Elon Reeve Musk was born on June 28, 1971, in South Africa. Every young entrepreneur knows about this guy. His success story is beyond doubt one of a kind and will surely inspire millions of young entrepreneurs out there who want to make it big in life. Many consider him as the Iron Man of real life.
Elon Musk is listed by Forbes as the 23rd-richest person in the world. According to Forbes, his net worth is $38.9 Billion as on 13 February 2020.
Elon started his entrepreneurial journey at a very young age when he sold his first-ever code of a basic video game to a magazine for almost $500.
Elon Musk moved from South Africa to Canada to avoid the mandatory service in the South African military. Getting a P.Hd in applied Physics was Elon’s initial plan but he dropped in just 2 days to start his entrepreneurial journey and then launched his first company Zip2 Corporation. Elon sold his 7% stake in this company for almost 22 million dollars.
After Zip2, Elon used $10 million from the sale of Zip2 and co-founded X.com, an online payment company. This eventually led to the creation of Pay Pal which was later acquired by eBay for $1.5 billion. Elon Musk received $165 million from his 11% stake in PayPal. His success story hasn’t ended yet. He invested this fortune and stayed in a rented apartment.
In 2002, He invested $100 million from his fortune in another venture, SpaceX. Elon didn’t receive any degree in Space Science or Aeronautics. But that’s the reason he is called the Iron man of real life. He self-studied all these topics from different books. To send satellites to outer space, he needed rockets but couldn’t buy them as the Russian rockets that he wanted to buy were too costly. So to tackle this problem, he started making his own rocket. But unfortunately, this idea failed. He again tried to build another rocket but that too became a disaster. But he didn’t give up; he tried to make a rocket for the third time but the result was also the same this time. After three failed three attempts he was financially exhausted.
Against all the odds, he made one more attempt and this time he was successful. At last, SpaceX becomes a Space transport company which carries satellites and other equipment or cargo from Nasa to the outer orbit at a low cost.
After SpaceX, he invested in Tesla which was a risky move because the last successful American car start-up was founded 111 years ago, Ford. And now after 14 years, Tesla recently launched Cybertruck whose launch was considered as a failure and within a month the company received 200,000 preorders for the electric car. Tesla has totally completely changed the auto industry approach towards the electric car. At the start of 2020, Tesla is one of the top-performing companies in the auto industry.
Apart from SpaceX and Tesla, Elon Musk has also invested in some revolutionary projects such as Falcon9 rockets. He even launched a company called “The Boring Company” to reduce traffic by building tunnels.
So how can a person achieve so much and that too after so many failures? The only principle for his success is his hard work or as Elon Musk will say Work like Hell.