Tech visionary turned social media king Elon Musk's A-list enterprises and how much they are worth

Entrepreneur with a big vision, Elon Musk is the founder of SpaceX, as well as the co-founder of PayPal and Tesla Motors.

Steve Jobs, Howard Hughes, Henry Ford, and Bill Gates have all been compared to him because of his phenomenal success.

And now, during questioning at a trial over SolarCity's acquisition, the Tesla CEO&nbsp;revealed that he turned down multiple high-paying Wall Street jobs to focus on technology.

Musk, who studied at the University of Pennsylvania before moving to Silicon Valley, did not reveal the names of the companies that approached him.

Tesla is accused of purchasing SolarCity for $2.6 billion in 2016 as a "bailout" for the company.

Paypal, formerly X.com, was the source of Musk's fortune.

Paypal was founded in 1999 and was later purchased by eBay for $1.5 billion, with $165 million in stock being paid to Musk.

Musk established Space Exploration Technologies, or SpaceX, in 2002.

Musk believed that humanity's survival based on its potential to evolve into a multi-planetary species, but that present rocket launch technologies were prohibitively expensive.

With the launch of the Falcon 1 in 2006, the Falcon 9 in 2010, and the Falcon Heavy in 2018, he was able to do this.

(With inputs from agencies)

Entrepreneur with a big vision, Elon Musk is the founder of SpaceX, as well as the co-founder of PayPal and Tesla Motors. Steve Jobs, Howard Hughes, Henry Ford, and Bill Gates have all been compared to him because of his phenomenal success.

Entrepreneur with a big vision, Elon Musk is the founder of SpaceX, as well as the co-founder of PayPal and Tesla Motors. Steve Jobs, Howard Hughes, Henry Ford, and Bill Gates have all been compared to him because of his phenomenal success. And now, during questioning at a trial over SolarCity's acquisition, the Tesla CEO revealed that he turned down multiple high-paying Wall Street jobs to focus on technology. Musk, who studied at the University of Pennsylvania before moving to Silicon Valley, did not reveal the names of the companies that approached him. Tesla is accused of purchasing SolarCity for $2.6 billion in 2016 as a "bailout" for the company. Paypal, formerly X.com, was the source of Musk's fortune. Paypal was founded in 1999 and was later purchased by eBay for $1.5 billion, with $165 million in stock being paid to Musk. Musk established Space Exploration Technologies, or SpaceX, in 2002. Musk believed that humanity's survival based on its potential to evolve into a multi-planetary species, but that present rocket launch technologies were prohibitively expensive. With the launch of the Falcon 1 in 2006, the Falcon 9 in 2010, and the Falcon Heavy in 2018, he was able to do this. (With inputs from agencies)

I turned down high-paid jobs on Wall Street to focus on technology: Elon Musk

Elon Musk insisted in court that the company is controlled by Tesla Inc's board, not himself. He also added that Tesla would "die" if he wasn't the chief executive, as he ended his first day of testimony in defense of Tesla's 2016 acquisition of SolarCity.

Elon Musk defends for SolarCity acquisition, says Tesla would 'die' if he wasn't CEO

Tesla CEO Elon Musk has been accused by shareholders of his company of misusing his power to rescue his own investment in&nbsp;SolarCity.

They are questioning&nbsp;whether Elon&nbsp;Musk&nbsp;controls Tesla Inc or does Tesla control Elon&nbsp;Musk?&nbsp;More than $2 billion hinges on that question as a trial kicks off on Monday.

SolarCity, a&nbsp;solar panel-making company, was on the verge of&nbsp;bankruptcy before Musk rescued it.

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Musk&nbsp;has defended himself by saying&nbsp;that the SolarCity deal has been a huge success for Tesla shareholders, demonstrating the deal was not only fair, but a boon.

The union pension funds and asset managers leading the case want&nbsp;Musk&nbsp;to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock. If they win, it would be one of the largest judgments against an individual.

