO, eBay acquired PayPal for $1.5 billion in stock. However, he remained the company’s largest shareholder, with 11.7% of PayPal’s shares. No – he was CEO of the company until he was ousted in October of 2002. His company X.com, which was an online financial institution, merged with Confinity, a money-transfer service. in April 2023.Some people may not be aware that Elon Musk was one of the founders, which would later become PayPal as we know it today. Musk eventually purchased Twitter in October 2022. After its board agreed to recommend the deal, Musk spent months trying to terminate it. In April 2022 Musk made an offer to buy Twitter Inc for $44 billion after acquiring a stake in the social-media firm. He announced in October 2021 that Tesla would move its headquarters from Palo Alto, California to Austin, Texas. Tesla became the world's most valuable carmaker in July 2020 and further gains led to Musk becoming the world's richest person in January 2021. Musk, who has said he intends to retire on planet Mars, joined Warren Buffett's Giving Pledge in April 2012. SolarCity sold shares in a public offering in 2012 and was bought by Tesla on Nov. His third company, SolarCity, was a provider of solar power systems. In the same year the company sold shares in a public offering. A year later, he co-founded Tesla, the company that produced the world's first all-electric, zero-emission sports car in 2010. His next project: SpaceX, a closely held rocket company that was tapped by NASA to take over space shuttle's role of resupplying the International Space Station. He would merge that with what eventually became PayPal, the e-commerce site that was ultimately sold to eBay for $1.5 billion in 2002. He reinvested some of the proceeds to start X.com, an online payment system. He created an online publishing platform called Zip2 in 1995 and sold it four years later for more than $300 million. He dropped out after his first few days to pursue his three main areas of interest: the Internet, clean energy and space. After graduating from the University of Pennsylvania with degrees in physics and economics, he enrolled at Stanford University. A liability is included to reflect calculated pledges of SpaceX shares and other debt related to the difference between cash Musk is calculated to have required to purchase Twitter and the cash available to him at the time.īorn in South Africa to an engineer father and nutritionist mother, Musk left home as a 17-year-old for college in Canada, in part to avoid serving in the apartheid-era South African army. Musk said in 2019 that some of his SpaceX shares were also pledged, without providing further details. The maximum loan allowable under this arrangement could be no more than the lesser of 25% of the value of those shares or $3.5 billion, according to the filing, and a $3.5 billion loan is included in his calculation. Musk had pledged 58% of his Tesla shares as collateral to secure personal indebtedness, according to the company's 2023 proxy statement. The fund valued their shares at 35% of their purchase price. Its value has been adjusted based on the carrying value assigned by investor Fidelity Blue Chip Growth Fund to its stake in their September 2023 filing. He's calculated to own about 79% of the company's stock based on a disclosure to external investors in May 2022. In April 2022 Musk offered to buy Twitter Inc for $44 billion. ![]() The value is reduced by 15% to account for typical discounts that shares in unicorns attract on the secondary market. Musk owns about 42% of the closely held company through a trust based on a December 2022 filing with the Federal Communications Commission and Bloomberg's dilution calculations. SpaceX is valued using a July 2023 share sale that valued the company at about $150 billion. He also holds about 304 million exercisable stock options from his 2018 compensation package. Musk owns about 13% of Tesla, according to an April 2023 regulatory filing. Musk is CEO of publicly traded Tesla, the world's most valuable carmaker, and closely held rocket business SpaceX, which counts the US National Aeronautics and Space Administration as a client.
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