Any financial market will have famous people in the field and they are the ones who set the trend and lead the community. When it comes to the crypto market, the most famous KOLs are none other than Tesla CEO – Elon Musk.

However, many of you still do not know who Elon Musk is. To better understand who Elon Musk is? As well as the secret of success of this self-made billionaire, please read and follow the article below!

Who is Elon Musk?

Elon Musk is a South African-American technology entrepreneur, engineer, and inventor. Elon Musk is currently the second richest billionaire in the world. He is the CEO of electric car company Tesla, the space exploration company SpaceX and the early father of PayPal. He is one of the great inventors of the 21st century, making a great contribution to future technological advancements.

His incredible success has made him compared to other famous businessmen such as: Steve Jobs, Howard Hughes, Henry Ford and Bill Gates.

II.The interesting life of Elon Musk

1.Adversarial childhood with many uncertainties

Elon Reeve Musk was born in 1971 in Pretoria – one of the three major cities of South Africa. His father is an engineer, and his mother is a model and nutritionist. He is the eldest of three children and all are high achievers.

After his parents divorced in 1980, Musk mostly lived with his father. Later, he criticized his father for being a bad person. He shared that he had a terrible childhood and faced a lot of adversity while growing up.

According to his own account, he was a bookworm as a child and was smarter than his peers. He devoured everything from encyclopedias to comic books, but Musk’s gift made him unpopular as a child and often bullied. He was often surrounded and beaten by his friends at school when he was a student, to this day it is still a painful memory.

2. Academic level

A remarkable point of the boy Elon Musk from an early age is his fascination with technology. At the age of 10, he was introduced to programming through the Commodore VIC-20, an inexpensive home computer. Before long, he was proficient enough to create his own Blastar – a Space Invaders-style video game. Musk sold the game’s BASIC code to a magazine called PC and Office Technology for $500.11.

At the age of 17, Musk moved to Canada to avoid serving in the South African military, after which he obtained Canadian citizenship through his mother. After immigrating to Canada, Musk enrolled at Queen’s University in Kingston, Ontario.

He attended Queen’s University, Kingston, Ontario, in 1990 and in 1992 he transferred to the University of Pennsylvania, Philadelphia, where he received a bachelor’s degree in physics and economics in 1997. At the age of 24, Musk moved to California. to pursue a PhD in applied physics at Stanford University. However, he dropped out of his PhD program after just two days because he felt the Internet had more potential for social change than a job in physics. 

3. Admirably successful career

3.1. Start a business with PayPal

In 1995, he founded Zip2, a company that provides maps and business directories for online newspapers. In 1999, Zip2 was acquired by computer maker Compaq for $307 million, and Musk later founded the online financial services company X.com, which later became PayPal.

Some time later, Musk was fired from the company because of many disagreements over the brand and management. Finally, X.com was acquired by eBay for $1.5 billion and became the PayPal payment platform it is today. In 2017, Musk acquired the domain X.com from PayPal, citing its sentimental value.

3.2. Leading Tesla to thrive

After PayPal disappeared, Musk turned his attention to an electric car startup called Tesla Motors. He became one of the main sponsors of Tesla Motors. In 2004, Musk joined engineers Martin Eberhard and Marc Tarpenning to help run Tesla Motors, and he played a key role in designing the electric Tesla Roadster.

By 2007, Musk took over management control as the company’s CEO and product architect. In 2010, the company’s initial public offering raised about $226 million. Under the leadership of Elon Musk, Tesla has become one of the most popular and desired car brands in the world.

In addition to producing electric vehicles, Tesla also maintains a strong presence in the solar energy sector thanks to the acquisition of SolarCity. Founded in 2006, this clean energy service company currently produces two types of rechargeable solar batteries, mainly used for static energy storage.

3.3. Explore space with SpaceX

Musk has long believed that for life to exist, humanity must become a multi-planetary species. In 2002, Musk used most of the proceeds from the PayPal sale of $100 million to found Space Exploration Technologies Corporation, commonly known as SpaceX, a space travel company.

The company has also launched many rockets into space such as the Falcon 1.9 and Falcon Heavy. In addition to being CEO of SpaceX, Musk is also the lead designer in building Falcon, Dragon and Grasshopper rockets.