The two-week trial in the Court of Chancery in Wilmington, Delaware, will boil down to whether&nbsp;Musk, who owned about 22 per cent&nbsp;of Tesla at the time of the deal, is that rare controlling stockholder who does not hold a majority stake.

"I think it's going to be very hard for the court to ignore the reality that Elon&nbsp;Musk&nbsp;is Elon&nbsp;Musk&nbsp;and his relationship with Tesla," said Ann Lipton, a professor at Tulane University Law School.

She said the case might present an unusual situation given&nbsp;Musk's celebrity status, his personal ties to Tesla board members and those board members' financial ties to SolarCity.

"Put it all together, and it might be enough to count as a controlling shareholder," she said.

Also see|&nbsp;<a href="https://www.wionews.com/photos/who-is-winning-space-tourism-race-between-bezos-branson-and-musk-396420" hreflang="en">Who is winning space tourism race between Bezos, Branson and Musk?</a>

Few executives dominate their company's image as much&nbsp;Musk, known for taunting regulators, battling naysayers and personally engaging with his 57 million Twitter followers.

"We are highly dependent on the services of Elon&nbsp;Musk, Technoking of Tesla, and our Chief Executive Officer," said Tesla's 2020 annual report.

Plaintiffs allege that&nbsp;Musk&nbsp;drove the negotiations and even pushed Tesla's board to raise, not lower, the price for SolarCity.

A higher price benefited&nbsp;Musk, who was the largest shareholder of SolarCity, with a stake of about 22 per cent, as well as four members of Tesla's board, who directly or indirectly owned SolarCity stock, according to court records.

Board members settled allegations against them last year for $60 million and did not admit to any fault.

Plaintiffs also allege the deal benefited two of&nbsp;Musk's cousins who founded SolarCity, saving a company that was rapidly running low on cash.

Musk&nbsp;has said he was "fully recused" from board negotiations and that shareholders voted to approve the deal because it was central to his "Master Plan, Part Deux" that aims to integrate sustainable solar energy with electric self-driving cars.

He has said that what plaintiffs see as evidence of control is little more than strong management.

"Taken to its natural conclusion, virtually all 'hands-on' and 'inspirational' CEOs with minority stock ownership would be deemed controllers,"&nbsp;Musk's lawyers wrote in a court filing.

If Vice-Chancellor Joseph Slights determines&nbsp;Musk&nbsp;was a controlling shareholder, it will fall to&nbsp;Musk&nbsp;to prove the SolarCity deal met the high bar of the "entire fairness" standard, which examines process and price, said legal experts.

"If the vice-chancellor thinks this deal was awful and was not effectively negotiated on behalf of the company, he’ll strike it down," said Larry Hamermesh, a professor at Delaware Law School.

(With inputs from agencies)

Tesla CEO Elon Musk has been accused by shareholders of his company of misusing his power to rescue his own investment in SolarCity. They are questioning whether Elon Musk controls Tesla Inc or does Tesla control Elon Musk?

