Elon Musk has sold a massive $4 billion worth of Tesla shares as his net worth has rapidly declined.
It comes after he sold almost $22 billion worth in 2021 as well as $8 billion worth in April and $ 7 billion worth in August.
Scroll down for the full story!
We all know Elon Musk from his adventures in space.
The entrepreneur’s SpaceX program has garnered a lot of publicity.
But who is the man behind the business?
Let’s take a closer look at how he got to where he is today…
The fifty-one-year-old was born in Pretoria, South Africa on June 28, 1971.
Born to a Canadian mother and South African father, the entrepreneur left his birth country for Canada in 1988.
His mom is quite the icon in her own right!
Seventy-four-year-old Maye Musk is a professional model and dietician, with many an impressive achievement to her name…
She is the oldest star to ever appear on the cover of Sports Illustrated!
Other modeling gigs of hers include a Time magazine cover, a Beyoncé music video, and she can even be seen on boxes of Special K cereal!
However, his relationship with his dad Errol Musk is a lot rockier…
As per The Guardian, in a recent interview, Errol was asked if he was proud of his sun. He replied: “No. You know, we are a family that have been doing a lot of things for a long time, it’s not as if we suddenly started doing something.”
However, this tricky relationship didn’t stop Musk from rocketing his way to success.
He has a long history of success in business.
His first big win was when he sold a video game at just twelve years old.
The game was called Blastar, and he sold it to a computer magazine for an impressive $500.
In terms of education, once Musk moved to Canada he began to attend Queen’s University in Ontario. However, he later transferred to the University of Pennsylvania.
He gained 2 degrees from Pennsylvania – a BA in physics and a BSc in economics.
The entrepreneur then made his start by interning at 2 different Silicon Valley groups in 1994.
He worked for energy storage company Pinnacle Research as well as video game startup Rocket Science Games.
Musk was actually then accepted into a Ph.D. program at Stanford University in 1995.
However, according to Bloomberg, the then twenty-four-year-old dropped out after just 2 days!
He decided to follow the dot-com boom that was beginning to get going in California instead.
This is where Musk’s rise really started to get underway!
He first founded Zip2 alongside his brother, Kimbal, which provided online newspapers with the tools to create city guides.
The company worked with big-name brands such as The New York Times and the Chicago Tribune.
Less than 5 years later, Musk sold the company for over $300 million!
This deal alone made Musk a hefty $22 million.
It was at this point Musk founded the online banking company X.com.
According to Insider, he used about $10 million of his money from the sale of Zip2.
And from here is where Musk’s story becomes a lot more familiar to most of us, as, after roughly a year, X.com merged with another company to make PayPal.
He became CEO of the freshly merged company.
He faced some turbulence in this role, however. He was ousted as CEO after disagreements on what servers the company should use.
Peter Thiel, one of PayPal’s original co-founders, replaced Musk.
In spite of this, Musk still came away from PayPal with an impressive $180 million in 2002.
As Money reported, Musk came away from the company’s $1.5 billion sale to eBay with his fair share.
Then, in 2002, Musk set his sights on the final frontier – space!
This is where one of the most adventurous companies of the twenty-first century, SpaceX, came into being.
With $100 million of the sale from PayPal, Musk founded SpaceX to achieve his goal of space exploration.
The company was ready to take on other big players in the space industry, such as Boeing and Orbital Sciences.
During its twenty years of operation, Musk’s space program has seen many a high but also a lot of lows…
Scroll on to discover just why SpaceX is so special…
Back in 2010, SpaceX achieved its first big feat as the first private company to successfully launch a payload into orbit, and get it back to Earth in one piece.
Previously, only government organizations had managed to achieve this.
They were also the first private company to send humans into orbit in 2020.
The Independent even reported that Musk is aiming to put humans on Mars by 2029!
However, it hasn’t been all plain sailing for the aerospace business, with its landmark satellite program being blamed for clogging up space.
As per The Guardian, the head of the leading European Space Agency accused Musk of “making the rules” when it came to space.
The so-called Starlink satellites are able to provide internet access to millions across the globe, but their launch is rather controversial.
