Elon Musk - The Mastermind Behind PayPal and Tesla - Prime Insights - Business Magazine

Elon Musk – The Mastermind Behind PayPal and Tesla

The Mastermind behind PayPal and Tesla
Elon Musk – The Mastermind Behind PayPal and Tesla
  • Originally from Pretoria, South Africa, Elon Musk is an American entrepreneur who co-founded the electronic payment firm, PayPal and formed SpaceX, maker of launch vehicles and spacecraft. He also stands as a significant investor as well as the CEO of the electric car manufacturer Tesla. He had an unusual knack for computers and entrepreneurship right from his childhood.
  • When he was 12, he created a video game and then in 1988, he left South Africa because of his unwillingness to support apartheid through compulsory military service.
  • Academically, he attended Queen’s University, Kingston and was then transferred to the University of Pennsylvania, Philadelphia, where he did his bachelorette in physics and economics in 1995. He also enrolled for physics at Standford but left just after 2 days owing to the thought that the internet can change society much potentially than theoretical physics. He then founded Zip2, a company that provides maps and business directories to online newspapers.
  • Later in 1999, he founded an online financial service company X.com, present-day PayPal. Thus, money was able to get transferred online in no time. eBay brought an online auction in which PayPal accounted for $1.5 billion in 2002.
  • He was dissatisfied with the immense budget of rocket launchers and so in 2002, he founded SpaceX to manufacture budget-friendly rockets. The first 2 rockets were Falcon 1 and 9 followed by a third one, the Falcon Heavy that was designed to carry 117,000 pounds. Thus, these attempts made SpaceX the Super Heavy Starship system. Soon a spacecraft was designed for fast access between cities on earth and the building bases on the Moon and Mars. Then the Dragon spacecraft was made that carried goods to the International Space Station (ISS).
  • Keeping the idea to curb down incurring expenses, Musk developed a fully reusable rocket that could carry objects and return to the pad from where it had been launched. This is how the life of SpaceX’s CEO started to flourish. By then, he was also the chief designer of the Falcon Rockets, Dragon and Grasshopper.
  • Musk’s profound interest in the field of electric cars made him one of the major founders of Tesla Motors in 2004. In the next two years, Tesla launched its first car the RoadStar that could cover 245 miles on a single charge. By 2010, the company’s annual turnover raised about $226 million. In 2012, the next model SpaceSedan was launched and appreciated for its performance and design. Further achievement was scored for the next two models namely Model X luxury SUV (2015) and Model 3 in 2017.
  • Dissatisfied with the next project cost of Tesla in, Musk proposed the Hyperloop in 2013 which was an alternate faster system of high-speed rail system that consisted of a pneumatic tube in which a pot could hold 28 passengers and travel 350 miles between Los Angeles and San Fransico in 35 minutes at 760 miles/hour, almost the speed of sound!
  • Thus, SpaceX, Tesla and Hyperloop’s development is what made Elon Musk that he is today.

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