Hi friends, welcome to informationhood. On this platform I want to post this to motivate someone who’s trying to give up due to some challenges. Elon Musk is someone I always look at to and I also read his stories a lot. On this post I want to share with you how Elon Musk started his first business to the level of his current success.
How Elon Musk Started His First Business to His Great Success Level
Elon Musk was born on June 28, 1971 in Pretoria, South Africa.
Elon Musk studied at Queen’s University in Kingston, Ontario, Canada and then moved to the University of Pennsylvania in Philadelphia, where he received a bachelor’s degree in physics and economics in 1997.
He started studying physics at Stanford University but dropped out after a few days. To focus on entrepreneurship.
Elon Musk co-founded PayPal, an electronic payment company, and in 2002 founded SpaceX, a rocket and spacecraft company. He was one of the early financiers of Tesla, which makes electric vehicles and batteries, and became CEO in 2008. In 2022, he acquired the social network Twitter.
Musk was given birth to by a South African father and a Canadian mother. He showed an early aptitude for computers and entrepreneurship. At the age of 12, he developed a video game and sold it to a computer magazine. Must then obtained a Canadian passport in 1988, and then left South Africa because he did not want to support apartheid through conscription and was looking for greater economic opportunities in the United States of America so musk have to move to America.
Elon Musk Found PayPal and SpaceX
Musk attended Queen’s University in Kingston, Ontario, and transferred to the University of Pennsylvania in Philadelphia in 1992, where he earned a bachelor’s degree in physics and economics in 1997. He enrolled in a physics degree programme at Stanford University in California, but dropped out after only two days because he felt that the Internet had much greater potential to change society than physics work. in 1995, he founded Zip2, a company that provided maps and business directories for online newspapers. in 1999, Zip2 was bought by computer manufacturer Compaq for $307 million. Musk then founded an online financial services company, X.com, which later became PayPal, specialising in online money transfers. Online auction house eBay bought PayPal in 2002 for $1.5 billion.
Musk has long been convinced that humanity must become a multiplanetary species if it is to survive. However, he was unhappy with the high cost of rocket engines. In 2002, he founded Space Exploration Technologies (SpaceX) to build less expensive rockets. The first two rockets were the Falcon 1 (first launch in 2006) and the larger Falcon 9 (first launch in 2010), which were designed to cost much less than competitors’ rockets. The third rocket, the Falcon Heavy (first launch in 2018), was expected to carry 117,000 pounds (53,000 kg) into orbit, nearly twice as much as its biggest competitor, the Boeing Company’s Delta IV Heavy, at one-third the cost. SpaceX has announced the successor to the Falcon 9 and Falcon Heavy: the Super Heavy Starship system. The Super Heavy first stage would be capable of carrying 100,000 kg (220,000 pounds) into low Earth orbit
The payload would be the Starship, a spacecraft designed for rapid transportation between cities on Earth and for building bases on the Moon and Mars. SpaceX has also developed the Dragon spacecraft, which carries supplies to the International Space Station (ISS). Dragon can carry up to seven astronauts and had one crewed flight that took astronauts Doug Hurley and Robert Behnken to the ISS in 2020. The first test flights of the Super Heavy Starship system started in 2020. Musk is not only CEO of SpaceX, but was also chief designer in building the Falcon rockets, Dragon and Starship.
Elon Musk – Tesla CEO
Musk has long been interested in the possibilities of electric cars and in 2004 became one of the major backers of Tesla Motors (later renamed Tesla), an electric car company founded by entrepreneurs Martin Eberhard and Marc Tarpenning. In 2006, Tesla introduced its first car, the Roadster, which could travel 245 miles (394 km) on a single charge. Unlike most earlier electric vehicles, which Musk considered cumbersome and uninteresting, it was a sports car that could accelerate from 0 to 60 miles (97 km) per hour in less than four seconds. The company’s initial public offering in 2010 raised about $226 million. Two years later, Tesla introduced the Model S sedan, which was praised by automotive critics for its performance and design. The company earned further praise for its Model X luxury SUV, which was launched in 2015. The Model 3, a less expensive vehicle, went into production in 2017 and became the best-selling electric car of all time.
Dissatisfied with the projected cost ($68 billion) of a high-speed rail system in California, in 2013 Musk proposed an alternative, faster system, the Hyperloop, a pneumatic tube in which a gondola carrying 28 passengers would travel the 350 miles (560 km) between Los Angeles and San Francisco in 35 minutes at a top speed of 760 miles (1,220 km) per hour, nearly the speed of sound. Musk claimed that the Hyperloop would cost only $6 billion and that, with gondolas departing on average every two minutes, the system could accommodate the six million people who travel the route each year. However, he explained that between running SpaceX and Tesla, he could not devote time to developing the Hyperloop.
Elon Musk Acquired Twitter 2022
Musk joined the social media service Twitter in 2009 and, as @elonmusk, became one of the most popular accounts on the site, with more than 85 million followers in 2022. He expressed reservations about listing Tesla on the stock market, tweeting in August 2018 that he wanted to take the company private at a value of $420 per share and had “secured financing.”(The $420 value was understood to be a joking reference to April 20, a day celebrated by supporters of cannabis.) The following month, the U.S. Securities and Exchange Commission (SEC) sued Musk for securities fraud, claiming the tweets were “false and misleading” Shortly thereafter, Tesla’s board SEC rejected the proposed settlement, reportedly because Musk had threatened to resign. The news sent Tesla’s stock plummeting, however, and a tougher settlement was eventually accepted. The terms called for Musk to step down as chairman for three years, although he was allowed to continue as CEO. His tweets had to be pre-approved by Tesla’s lawyers, and fines of $20 million were imposed on both Tesla and Musk.
Musk criticised Twitter’s commitment to free speech principles in light of the company’s content moderation policies. In early April 2022, Twitter’s records ( SEC ) revealed that Musk had purchased more than 9 percent of the company. Shortly thereafter, Twitter announced that Musk would join the company’s board, but Musk decided against it and made an offer for the entire company at a value of $54.20 per share, or $44 billion. Twitter’s board accepted the offer, which would make him the sole owner of the company. Musk explained that his plans for the company included “improving the product with new features, releasing the algorithms as open source to increase trust, defeating spam bots, and authenticating all people.” In July 2022, Musk announced he was withdrawing his offer. He said Twitter had not provided sufficient information about bot accounts and claimed the company had materially breached “multiple provisions” of the purchase agreement. Bret Taylor, Twitter’s chief executive, then said the company was “committed to completing the transaction on the price and terms agreed to with Mr. Musk.” Twitter sued Musk to force him to buy the company. In September 2022, Twitter shareholders voted to accept Musk’s offer. Despite the lawsuit, Musk eventually went through with the transaction, which closed in October.
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