Aside from the taking up space argument, others dispute whether companies such as Musk’s should be able to alter the look of the night’s sky.
Musk has also faced allegations of sexual misconduct from a former SpaceX employee.
The BBC reported that the billionaire has denied the claims and settled a lawsuit with the former employee for $250,000.
But that’s not where Musk and controversy ends…
From Twitter to Tesla, Musk is never far away from drama…
The year 2004 was when Musk first invested in the electric car company Tesla.
This is the endeavour that Musk would arguably go on to become best-known for.
Although he is not the founder of the company, Musk has been Tesla’s CEO since 2008.
This was after he ousted one of the firm’s founders from the leading position!
Even during the 2008 crisis when Tesla was facing bankruptcy, Musk dove into his own pockets to help save the company.
According to Insider, he invested $40 million and loaned the company another $40 million on top of that!
Despite 2008 being an undeniably tough year for Musk, things started looking up once Tesla found more external investors.
From there, the rise of the electric car company has been huge.
That’s not to say though that Tesla hasn’t faced its fair share of dramas…
Aside from quality control and safety issues, there has been a range of debates around Musk’s leadership itself.
His appearance on Joe Rogan’s podcast didn’t help matters.
One of Musk’s most talked about moments is where he can be seen smoking marijuana during the podcast.
The fallout of the podcast episode led to Tesla’s shares falling more than nine percent, according to the BBC.
His eccentric antics appeared to shake investor confidence in the firm.
Musk was even sued by Tesla shareholders when the company acquired a solar panel company owned by 2 of his cousins.
Although the billionaire won the lawsuit, Tesla’s solar power business has also faced further backlash after delays and price increases.
And all of this is before we even get to Twitter!
This is Musk’s most recent controversial move.
In April 2022, the businessman offered to purchase the social media site for $44 billion.
This came in the same month that he became their largest stakeholder in the company.
However, since then the merger has gone awry thanks to Musk’s hesitations over the deal.
He claims that Twitter hasn’t met its contractual obligations.
Twitter was suing Musk as a result, claiming that he has violated his acquisition agreement.
However, Musk has hit back and is countersuing, alleging that Twitter committed fraud and breach of contract.
In terms of his private life, the world’s richest man has dated a fair few familiar names…
Read on to discover just who Musk has dated.
The billionaire’s first wife Justine referred to herself as his “starter wife” in an interview with Marie Claire.
The Canadian author had 5 children with Musk, and they divorced in 2008.
Just 6 weeks after he divorced his first wife, Musk then got engaged to British actress Talulah Riley.
The pair went on to marry in 2010, but divorced in 2012. However, they then remarried the next year, and eventually divorced again in 2016.
Then, Musk dated another actress — this time it was Amber Heard.
The pair dated for several months in 2017.
One of Musk’s most significant relationships has been with musician Grimes.
The couple reportedly first started seeing each other in April 2018, and made their red carpet debut a month later at the Met Gala.
In March 2022, Grimes told Vanity Fair that her and Musk’s relationship is “very fluid.”
She said: “I would probably refer to him as my boyfriend, but we’re very fluid. We live in separate houses. We’re best friends. We see each other all the time… We just have our own thing going on, and I don’t expect other people to understand it.”
Musk found himself in the headlines again, this time over comments about having more children…
This comes after he allegedly fathered twins with one of his employees.
Musk has come under fire for apparently fathering ‘secret’ children with one of his employees.
According to a report that has been made public, Musk had twins last year with Shivon Zilis, who was working at his OpenAI company at the time.
The documents, obtained by Insider, show that Musk and Zilis filed to change their children’s last names to their middle names back in April.
The story states that the “court documents obtained by Insider show that the tech mogul Elon Musk quietly had twins last November with one of his top executives, Shivon Zilis. In April, Musk, fifty-one, and Zilis, thirty-six, filed a petition to change the twins’ names in order to ‘have their father’s last name and contain their mother’s last name as part of their middle name.’”
According to the report, the “twins were born weeks before Musk and Claire Boucher, the musician who performs as Grimes, had their second child via surrogate in December.”
