Tesla CEO Elon Musk has a long list of failures, but they are all only part of his success.
In 2005, he told Fast Company that SpaceX, his private aerospace company, was expected to fail.
“There is a silly idea that failure is not a variant of NASA,” he told the magazine. “Failure is an option here. If things don̵
In fact, one major failure – the one that eventually led to the founding of SpaceX – was when he was removed from his position as CEO of PayPal.
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In 1999, Musk launched an online financial services company called X.com. The company eventually merged with a rival financial company, co-founder of Peter Thiel to create PayPal in 2000, according to Business Insider.
Although Musk was appointed CEO of the merged companies, his time in the role was short-lived.
Business Insider reported that in October 2000, Musk wanted to switch PayPal servers from the Unix platform to the Microsoft Windows platform, but other partners did not like the idea.
While he was on his way to Australia on vacation, Musk was fired from the PayPal board.
He remained a majority shareholder in the company, and when eBay bought PayPal in 2002 for $ 1.5 billion, Musk ended up with $ 180 million, FOX Business reported earlier.
Even more important than the money, however, was how Musk was inspired to move forward.
Leaving PayPal, I thought, “Well, what are the other issues that are likely to affect the future of humanity the most? “, He told the graduates during his opening speech at the California Institute of Technology in 2012.” It really wasn’t in terms of who is … the best way to make money. “
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At that time, he was inspired to discover SpaceX and Tesla. He founded Tesla in 2003 because it would solve the problem of sustainable energy, and in 2002 he founded SpaceX because it would help “turn life into a multiplanetary one,” he told Caltech graduates.
However, even in these endeavors, Musk has failed.
In 2008, both companies were on the verge of bankruptcy, he told an audience in South of Southwest in 2018.
“I gave both SpaceX and Tesla less than a 10 percent chance of succeeding,” he said.
SpaceX also had several rockets and spacecraft detonated and in 2016 Tesla struggled to achieve its delivery targets, Vox previously announced.
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But SpaceX is now valued at more than $ 20 billion, and Tesla makes $ 26 billion in annual sales, according to Forbes.
Musk himself is valued at $ 36.1 billion and is ranked 31st on Forbes’ list of billionaires.
“Anything that is significantly innovative will have a significant risk of failure,” Musk said at the 2015 International Conference on Space Station Research and Development. “But, you know, you have to take great chances to have the potential for a big positive result. If the result is exciting enough, then taking a big risk is worth it. “
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