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Hall of fame – Elon Musk

Elon Musk is a Canadian-American business magnate, investor and philanthropist born to Errol and Maye Musk on 28 June 1971.

Mr. Musk is the founder, the CEO and CTO of SpaceX. Along with this he is the founder and chairman of solar city. Furthermore, the co-founder, CEO and Product Architect of Tesla Motors are a few of his achievements. He is the 83rd wealthiest person in the world.

Education Background

He received a Bachelor of Science degree in physics from The University of Pennsylvania at the age of 24. And from Wharton School of Business, he completed his science degree in economics. He displayed business acumen at a young age and his first project namely the Zip2.

The New York Times and the Chicago Tribune are going to abandon plans of a merger with CitySearch. They will rather use Zip2 for their newspapers. Zip2 made Elon Musk a millionaire when it was sold in February 1999. Further, his next undertaking was the online financial services and the e-mail payment company X.com. One Year later the Company merged with Confinity, which had the money transfer service PayPal.

In addition to this, the merged company concentrated on the PayPal service. The PayPal services renamed to PayPal. In October 2000 the company decided to remove Mr. Musk from his role of CEO. When eBay acquired PayPal in October 2002 for US$1.5 billion Elon Musk received US$165 Million.

Mars Oasis

He thought of the Mars Oasis in 2001, it is a project to land a miniature experimental greenhouse on Mars. Elon Musk for this purpose traveled to Moscow in October 2007. He along with Jim Cantrell, an aerospace supplies fixer and his college friend AdeoRessi to buy refurbished ICBMs. They met with companies such as NPO Lavochkin and Kosmotras. But they returned to the United States empty handed.

Later, the group returned to Russia in February 2002 to buy three ICBMs. The group met with Kosmotras. The price US$8 million per rocket was thought to be too expensive by Elon Musk. On the return flight, Musk thought of starting a company to make affordable rockets. He calculated the cost of raw materials required for the production of rockets was only 3% of the sale price.

SpaceX

In June 2002, Musk founded Space Exploration Technologies or SpaceX with US$100 million from his own funds. He served as the chief technical officer for the same. Development and manufacturing of space launch vehicle with focus on advanced rocket technology for space were prime objective of SpaceX. It took the company seven years to design the Falcon series launch vehicles and the Dragon multipurpose spacecraft.

Moreover, NASA gave a contract to SpaceX in 2006. They wanted to continue the development and testing of the SpaceX Falcon 9 Vehicle and Dragon Spacecraft. NASA further contracted SpaceX with a Commercial Resupply Services program worth US$1.6 billion on 23rd December 2008.SpaceX on December 22, 2015, successfully landed the first stage of its Falcon rocket back at the launch pad. Further he expects to reduce the cost of space programs in future.

Tesla

Elon Musk led the Series A round of funding for Tesla in February 2004. He joined as the chairman before taking over the leadership of the company as CEO and product architect in 2008. Tesla entered the market with Tesla Roadster in 2008 and later started deliveries of its Model S in 2012. In 2015 Tesla launched its third product Model X after unveiling it in 2012. As of 2014 Musk’s salary in Tesla is US $ 1. The remainder of compensation came from stock and performance-based bonuses.

Furthermore, in 2006, Musk co-founded SolarCity with his cousins Lyndon and Peter Rive. Musk is the largest shareholder in SolarCity. In the United States SolarCity is the second largest provider of solar power system. Tesla Motors submitted an offer to acquire SolarCity in June 2016.

Elon Musk announced a non-profit artificial intelligence research company OpenAl in December 2015. To develop artificial general intelligence in a way that is safe and beneficial to humanity. Elon Musk is the chairman of Musk foundation which provides solar power energy systems in disaster areas. In January 2015 Musk donated US$10 million to the “Future of Life Institute”. Further to fund a global research program to keep artificial intelligence beneficial to humanity. 

 

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