![]() ![]() What followed was one of the nastiest coups in Silicon Valley's long, illustrious history of nasty coups. The book went on to describe the actual coup to remove Musk as CEO, as complaints and questions grew about Musk's decision-making amidst numerous crises: According to the book " Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future" by Ashlee Vance, the two merged teams could never see eye to eye: "Musk kept championing X.com, while most everyone else favored PayPal," Vance wrote. In March 2000, the two companies merged, but kept the X.com name. X.com's big competitor was a startup co-founded by Peter Thiel and Max Levchin called Confinity, which was developing a similar concept known as PayPal. The firm was trying out a number of new technological concepts, including using email addresses to carry out financial transactions. In 1999, Musk was the founder of a financial services firm called X.com. In 2002, Elon Musk got an almost $176 million pay day when digital wallet website PayPal was sold to eBay he had been the company's CEO and at the time owned 11 per cent of the shares.ĭespite his enormous wealth, former partner Grimes, real name Claire Boucher, claimed the businessman often "lived below the poverty line" and told Vanity Fair last month that he would not even shell out on a new mattress despite theirs having a hole in it.While this claim is mostly true, it's also oversimplified. Musk, who grew up in South Africa before immigrating to Canada aged 17, also founded the Boring Company in 2016, which builds transport, utility, and freight tunnels. ![]() He owns 21 per cent of electric carmaker Tesla, while his rocket company SpaceX was valued at £74 billion after a funding round in February last year. Musk's wealth has largely been made through his plans to revolutionize transport-on Earth and in space. "Twitter needs to be transformed as a private company." How Did Elon Musk Get So Rich? "Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. He added: "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. In a letter to Twitter chairman Bret Taylor outlining his offer to buy the company, the businessman said he did not have "confidence in management" at the company. Newsweek has contacted Twitter and representatives for Musk for comment. Musk faces a New York lawsuit that alleges that he illegally delayed disclosing his stake in the social media company so he could buy more shares at lower prices.Īlex Spiro, a New York lawyer representing Musk, did not immediately respond to a query from the Associated Press about the lawsuit. The billionaire, who has previously been accused of using his own tweets to manipulate stock prices, has in recent days been critical of Twitter. Musk is a keen user of Twitter, regularly tweeting to his more than 80 million followers. Here, the Tesla CEO is pictured as he attends the start of the production at the company's 'gigafactory' in Gruenheide, Germany, in March. If Musk does purchase Twitter, the price would equate to about 15 per cent of his fortune.įollowing Musk's proposal, Twitter released a statement saying: "The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders."Įlon Musk has offered to buy Twitter. 2 with a relatively net worth of $181.3 billion. Amazon founder Jeff Bezos is currently no. The 50-year-old is currently worth an estimated $273 billlon, according to Forbes-making him the wealthiest man in the world. It would mean Musk paying $41.39 billion for the social media company. He is now proposing to pay $54.20 a share to snap up the rest of the company in a hostile takeover. Twitter chiefs had offered Musk a place on the board of the company, which would have limited his stake to 14.9 percent, but Musk on Monday refused the offer. The billionaire Tesla and SpaceX chief executive's proposal, announced on Thursday morning, comes just days after it was revealed he owns a 9.2 per cent stake in the social media platform. Elon Musk's audacious move to buy Twitter outright, means the mogul is apparently prepared to spend 15 per cent of his net worth on the purchase. ![]()
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