Elon Musk, self-made rich person, from his past to present

Sajjad Hussain
Feb 26 · 4 min read
Photo by Alexander Shatov on Unsplash

Space game software

Musk was born in South Africa in 1971. His father was an electrical engineer and his mother was a model from Canada. Musk inherited the genes of his parents’ high IQ and his love for science, and he has surpassed ordinary people’s memory and understanding since childhood. At the age of 12, he designed a space game software called “Blastar” and sold it to “PC and Office Technology” magazine for $500, earning the first pot of gold in his life.

Loves to read

Musk loves to read and can read 10 hours a day. In the early days, he loved to read science fiction novels and comics. By the third and fourth grades, he had read all the similar books in the school and nearby libraries. After this, he began to read “Encyclopedia Britannica” and non-fiction books.

University

In 1989, Musk studied at Queen’s University in Ontario, earning pocket money by repairing computers and buying accessories while studying. Two years later, he won a scholarship from the University of Pennsylvania in the United States, where he studied dual degrees in economics and physics, focusing on solar energy and innovative energy storage supercapacitor technology. After that, he successfully won a scholarship from Stanford University with excellent results.

First Business

In 1995, Musk was enrolled in Stanford University for two days, suddenly realized that the Internet industry has broad development prospects and will have a profound impact on mankind, so he and his younger brother founded their own company, Zip2, with the $28,000 funded by their father. This is a company that develops online content publishing software for news organizations.

In 1999, the American computer manufacturer Compaq acquired Zip2 with US$307 million in cash and US$34 million in stock options. Musk earned US$22 million from this transaction when he was 27 years old.

Investment

He then invested in X.com, an online financial service, and email payment business company, and since then entered the financial industry. The company’s service of quickly transferring money to others through email addresses captured 200,000 users in a few months. This service was later known globally as “PayPal” and was the originator of online payment technology. After the merger of X.com and Confinity, Musk made another $165 million.

Space X

In June 2002, Musk established Space X, a space exploration technology company. In 2004, he invested $6.3 million in Tesla and became CEO. In June 2010, Tesla went public on the Nasdaq with a net fund of approximately US$184 million. It became the first American automaker to go public since Ford Motor’s IPO in 1956.

On August 17, 2020, U.S. time, US stocks closed, Tesla’s share price soared 11.2%, and Musk’s net worth reached 84.8 billion U.S. dollars, becoming the world’s fourth-richest man.

Bitcoin and Twitter speculation

As a pioneer in the technology circle, Musk entered the market in an alternative way of “Twitter speculation”. On January 29, 2021, he changed his Twitter profile to Bitcoin, which directly caused the price of Bitcoin to rise by more than 14% within half an hour. Nine days later, according to a document submitted by Tesla to the US SEC, Tesla had bought $1.5 billion worth of Bitcoin.

On February 4, Musk mentioned the cryptocurrency “Dogecoin” 6 times in a single day on Twitter. After that, the price of this cryptocurrency rose rapidly by 60%, reaching 10 billion U.S. dollars, ranking 8th in the world of Cryptocurrency.

The sudden speculation of Musk also surprised everyone. After all, Musk said as early as two years ago that he did not invest in anything and the only public securities he had were Tesla shares, he held.

While Musk took Tesla to choose Bitcoin as a diversified investment link, he also promoted the liquidity of Bitcoin and continued to explore the way Bitcoin transactions. Although the $1.5 billion investment is an adventure, in Musk’s view, Bitcoin and legal tender are actually the same, and perhaps Bitcoin can become a better asset.

We don’t know how the end of the adventure will end, but Musk’s move has indeed brought huge benefits for Tesla. In just one month, Tesla’s $1.5 billion investment in Bitcoin has become $2.1 billion.

Bitcoin’s investment income is eye-catching, and the profits brought by speculation have also helped Tesla support profitability data. But this is always a dangerous game, and the high volatility of Bitcoin will also bring unpredictable risks to Tesla.

Regulatory Commission

Musk is being investigated by the Securities Regulatory Commission for his Dogecoin comments. He has recently tweeted frequently to tout this currency. Suri, it may sound like a joke, but they are very influential and helped Dogecoin to appreciate more than 500% in the last month. It was originally an emoji, but now the market value of this cryptocurrency has exceeded $6 billion. When asked why he likes Dogecoin, Musk simply replied that he “likes dogs and memes”. He also stated that he built a Dogecoin mining platform with his children last weekend.

Now, the U.S. Securities and Exchange Commission (SEC) is stepping in and investigating whether Musk violated Dogecoin’s security regulations. Presumably, they will be watching him use his influential Twitter account to manipulate the price of Dogecoin. This is certainly not the first time. In 2018, Musk was sued by the Securities Regulatory Commission for remarks about privatizing Tesla. But Musk didn’t seem to be worried. When he was told that the SEC will investigate Dogecoin tweets, he said: “I hope they will investigate. This will be great.”

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