Which makes the situation even messier for Musk.
Zilis is currently the director of operations for Neuralink, after joining back in 2017.
Details on their relationship are still unclear, but Musk has responded to the news on social media.
Taking to Twitter, she addressed the apparent “underpopulation crisis.”
He wrote: “Doing my best to help the underpopulation crisis. A collapsing birth rate is the biggest danger civilization faces by far.”
He followed this up, writing: “Mark my words, they are sadly true.”
Obviously, his comments caused quite a stir, with thousands taking to the comments section to share their thoughts.
One Twitter user wrote: “Elon, what do you think is the major driving factor for this population collapse trend? Do you think that recessions play a role in this inverted population graph? Or is it just the mentality of literate people thinking that why bring babies in this already “overpopulated” world?”
And Musk was quick to respond to this, writing: “Far too many people are under the illusion that Earth is overpopulated, even though birth rate trends are so obviously headed to population collapse.”
This comes after his comments back in May addressing the fact “USA birth rate has been below min sustainable levels for around fifty years” he said.
He added: “Past 2 years have been a demographic disaster,” but said: “I mean, I’m doing my part haha.”
The dad of ten opened up in a recent interview about whether more children are “looming.”
Talking to the Financial Times, he said he’s “pretty sure there are no other babies looming.”
But also admitted he wouldn’t oppose the idea of more babies…
Describing himself as an “autumn chicken.”
It has been reported that Musk just can’t quite believe that the mother of 2 of his kids, Grimes, is even real!
Vanity Fair journalist Devin Gordon revealed the theory during a new BBC documentary, after having interviewed the Canadian musician earlier this year.
“She told me repeatedly that Musk has this theory of her that she’s not real, that she’s a simulation who was created by him,” Gordon said, as per UNILAD.
The journalist explained that she “exists in his cerebral cortex as sort of the perfect companion to him.”
Gordon accepted that the idea “sounds a little crazy and maybe even a little creepy.
“Except, she agrees with it. She said she does feel like this simulation which was perfectly created for him.”
Well, a little crazy is one way of putting it!
And now, Musk has been spotted at Twitter’s San Francisco headquarters, but, rather bizarrely, a kitchen appliance was getting the most attention during his visit.
“Entering Twitter HQ – let that sink in!” Musk tweeted a video of him walking into the lobby of the building holding a kitchen sink.
While Twitter employees may not have laughed at him, Musk reportedly told bankers financing his deal with Twitter that he intends on cutting staffing levels at the company by around 75 percent.
“A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias,” Musk also tweeted.
You can see the video here.
This week, at last, Musk finally bought out Twitter, and he confirmed it by tweeting to advisers.
“Dear Twitter Advertisers, I wanted to reach out personally to share my motivation in acquiring Twitter,” he explained.
“There has been much speculation about why I bought Twitter and what I think about advertising. Most of it is wrong.”
Musk explained he bought out the company “because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”
He further expanded on his reason for why he bought out the company.
“I didn’t do it to help make more money. I did it to try and help humanity, whom I love.
“And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.
But it seems as though Musk is not quite on top of his new position.
“Just received this email from Twitter. This is an actual, real email that was autogenerated.” he shared, along with a laughing emoji.
“So demanding to allow a mere 30 days to learn this priceless information! But Management 201 is such a tantalizing carrot.”
“My title is Chief Twit right there in the bio. No idea who the CEO is.”
Musk has even changed his bio to read “chief Twit.”
But it was then revealed by a tech website Platformer’s Casey Newton that Twitter is leaning towards a big step toward revamping the platform.
As per reports, this allegedly includes asking verified users to pay for the privilege.
Reportedly, there are currently 400,000 verified users on Twitter today.
Making them pay could actually benefit the company as five percent of all users and heavy tweeters make up less than 10 percent of the site’s monthly users.
While the employees were only told of the project on October 30, they reportedly have until November 7 to launch the scheme or they face being fired.
Although, reports further revealed that the price of the verification is subject to change and therefore will also cover so-far unspecified other features.
