Elon Musk is often described as a business magnate, investor, engineer and inventor. He is the founder, CEO, and lead designer of SpaceX, CEO and product architect of Tesla Inc., founder of The Boring Company, co-founder of Neuralink, and co-founder and initial co-chairman of OpenAI. He is recognized as one of the most innovative and disruptive entrepreneurs of the 21st century.
Musk first gained recognition for co-founding X.com in 1999, which in 2002 merged with Confinity and eventually became PayPal. Musk’s healthcare venture, Neuralink, and his tunneling firm, The Boring Company, have also gathered attention. He has also propelled open-source projects like SolarCity, OpenAI and Hyperloop. Musk’s companies have raised millions of dollars from venture capitalists and angel investors.
Musk started Space Exploration Technologies (SpaceX) in 2002. The primary goal of the firm is to reduce space transportation costs through the reusability of rockets, and ultimately enabling human life on other planets. Through SpaceX, Musk hopes to make space technology accessible to everyone. SpaceX has launched over 200 successful missions so far, and in 2014 became the only commercial space company to successfully send a spacecraft to the orbital stage.
In the same year, Musk created Tesla Inc., the company that revolutionized the automobile industry. The company produces electric vehicles with plans to expand into solar panel and storage production, as well as home energy storage. Tesla is currently the world’s leading electric vehicle manufacturer, with over 550,000 sales as of 2018.
In 2016, Musk established The Boring Company, for the development of underground tunneling technology. The tunnels are designed to reduce traffic congestion by moving transportation below ground. The tunnels utilize autonomous electric skates for transportation, and the company plans to include the Hyperloop system. The company completed its first major project in the summer of 2018, in Las Vegas.
Musk and Sam Altman, in 2016, also founded OpenAI, an AI research firm and think tank. The company aims to promote and develop friendly AI and help eliminate the potential risks posed by artificial intelligence.
He embarked on a new venture, Neuralink, in the same year. Neuralink is a medical device company, which develops implantable brain-machine interfaces to treat neurological conditions, including stroke and Parkinson’s. The company was granted an initial fund of $158 million.
Motivation
Musk announced his motive behind establishing the various he companies in a speech in 2017, explaining that he imaged a future in which his efforts would result in humanity becoming a “multi-planetary species”. He plans to invest in and develop businesses that are capable of colonizing Mars and make space exploration accessible to the public.
Philanthropy
In addition to the success of his businesses, Musk is also well-known for his philanthropy. In 2002, Musk founded The Musk Foundation, which focuses on science and engineering education, clean energy research, pediatric health and helping people in need. Musk has donated over $275 million towards various humanitarian causes.
Controversy
Despite his immense success, Musk has been involved in his fair share of controversies. The most notable being in 2018, when he tweeted that he had “funding secured” to take Tesla private with a stock price of $420. The tweet landed him in a legal battle with the Securities and Exchange Commission. Musk also faced backlash for calling one of the rescue divers a “pedo guy” when the diver criticized his invention, a mini-sub for the rescue mission.
Legacy
Elon Musk is renowned the world over for his innovation and vision. He has strongly changed the face of automobile, space exploration and a number of other industries. His influence is so far-reaching that he has been labeled as a modern-day Tony Stark in the media. Many of Musk’s objectives still remain unfulfilled, but with his current successes and vast potential, it is likely that he will revolutionize the word more.
Legacy of Companies
The companies founded by Musk have evolved into some of the giants of their respective industries. Over the years, these companies have secured public investments, partnerships and high-profile collaborations. For example, Tesla Inc. has worked with Panasonic to develop high-capacity battery cells, and Volvo has collaborated with the company to develop a new model of electric cars. SpaceX has partnered with NASA for satellite launches and space exploration missions.
Competition
The number of companies founded by Musk is an indicator of his dynamism and ambition. He has managed to stay ahead of the competition in each of his industries through technological innovation, creative marketing and taking calculated risks. Many of his companies have created a niche market and pose a challenge to major competitors.
Leadership
Musk is often cited as an example of a successful entrepreneur and has been featured on many “best CEO” lists. He has a highly effective leadership style, which involves setting ambitious goals and motivating others to achieve them. This has led to dozens of successful business ventures, some of which are becoming global giants in their respective industries.