With SpaceX, Musk has landed several high-profile contracts with NASA and the US Air Force to design rockets and carry out military missions. Musk has been vocal about his plans to send an astronaut to Mars by 2025 in a partnership effort with NASA.

III. How rich is billionaire Elon Musk?

Elon Musk’s net worth is about $173 billion as of now. He ranks as the second-richest person on the planet on the Forbes World Billionaires List, behind only Amazon boss Jeff Bezos. Earlier this year, Elon Musk also reached the richest position in the world, but this June he had to cede the position to Jeff.

While most people around the world have had a bad 2020 due to the Covid-19 pandemic, Musk personally has seen his net worth skyrocket in 2020, reaching over $150 billion. The main reason behind Elon Musk’s incredible wealth growth is the rise in Tesla’s stock price.

IV. The relationship between Elon Musk and cryptocurrency

Elon Musk has previously been known for using social media and rocking the US stock market. In 2018, just one tweet from Elon Musk caused Tesla’s stock price to increase 11% and even caused a halt in trading for a period of time that day. However, shortly after that action, he was investigated by the US Securities and Exchange Commission (SEC) for allegations of securities fraud when the Tweet was misleading.

Elon Musk still does not stop at the stock market, but by the end of 2020 he has begun to turn to cryptocurrencies. With more than 60 million followers, his impact on the community is immeasurable.

1. Elon Musk and Bitcoin

Elon Musk and Bitcoin have a rather complicated relationship. While Musk was both the driving force behind Bitcoin’s strong price increase, he also pushed BTC into a heavy correction in May.

In early January 2021, Elon Musk changed his Twitter bio to include Bitcoin. This led many analysts to believe that helped push the BTC price to an intraday high of over $38,000.

In February, Tesla allocated $1.5 billion of its balance sheet to Bitcoin. The price of Bitcoin rallied nearly $3,000 in the following minutes and continued to increase by 20% in 24 hours. A month later, on March 24, 2021, Elon tweeted he could buy a Tesla with Bitcoin, confirming Tesla accepting Bitcoin for its electric vehicle payments.

It was these things that strongly contributed to BTC hitting an ATH of $64,000 in early April. However, the euphoria didn’t last long as a few months later, Musk tweeted that Tesla would not accept Bitcoin due to concerns about Bitcoin. environment. Bitcoin then fell 12% and fell into a correction that lasted more than 3 months.

Recently at the B-World Conference at the end of July, Elon Musk confirmed to himself, both SpaceX and Tesla are holding BTC and have not sold any.

2. Elon Musk – The Father of Dogecoin

For a long time, in the crypto community, Elon Musk is known as the “father” of DOGE because of his active promotion for this coin, even though he has nothing to do with the project. Musk started his story when at the end of 2020 he posted a tweet highlighting Dogecoin.

Since then, he has often made obvious Dogecoin shill moves on social media such as tweeting about it or changing related avatars. Musk also explained that the reason he favors DOGE over BTC is that it has faster transaction speeds, lower fees, and less impact on the environment than BTC. With this analysis, he tries to show that Dogecoin is a much better solution than Bitcoin in many different respects.

Moreover, Elon Musk’s youngest son – Litlle X, even just over 1 year old, was given Dogecoin to hold as a long-term investment. Just recently, on August 30, Musk also tweeted reminding the importance of the new Doge button upgrade. It can be seen that Elon Musk is trying to help Dogecoin develop further.

Elon Musk’s inspirational quotes

As a successful businessman, Elon Musk also has many inspirational quotes for people such as:

“Persistence is very important. You should not give up unless you are forced to give up.”

“It’s OK to have your eggs in one basket as long as you control what happens to that basket.”

“I don’t create companies for the sake of creating companies, but to get things done.” 

“If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.”

“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.”

“It’s very important to like the people you work with, otherwise life [and] your job is gonna be quite miserable.”

V. Conclusion

There is no denying the far-reaching influence of the Tesla boss on crypto. Musk’s interest in cryptocurrencies is also a positive thing that helps raise people’s awareness as well as attract more money inflows. 

Hopefully the article has provided useful information and also answered you about who Elon Musk is as well as his career in this market. Follow Ola City’s Blockchain posts to update more basic and useful knowledge in the cryptocurrency market!

Best regards, 

Ola City Global