Science Fair Project Encyclopedia
Elon Musk
Elon Musk (born: 1971, South Africa) is an Internet and space launch entrepreneur.
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Entrepreneurial activities
In 1995, Musk deferred doctoral studies on energy physics at Stanford to co-found Zip2 Corporation , which provided online content publishing software for news organizations. In 1999, Compaq's AltaVista division acquired Zip2 for US$341 million in cash and stock options.[1]
In March 1999 , Musk co-founded X.com , an online banking company. X.com discontinued its banking service, but the company's Paypal online payment service, which it had acquired in March 2000 as part of its purchase of Confinity , proved highly successful. In February 2001, X.com changed its name to Paypal. In October 2002, Paypal was acquired by eBay for US$1.5 billion in stock.[2] Before its sale, Musk owned 11.7% of Paypal.[3]
In June 2002, Musk founded his third company, Space Exploration Technologies (SpaceX), of which he is currently the CEO and Chief Technology Officer. SpaceX develops and manufactures space launch vehicles, with an emphasis on low cost and high reliability. The company's first two launch vehicles are the Falcon I and Falcon V rockets.
Musk's fortune is estimated at US$328 million.[4]
Philanthropy
Non-space-related activities
Musk is Chairman of the Musk Foundation , which focuses its philanthropic efforts on science education, pediatric health, and clean energy.
Space-related activities
In 2001, Musk had plans for a "Mars Oasis" project [5], which would land a miniature experimental greenhouse on Mars, containing food crops growing on Martian regolith. He put this project on hold when he discovered that launch costs would dwarf the mission development and construction costs for the project, and decided to work on lowering launch costs by founding SpaceX.
Musk is a member of the Board of Directors of The Planetary Society [6], the largest independent, non-profit, non-governmental space advocacy organization on Earth.
Musk is a member of the Board of Trustees of The X-Prize Foundation , an organization dedicated to the use of prizes to foster breakthroughs in space and related technologies for the good of humanity.[7]
Interests
Musk owns a US$1.2M McLaren F1 sports car and a US$250K L39 Soviet trainer airplane.
Education
- Wharton School of Business at the University of Pennsylvania, B.S., Economics
- University of Pennsylvania, B.A., Physics
External links
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