Innovator: Elon Musk, CEO of Space Exploration Technologies and Tesla Motors
Elon Musk, the entrepreneur, is having a good year. His companies, Space Exploration Technologies (SpaceX) and Tesla Motors, both hit historic milestones. SpaceX became the first private company to build, launch, and operate a spacecraft that docked with the International Space Station. Tesla unveiled the world's first premium all?electric sedan to positive reviews at a price of $49,900 (after rebate).
Elon Musk, the man, has every reason to be nervous. At 41, the South African?born billionaire has staked his fortune on businesses that could reshape the future?or implode spectacularly. After creating and selling the Internet payment system PayPal, Musk turned his attention to industries he felt could enhance humanity's potential: electric cars and affordable spaceflight.
Musk vs...
Credit Card Companies
In 1998 Musk co-founded the Internet payment service PayPal. The new company created a secure transactional platform that avoided the hassle and high fees of traditional credit card accounts, democratizing commerce for online auctions. Ebay bought the company in 2002 for $1.5 billion.
Big Auto
Since his college days in the mid-1990s, Musk has wanted to kickstart the development of electric cars. In 2003 he co-founded Tesla Motors with an investment of $37 million. The small startup trailblazed the use of lithium-ion batteries in cars; automotive giants like General Motors soon followed suit in cars such as the Volt.
The Spaceflight Industry
In the post-shuttle era, NASA has looked to outside companies to design and build spacecraft for the next era of exploration. Musk's Space Exploration Technologies responded with rockets and vehicles that are far less expensive than anything the space agency has ever flown.
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