Tesla's Elon Musk says he's broke

Filed under: Tesla

Diving into an extremely competitive and capital-intensive business in which customers generally don′t appreciate having access beta products not good way enhance your personal fortune. In fact, Elon Musk being honest in latest court filings related his divorce proceedings, it looks like great way vaporize fortune.

After selling Paypal eBay in 2002, Musk his partners netted $1.5 billion. An unknown portion that went Musk, who promptly turned around invested several hundred million into not one, three enterprises: Tesla, SpaceX SolarCity. Neither Tesla nor SpaceX are generating enough revenue yet be self-sustaining. The last we heard from someone inside Tesla, the company was selling about 20-30 Roadsters month for likely revenue under $4 million, plus whatever it’s getting from Daimler for Smart ED battery packs.

Apparently Musk isn’t personally self-sustaining either, claiming that he has $200,000 per month expenses $8,255 income, presumably from his CEO salaries at Tesla SpaceX. Musk’s filings also list only $650,000 liquid assets. Given that disparity, it seems like there might at least bit of leeway to cut back bit. At any rate, Musk claims that he has had to start taking personal loans from friends to make ends meet.

Needless say, Musk’s estranged wife Justine sees family finances a bit differently, and reality likely somewhere between. If Musk’s financial position is, fact, as strained as he says, he’ll want complete Tesla IPO as soon as possible just so that he can cash out some his position.

[Source: CNN Money, Forbes]

Tesla’s Elon Musk says he’s broke originally appeared on Autoblog Sun, 30 May 2010 09:31:00 EST. Please see our terms use feeds.

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