Elon Musk: Borrow Money for Rent

Posted by admin on Monday, June 6, 2016

Elon Musk Money Quote saying his percentage of the profits from sale of PayPal were invested in his other business ideas. Elon Musk said:
 
My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent Quote
 

“My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent” — Elon Musk

 

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In this quote, Elon Musk is describing what he did with the proceeds from the sale of his company PayPal in 2002. He invested $100 million into his rocket company SpaceX, $70 million into the electric car company Tesla, and $10 million into the solar energy company SolarCity.

The fact that Musk then had to borrow money for rent suggests he put virtually all of the $180 million he received from PayPal back into his new business ventures, leaving himself cash-poor personally as a result.

The quote paints Musk as someone fully committed to and confident in his ambitious vision, willing to risk all his PayPal fortune on revolutionary companies focused on space travel, electric vehicles and sustainable energy rather than keeping the money for himself.

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