![]() ![]() This article originally appeared on GOBankingRates. Photo Disclaimer: Please note photos are for representational purposes only. Monifi Review: Mobile Banking That Can Improve Your BudgetingĢ0 Home Renovations That Will Hurt Your Home’s ValueĢ7 Things You Should Never Do With Your Money Jaw-Dropping Stats About the State of Retirement in America All of these seemingly contradictory tweets only add to the volatility of the already wildly fluctuating Bitcoin price. Musk made headlines once again in June 2021 when he tweeted that Tesla would resume accepting Bitcoin as payment once miners use more clean energy, pushing the cryptocurrency up by more than 7%. PayPal is a well-known payments processing company with a market cap of. Tesla also reversed its plan to accept Bitcoin as payment in May 2021, sending the price of the cryptocurrency back down by a few thousand dollars. Elon Musk, the outspoken CEO and co-founder of Tesla, is nothing if not newsworthy. In response, the cryptocurrency fell a few percentage points. However, on June 4, Musk tweeted a broken heart emoji and suggested that his love affair with Bitcoin was over. This pushed Bitcoin up to what was a new all-time high at the time, of $44,200. In early February, Tesla bought $1.5 billion in Bitcoin and announced it would accept it as payment. ![]() In late January 2021, Bitcoin spiked over 20% when Musk added “#bitcoin” to his Twitter profile. In 20, much of the attention surrounding Musk’s Twitter account has surrounded cryptocurrency Bitcoin. ![]() After tough losses in 2019, Tesla rebounded strongly in 2020 with 500,000 vehicle deliveries helping stock prices to surge and driving Musk to the status of the world’s richest man.Cryptocurrency price as of June 15: $39,962.83 When Tesla went public in 2010, it opened on the NASDAQ at $17 per share and raised $226 million through its IPO. With less than $10 million in cash on hand, 10 percent of the company was sold to Daimler and a loan from the Department of Energy for $465 million also helped it to survive. Despite launching the Roadster, the company’s first consumer product, in 2008, Tesla faced serious financial difficulties. Musk has long been associated with the Tesla brand, but he didn't join the company until 2004 when he invested $30 million into it and became chairman of the board of directors. The Starlink satellite program alone is worth over $40 billion and it's estimated that, by 2040, Starlink will reach an annual cash flow of up to $24 billion. Starlink boosts competition in heavily populated areas typically dominated by one or two providers and makes broadband service more accessible in rural areas. Much of SpaceX’s value comes from its Starlink satellites, in which the company received permission from the United States government to launch for the purpose of providing internet service. It is difficult to value SpaceX due to its unique technology and because it is not publicly traded, but Morgan Stanley values the company at over $100 billion. In 2008, a well-established SpaceX was contracted by NASA to transport cargo to the International Space Station. With no training in aeronautical engineering, Musk was still able to create and lead a team of rocket scientists at SpaceX, taking the company to the level of NASA. Musk believes that mankind’s long-term survival is at risk if limited to only one planet and his ultimate goal is Mars colonization. Ever the serial entrepreneur, Musk founded SpaceX in 2002 with the intention of building spacecraft for commercial space travel. Since Musk was the largest shareholder in PayPal, over 11 percent of its equity, he suddenly held $165 million worth of eBay stock. In 2002, eBay bought PayPal for $1.5 billion worth of eBay shares. Related: Can Tesla's Full Self-Driving Beta Drive Crookedest Street In The World? Then, on his own, Musk formed an online financial service company called X.com, which would merge in 2000 with a company called Confinity to become PayPal. In 1999, the brothers sold Zip2 for $307 million to Compaq. Musk and his younger brother decided to create a startup an online directory equipped with maps called Zip2. In 1995, Musk moved to Silicon Valley where he registered in a Ph.D. He is the eldest of three children and currently a citizen of three countries, including Canada and the United States. Elon Musk was born in 1971 in South Africa and spent his youth reading books and studying computers. ![]()
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