Reports in The Verge suggest that Musk wants to launch a pay-for-play verification system.
This means verified users will be charged $20 per month.
But some celebrities were deeply unhappy with the news…
Including legendary crime and horror author Stephen King.
King tweeted: “$20 a month to keep my blue check? F**k that, they should pay me. If that gets instituted, I’m gone like Enron.”
But Musk replied: “We need to pay the bills somehow! Twitter cannot rely entirely on advertisers. How about $8?”
“I will explain the rationale in longer form before this is implemented. It is the only way to defeat the bots and trolls,” Musk continued.
To which King replied: “It ain’t the money, it’s the principal of the thing.”
Now, Musk has wasted no time in outlining how the new feature will work.
And obviously, outlined its benefits.
According to UNILAD, as we know, the verification system is currently designed to help users identify authentic and influential users on the platform.
This includes government figures, sports stars, entertainment figures, journalists, and major brands and organizations.
But this is set to change…
As users will now be able to buy their blue tick verification.
Interestingly, Musk outlined the benefits of the new blue tick feature.
And you will definitely want to know what it will actually include…
Taking to Twitter he wrote: “Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is b******t…
“Power to the people! Blue for $8/month.”
He continued: “Price adjusted by country proportionate to purchasing power parity.”
Advertising as a way of getting everyone’s attention, Musk wrote: “You will also get…”
Adding: “Priority in replies, mentions & search, which is essential to defeat spam/scam.
“Ability to post long video & audio.
“Half as many ads.”
“And paywall bypass for publishers willing to work with us,” he concluded.
But that’s not the only new move he’s implementing.
According to sources, Musk is planning to cut Twitter costs by removing half the workforce.
That would mean eliminating 3,700 jobs.
He is also allegedly planning to get rid of the company remote policy, asking those whose jobs aren’t being axed to return to the office.
Sources claimed that those being laid off will be given 60 days’ severance pay.
And it looks like the mass Twitter layoffs have begun.
Since the news came out, Twitter staff have teamed up to sue the CEO…
Workers have said that his recent move is a violation of federal and California law.
Before the huge layoffs, staff allegedly received a memo on Thursday night, saying: “If you are in an office or on your way to an office, please return home.”
“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday.
“We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward.”
Outraged, Twitter employees took to the site with the #OneTeam hashtag sharing their disgust at the move.
The lawsuit has been filed by Shannon Liss-Riordan as per Bloomberg. She wrote: “We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights.”
It’s now been revealed that Musk’s reasoning behind the layoffs was due to the huge amount of money the company was losing each day.
He broke his silence on the matter on Friday night, saying he was left with no choice but to let employees go.
He says the social media service was losing over $4 dollars a day.
And after making the huge $44 billion investment with help from Wall Street banks and big-time investors, it was crucial that Musk didn’t lose any money in this business venture.
Elon says that staff who were laid off were offered 3 months of severance pay, which he says is “50% more than legally required.”
”We acknowledge this is an incredibly challenging experience to go through, whether or not you are impacted.” he said.
With 3,700 employees reportedly losing their jobs, it’s no surprise that staff are coming together with legal action.
Although it doesn’t look like Musk will be changing his mind anytime soon.
More recently, Musk has dumped $4 billion worth of Tesla shares due to his net worth plummeting.
The Daily Mail reports that his net worth has hit below $200 billion.
Over the last year, Musk sold almost $22 billion worth in 2021 as well as 19.5 million shares of the electric car company from November, 4 to November 8.
$8 billion worth in April and $7 billion worth in August to help finance the Twitter deal.
Overall, Musk has sold more than $19 billion worth of Tesla stock since April.
Investors for Tesla dumped Tesla shares in fear that Musk is currently more concerned about Twitter.
Jay Hatfield at Infrastructure Capital Management said: “It seems like Elon Musk is spending 100% of the time on Twitter and you know, it might need more capital.”
Since his takeover of Twitter, Musk’s focus has been very much on making changes to the platform.
CNBC reports that the Tuesday stock dump was the 3rd biggest for Musk since he bought Twitter.
What do you think?