About Me

My photo
I am an amateur writer, I love to blog and connect with people online. If I could my whole day would be spent just writing.

Saturday, June 26, 2010

No cash in divorce case – Elon Must of Tesla, Space X and Iron Man

Elon Musk, the high flying tech entrepreneur, is broke. But is he? Musk, who is the man behind such cutting edge companies as PayPal, Tesla Motors and Space X, said he was out of cash and living on personal loan when his wife filed for divorce. After he ran off with an actress, Mrs. Musk wants to slice off a chunk of Mr. Musk’s empire.

Article Resource: Elon Musk of Tesla, Space X and Iron Man – no cash in divorce case

Elon Musk – divorce won’t cramp his style

Elon Musk — Space X rocket scientist and also the Tesla Motors mogul, was used as a role model for Robert Downey Jr. in his portrayal of industrialist Tony Stark of the Iron Man movie franchise — seems to have it all. But it was reported by the New York Times that Musk, finding himself within the middle of a divorce, says his bank account is empty. He says he invested each cent of his money in his companies and is living off loans from his wealthy friends. He subsists, according to court filings, on a mere $200,000 a month. Nevertheless, he nevertheless seems to have his private jet.

Elon Musk is the Iron Man of tech

Elon Musk, who graced “Iron Man 2″ in a cameo role, may be broke, but in the world of the super rich, the term is relative. On June 4 his company Space X conducted a successful launch of the Falcon 9, a rocket he helped design, which brings the company closer to a $1.6 billion contract with NASA. Tesla Motors, the $100,000 electric sports car business he founded, just won a $50 million investment that came from Toyota and is scheduled to hold an initial public offering of stock that is expected to value the business at about $1.4 billion.

Divorce wanted by Justine Musk

After Musk ran off with actress Talulah Riley, his wife, fantasy novelist Justine Musk, filed for divorce. As outlined by Autoevolution, Mrs. Musk wants the house, alimony, child support and $6 million cash. She also wants a chunk of Musk's stock in SpaceX. In a post on her blog titled “Golddigging,” she wrote:

“For those who want to know the extent of my golddigging, this is what I asked for, from my ex-husband and the father of my five kids Elon Musk, who is a billionaire and likely to become one of the wealthiest men on the planet. Is that what I deserve? I do not know. Who exactly deserves that kind of wealth? But based on our life and history together, is that reasonable? I think so."

Elon Musk has assets, not cash

In his finances, he wasn't always strained. According to VentureBeat, in documents filed in the divorce case, Musk made $9.6 million in 2008; he made an average of $17.2 million per year from 2005 to 2008. As of Dec. 31, 2008, he also had extensive holdings that were in venture capital and private equity partnerships. The partnerships aren't considered liquid assets. It might take months to get cash given that buyers have to be willing to take the risk.

A lot more data on this topic
New York Times

dealbook.blogs.nytimes.com/2010/06/22/sorkin-elon-musk-of-paypal-and-tesla-fame-is-broke/

Autoevolution

autoevolution.com/news/elon-musk-is-broke-21647.html

VentureBeat

venturebeat.com/2010/05/27/elon-musk-personal-finances/



No comments:

Post a Comment