Elon Musk who was the high flying tech entrepreneur is broke. But is he? Musk, the man behind such cutting edge companies as PayPal, Tesla Motors and Space X, said he was out of cash and living on personal cash loan when his wife filed for divorce. After he ran off with an actress and left her with the children, Mrs. Musk wants to slice off a chunk of Mr. Musk’s empire.
Source for this article: Elon Musk of Tesla, Space X and Iron Man – no cash in divorce case by Personal Money Store
Divorce won't cramp Elon Musk's style
Elon Musk – who’s the Space X rocket scientist and 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 — has it all. But the New York Times reports that Musk, finding himself in the middle of a divorce, says his account with the bank is empty. He says he invested each and every cent of his money in his businesses and is living off loans that were given to him by his wealthy friends. He subsists, according to court filings, on a mere $200,000 a month. Nevertheless, he nevertheless has his private jet.
Elon Musk – Iron Man of tech
Elon Musk, who graced “Iron Man 2″ in a cameo role, may be broke, but within the world of the super rich, the term is relative. On June 4 his business Space X conducted a successful launch of the Falcon 9, a rocket he actually helped to design, which brings the business 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 first public offering of stock that is expected to value the company at about $1.4 billion.
Justine Musk wants a divorce
After Musk ran off with the actress named Talulah Riley, his wife, fantasy novelist Justine Musk, filed for divorce. It was reported by Autoevolution that 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,” Justine Musk 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 children Elon Musk, who’s a billionaire and likely to become one of the wealthiest men on the planet. Is that what I deserve? I don't know. Who exactly deserves that kind of wealth? But depending on our life and history together, is that reasonable? I think so."
Without cash, Elon Musk just has assets
In his finances, he wasn't always strained. It was reported by VentureBeat that 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 holdings in venture capital and private equity partnerships. But the partnerships can’t be considered liquid assets. It might take months to get cash given that buyers have to be willing to take the risk.
Read a lot more on this topic here
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/
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