Elon Reeve Musk (born June 28, 1971) is a South African-born American entrepreneur and businessman who founded X.com in 1999 (which later became PayPal), SpaceX in 2002 and Tesla Motors in 2003. Musk became a multimillionaire in his late 20s when he sold his start-up company, Zip2, to a division of Compaq Computers. Musk made headlines in May 2012, when SpaceX launched a rocket that would send the first commercial vehicle to the International Space Station. He bolstered his portfolio with the purchase of SolarCity in 2016.
At age 17, in 1989, Elon Musk moved to Canada to attend Queen’s University and avoid mandatory service in the South African military. He left in 1992 to study business and physics at the University of Pennsylvania. He graduated with an undergraduate degree in economics and stayed for a second bachelor’s degree in physics.
After leaving Penn, Elon Musk headed to Stanford University in California to pursue a PhD in energy physics. However, his move was timed perfectly with the Internet boom, and he dropped out of Stanford after just two days to become a part of it, launching his first company, Zip2 Corporation. An online city guide, Zip2 was soon providing content for the new websites of both The New York Times and the Chicago Tribune. In 1999, a division of Compaq Computer Corporation bought Zip2 for $307 million in cash and $34 million in stock options.
In 1999, Musk co-founded X.com, an online financial services/payments company. An X.com acquisition the following year led to the creation of PayPal as it is known today, and in October 2002, PayPal was acquired by eBay for $1.5 billion in stock. Before the sale, Musk owned 11 percent of PayPal stock.
Founder of SpaceX
Musk founded his third company, Space Exploration Technologies Corporation, or SpaceX, in 2002 with the intention of building spacecraft for commercial space travel. By 2008, SpaceX was well established, and NASA awarded the company the contract to handle cargo transport for the International Space Station with plans for astronaut transport in the future in a move to replace NASA’s own space shuttle missions.
In August 2016, in Musk’s continuing effort to promote and advance sustainable energy and products for a wider consumer base, a $2.6 billion dollar deal was solidified to combine his electric car and solar energy companies. His Tesla Motors Inc. announced an all-stock deal purchase of SolarCity Corp., a company Musk had helped his cousins start in 2006. He is a majority shareholder in each entity.
“Solar and storage are at their best when they’re combined. As one company, Tesla (storage) and SolarCity (solar) can create fully integrated residential, commercial and grid-scale products that improve the way that energy is generated, stored and consumed,” read a statement on Tesla’s website about the deal.
On August 12, 2013, Musk unveiled a concept for a high-speed transportation system incorporating reduced-pressure tubes in which pressurized capsules ride on an air cushiondriven by linear induction motors and air compressors. The mechanism for releasing the concept was an alpha-design document that, in addition to scoping out the technology, outlined a notional route where such a transport system might be built: between the Greater Los Angeles Area and the San Francisco Bay Area.
After earlier envisioning Hyperloop, Musk assigned a dozen engineers from Tesla and SpaceX who worked for nine months, establishing the conceptual foundations and creating the designs for the transportation system. An early design for the system was then published in a whitepaper posted to the Tesla and SpaceX blogs. Musk’s proposal, if technologically feasible at the costs he has cited, would make Hyperloop travel cheaper than any other mode of transport for such long distances. The alpha design was proposed to use a partial vacuum to reduce aerodynamic drag, which it is theorized would allow for high-speed travel with relatively low power, with certain other features like air-bearing skis and an inlet compressor to reduce freestream flow. The document of alpha design estimated the total cost of an LA-to-SF Hyperloop system at US$6 billion, but this amount is speculative.
In June 2015, Musk announced a design competition for students and others to build Hyperloop pods to operate on a SpaceX-sponsored mile-long track in a 2015–2017 Hyperloop pod competition. The track was used in January 2017, and Musk also started building a tunnel.
Hyperloop One, a company unaffiliated with Musk, had announced that it had done its first successful test run on its DevLoop track in Nevada on July 13, 2017. It was on May 12, 2017 at 12:02 a.m. and had lasted 5.3 seconds, reaching a top speed of 70 mph.
On July 20, 2017, Elon Musk announced that he had gotten “verbal government approval” to build a hyperloop from New York City to Washington D.C, stopping in both Philadelphiaand Baltimore. However, the New York City Transit Authority, Southeastern Pennsylvania Transportation Authority, Washington Metropolitan Area Transit Authority, Maryland Transit Administration, United States Department of Homeland Security, as well as the mayors of New York, Philadelphia, Baltimore, and Washington D.C. stated that they are unaware of any such agreement.
AI available to everyone, OpenAI wants to “counteract large corporations who may gain too much power by owning super-intelligence systems devoted to profits, as well as governments which may use AI to gain power and even oppress their citizenry.” Musk has stated he wants to counteract the concentration of power. In 2018 Musk left the OpenAI board to avoid “potential future conflict” with his role as CEO of Tesla as Tesla increasingly becomes involved in AI.