His finances were not always so strained. In other documents filed in the divorce case, Musk reportedly made $9,551,753 in 2008 and an average of $17.2 million a year from 2005 to 2008. But he sunk much of that money back into Tesla, as well as his other enterprises, the space-exploration concern SpaceX and solar panel finance startup SolarCity. According to filings in his divorce trial, he had roughly $48 million in income from his investments between 20. At that time, those deposits - which Tesla calls “reservation payments” - were an important source of cash for the company.Īnd throughout Tesla’s history, Musk has used his entrepreneurial legend - Zip2, sold for $305 million to Compaq PayPal, sold to eBay for $1.5 billion - to bolster his credibility as a technology executive. Musk’s personal take from Zip2 was a reported $22 million, much of which he invested in his next startup, PayPal, netting $160 million when eBay bought the online-payments startup. After a Tesla employee leaked word in October 2008 to a reporter that the company was down to its last $9 million in cash, Musk promised to personally refund car buyers’ deposits if Tesla couldn’t deliver the vehicles - a promise he made in the pages of Car & Driver. Musk was Tesla’s first investor, and he kept the company afloat until recently through round after round of funding. Only one thing is certain: Tesla’s not getting more money from Musk. But for now, the company doesn’t have access to that promised cash, and must pay $42 million to buy the NUMMI plant in Fremont, Calif., from a Toyota-General Motors joint venture. Now, Toyota has agreed to buy $50 million in shares at the time of Tesla’s initial public offering - if it manages to go public before Dec. Tesla’s sales were flat year-over-year in the first quarter, but declined precipitously in the U.S., according to a former Tesla executive. Tesla burned through $37 million in cash in the last three months of 2009, according to amended S-1 documents, filed with the Securities & Exchange Commission in preparation for its IPO. Tesla slowed this burn rate in the first quarter of 2010 to $8.4 million, but only by drawing down part of a $465 million loan from the DOE, while reporting a net loss of $29.5 million. Tesla, likewise, is dealing with its cash flow problems by borrowing money from a friendly source - the United States government, which has eagerly backed cleantech startups through a Department of Energy loan program. Musk confirmed this in an interview with VentureBeat. Musk’s willingness to funnel his own cash into Tesla has for years sustained the faith of fellow investors and reassured would-be car buyers in 2008 when the company’s finances were in perilous shape.Īccording to the filing - part of his pending divorce case from sci-fi novelist Justine Musk - Elon Musk has been living off personal loans from friends since October 2009 and spending $200,000 a month while making far less.
That’s a problem not just for him but for Tesla, where he is the lead investor and chief product architect, as well as CEO. Today check out these facts about the multi-billionaire.“About four months ago, I ran out of cash,” he wrote in a court filing dated Feb. You will be surprised to know that he started coding at the age of 9. He was also the chief executive officer of, the electric car manufacturer Tesla. Great in battle, but non-violent + (A=Archangel, my favorite song) ( metal rat)' shared the Canadian singer.' For the uninitiated, Elon Musk is the co-founder of the electronic-payment firm PayPal and SpaceX, maker of launch vehicles and spacecraft.
But later his girlfriend, Grimes aka Claire Boucher, explained the name's meaning to her fans via a tweet on her social media.' X, the unknown variable, Æ, my elven spelling of Ai (love &/or Artificial intelligence), A-12 = precursor to SR-17 (our favorite aircraft). Initially, his followers on Twitter thought the Billionaire was just joking as he is known for his humorous nature on social media. He posted that the child would be called X Æ A-12 Musk and Grimes later offered an explanation to her followers on social media. Elon Musk the CEO of Tesla broke the internet when he announced the name of his first child with singer Grimes.
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