The high flying tech entrepreneur, Elon Musk, 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 loans 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 by Personal Money Store
Elon Musk – divorce won’t cramp his 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 — seems to have it all. But according to the New York Times, 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 owes $200,000 a month according to court findings. He nevertheless has a private jet though.
Iron Man of tech – Elon Musk
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 business 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, which is the $100,000 electric sports car company he founded, just won a $50 million investment from Toyota and is scheduled to hold an original public offering of stock that is expected to value the business at about $1.4 billion.
Justine Musk really wants a divorce
After Musk ran off with actress Talulah Riley, fantasy novelist Justine Musk, also his wife, filed for divorce. Autoevolution reports that Mrs. Musk wants the house, alimony, child support and $6 million cash. She also wants a piece of Tesla Motors. 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 also the father of my five children Elon Musk, who is 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 based on our life and history together, is that reasonable? I think so."
Elon Musk with assets, not cash
He wasn't always so strained in his finances. VentureBeat reports 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 extensive holdings in venture capital and private equity partnerships. The partnerships aren't considered liquid assets. Since buyers have to be willing to take the risk, it might take months to get cash out of them.
A lot more details 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/
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