Tesla CEO Elon Musk has been accused by shareholders of his company of misusing his power to rescue his own investment in SolarCity. They are questioning whether Elon Musk controls Tesla Inc or does Tesla control Elon Musk? More than $2 billion hinges on that question as a trial kicks off on Monday. SolarCity, a solar panel-making company, was on the verge of bankruptcy before Musk rescued it. Musk has defended himself by saying that the SolarCity deal has been a huge success for Tesla shareholders, demonstrating the deal was not only fair, but a boon. The union pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock. If they win, it would be one of the largest judgments against an individual. The two-week trial in the Court of Chancery in Wilmington, Delaware, will boil down to whether Musk, who owned about 22 per cent of Tesla at the time of the deal, is that rare controlling stockholder who does not hold a majority stake. "I think it's going to be very hard for the court to ignore the reality that Elon Musk is Elon Musk and his relationship with Tesla," said Ann Lipton, a professor at Tulane University Law School. She said the case might present an unusual situation given Musk's celebrity status, his personal ties to Tesla board members and those board members' financial ties to SolarCity. "Put it all together, and it might be enough to count as a controlling shareholder," she said. Also see| Who is winning space tourism race between Bezos, Branson and Musk? Few executives dominate their company's image as much Musk, known for taunting regulators, battling naysayers and personally engaging with his 57 million Twitter followers. "We are highly dependent on the services of Elon Musk, Technoking of Tesla, and our Chief Executive Officer," said Tesla's 2020 annual report. Plaintiffs allege that Musk drove the negotiations and even pushed Tesla's board to raise, not lower, the price for SolarCity. A higher price benefited Musk, who was the largest shareholder of SolarCity, with a stake of about 22 per cent, as well as four members of Tesla's board, who directly or indirectly owned SolarCity stock, according to court records. Board members settled allegations against them last year for $60 million and did not admit to any fault. Plaintiffs also allege the deal benefited two of Musk's cousins who founded SolarCity, saving a company that was rapidly running low on cash. Musk has said he was "fully recused" from board negotiations and that shareholders voted to approve the deal because it was central to his "Master Plan, Part Deux" that aims to integrate sustainable solar energy with electric self-driving cars. He has said that what plaintiffs see as evidence of control is little more than strong management. "Taken to its natural conclusion, virtually all 'hands-on' and 'inspirational' CEOs with minority stock ownership would be deemed controllers," Musk's lawyers wrote in a court filing. If Vice-Chancellor Joseph Slights determines Musk was a controlling shareholder, it will fall to Musk to prove the SolarCity deal met the high bar of the "entire fairness" standard, which examines process and price, said legal experts. "If the vice-chancellor thinks this deal was awful and was not effectively negotiated on behalf of the company, he’ll strike it down," said Larry Hamermesh, a professor at Delaware Law School. (With inputs from agencies)

'Abuse of power': Tesla shareholders accuse CEO Elon Musk of rescuing his investment in SolarCity

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. 
 
Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. 
 
Some analysts also questioned whether the deal would divert Tesla&#39;s attention from an ambitious plan to significantly expand electric-car production in the next few years. 
 
But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the &quot;world&#39;s only vertically integrated sustainable energy company.&nbsp;Solar and storage are at their best when they&#39;re combined,&quot; Tesla said. 
 
The deal is a major part of Musk&#39;s master plan &quot;part deux&quot; that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle.&nbsp; 
 
Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. 
 
The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. 
 
(AFP, Reuters)

The electric car maker announced the bid in late June, but it drew jeers on Wall Street

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. Some analysts also questioned whether the deal would divert Tesla's attention from an ambitious plan to significantly expand electric-car production in the next few years. But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the "world's only vertically integrated sustainable energy company. Solar and storage are at their best when they're combined," Tesla said. The deal is a major part of Musk's master plan "part deux" that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. (AFP, Reuters)

Tesla acquires SolarCity for $2.6 billion

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. 
 
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. 
 
It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. 
 
The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. 
 
Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. 
 
SolarCity has not publicly revealed its views on Tesla&#39;s offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity&#39;s standalone prospects and a broad range of strategic alternatives. 
 
As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk&#39;s cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. 
 
Elon Musk said on July 20 when he revealed his master plan &quot;part deux&quot; for Tesla that he is looking to create a &quot;smoothly integrated and beautiful solar-roof-with-battery product.&quot; 
 
&quot;We can&#39;t do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies,&quot; Musk said. 
 
(Reuters)

The two companies are in the final stages of carrying out due diligence on each other, but failure of negotiations is still a possibility

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. SolarCity has not publicly revealed its views on Tesla's offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity's standalone prospects and a broad range of strategic alternatives. As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk's cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. Elon Musk said on July 20 when he revealed his master plan "part deux" for Tesla that he is looking to create a "smoothly integrated and beautiful solar-roof-with-battery product." "We can't do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies," Musk said. (Reuters)

One-stop clean energy shop: Tesla, SolarCity merger in the offing

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