Early investments in PayPal, Tesla and SpaceX
Elon Musk, the founder of PayPal, the electric car maker Tesla and the space exploration company SpaceX, made his fortune by investing in the three companies early on in their stages of operation.
Musk was an angel investor in PayPal and soon became the company’s chairman before leading it to its eventual sale to eBay in 2002. Musk himself profited the most from the deal, reportedly earning him in excess of $165 million.
Musk was also a founding investor in Tesla in 2003 and is the current CEO and chairman of the board. He has since poured millions into the company and is its largest shareholder with a 21.9% stake in the company. His gamble has evidently paid off, as shares in Tesla have seen a massive surge in 2020.
Finally, Elon Musk has also been heavily involved in SpaceX since its creation in 2002, of which he is founder, CEO and chief engineer. SpaceX launched its first successful mission to send a human crew to the International Space Station in May 2020, which has further changed the perception of them and validated the diverse array of products and services the company offers.
Elon Musk’s Bet on Bitcoin
This year, Musk set his sights on building a cryptocurrency empire when he encouraging Tesla to invest $1.5 billion in Bitcoin and accepting it as a form of payment for Tesla cars. Since then, the company’s shares have surged, in part because of the profits made from the investment and his promotion of Dogecoin.
The move made him the world’s most successful crypto trader and saw him become the world’s third wealthiest person—his net worth has surged more than $100 billion this year.
Last February, he tweeted that he was “late to the party” when it comes to investing in Bitcoin, but he made up for it quickly. Days later, Tesla announced it had purchased $1.5 billion worth of Bitcoin for its treasuries and Musk has been an enthusiastic Bitcoin proponent ever since.
This bold move has enabled Tesla to generate more than $1.2 billion in profits in the first quarter of 2020 alone, thanks to the appreciation in Bitcoin’s price. Musk’s financial acumen and technical understanding of cryptocurrencies have allowed him to become a major influencer in the industry, which has enabled him to become one of the richest people in the world.
Quirky Advertising of Tesla Cars
One of the key factors that has helped Tesla become successful is Musk’s quirky and edgy approach to advertising the company’s cars. Rather than relying on traditional avenues such as television or billboards, the enterprising innovator has made use of social media platforms such as Twitter, Instagram, and YouTube to promote the company’s products.
Musk has also taken advantage of his celebrity status to create unique ad campaigns that have received a great deal of attention. For example, he recently hosted a special “Tesla Interest Rate Reduction” event in a Tesla showroom, where he promised to lower the interest rates of Model X vehicles in exchange for photos of owners, who had purchased their cars.
The move was positively received, with the hashtag #teslacountdown trending on Twitter. This type of promotion serves to further the brand awareness of Tesla, while also giving the company a positive reputation of offering customers attractive deals and incentives.
As such, Tesla has enjoyed great success due to its unconventional approach to advertising, which has been greatly aided by the influence of its charismatic CEO and founder, Musk.
Tesla’s Autopilot Technology
One of the main features of Tesla cars is their autopilot technology. Musk’s advancement of autonomous vehicles has certainly helped the company’s stock price surge this year, as investors view the technology as a key growth driver for the firm.
Tesla’s autopilot system is known for its ability to monitor a car’s surroundings and adjust steering, acceleration, and braking accordingly. This technology has enabled the company to stay ahead of the competition and has placed it at the forefront of the autonomous vehicle industry.
Musk has also recently revealed an AI chip, which is a powerful new autonomous driving technology that promises to be even more advanced than Tesla’s autopilot system. This demonstrates Musk’s commitment to staying ahead of the competition in the self-driving car industry.
Tesla has also made history this year by becoming the first car manufacturer to use AI-enabled cameras to detect signs of human negligence, such as eating or drinking while driving. This technology could potentially save thousands of lives, which further cements Elon’s legacy as a pioneering innovator in the transportation sector.
The Boring Company
In 2016, Musk founded The Boring Company, a tunnel boring business that has been working to create an underground transportation network in various cities. The company has worked on various projects in US cities, most notably the Dugout Loop in Los Angeles.
The project aims to reduce congestion in the city by using a network of underground tunnels that can transport passengers quickly between neighborhoods. Musk is also working on the Hyperloop project, which utilizes the same technology. The project has seen its fair share of success, and is another example of Musk’s determination to innovate the transportation sector.
The company’s lightning speed excavation abilities and the speed of its tunneling machine made headlines this year and drew the attention of a range of potential investors and partners, including the US MIL Department.
The tunnels made by The Boring Company could prove to be a major disruption in how goods and people are transported, and has the potential to revolutionize the way we travel.
Conclusion
It is no exaggeration to say that Elon Musk has had an exceptionally successful year. His various investments, coupled with his innovative ideas, have enabled him to become one of the world’s richest individuals. His involvement in the world of cryptocurrencies has given Tesla a major boost, as well as enabling him to have a major influence in the world of crypto trading.
His commitment to innovation and advancement of transportation technology has also had a major effect on the industry, with his projects such as The Boring Company, Hyperloop and the Dugout Loop garnering much attention this year. Musk’s influence and success can no doubt be credited to his creative approach to business and his willingness to take risks.
