Inside billionaire Elon Musk’s surprising home worth just $50k

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The Independent 02 July, 2021 - 01:53pm 15 views

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Elon Musk may be the world’s second richest man, with a personal fortune of $185bn, but that does not stop him from living in a $50,000 house.

The Tesla and SpaceX CEO has sold off a portfolio of luxurious California mansions and says he is now living in budget accommodation in Boca Chica, Texas.

The entrepreneur provided more information about his new living situation when he responded to a tweet about prefabricated house builder Boxabl.

“I do live in a $50k house, but not this specific one,” tweeted Mr Musk under a video of one of their units being delivered poseted by @teslaownersSV.

It was earlier reported by Tesla news website Teslarati that Mr Musk is staying in a 375-square-foot Boxable Casita, which comes with a kitchen, a bedroom and bathroom, which starts at $49,500.

The company posted a social media video last November of delivery of a unit for a “top-secret customer” at the SpaceX facility in Boca Chica, where Mr Musk’s company is developing its Starship rocket.

Las Vegas-based Boxable creates low-cost homes that are delivered in a box and set up in one day.

Last year Mr Musk made a public promise to get rid of all his properties as he concentrates on putting a person on Mars.

In December he announced that he was moving from California to Texas and had sold a portfolio of mansions in Los Angeles for $40.9m.

And last month he listed his only remaining home, a 47-acre estate near San Francisco, FOR $37.5M.

“Yeah, sold my houses, except for 1 in Bay Area that’s rented out for events,” he tweeted.

“Working on sustainable energy for Earth with Tesla & protecting future of consciousness by making life multiplanetary with SpaceX. Also, AI risk mitigation with Neuralink & fixing traffic with Boring.”

And a few days later he added: “Decided to sell my last remaining house. Just needs to go to a large family who will live there. It’s a special place.”

Read full article at The Independent

For Elon Musk, Everything Is a Side Project. Why That's Pure Emotional Intelligence

Inc. 03 July, 2021 - 08:27pm

If you aren't familiar, Starlink is Musk's plan to carpet the heavens with low-orbit satellites to reach sparsely populated areas with high-speed internet. "There's a need for connectivity in places that don't have it right now, or where connectivity is very limited and very expensive," Musk said during the interview. That's an understatement, but it is clear Musk has ambitious plans for the company. 

"We are on our way to having a few hundred thousand users--possibly over 500,000 users within 12 months," he continued. As Musk talked about the company's goal of signing up a half-million subscribers within the next 12 months, something occurred to me. I don't know if it was the casual way Musk talked about it, but I couldn't help but think that Starlink isn't Musk's main thing. It's really just a side project.

Actually, to be accurate, it's a side project within another of Musk's side projects--SpaceX, the rocket ship company for which Musk serves as CEO. Sure, SpaceX and Starlink are both doing interesting things--like sending people to the International Space Station. And, clearly, Musk is passionate about all things Space and rockets and satellites, but that doesn't change the fact that it's basically a side hustle. 

The more I thought about it, the more it seemed clear to me that really everything Musk does is just a side project, and I don't mean that in a bad way. I guess you could argue that Tesla, the electric vehicle and solar manufacturer, is his main thing. It is, for sure, the thing that made him one of the three wealthiest people on the planet, but Musk isn't even a full-time CEO at Tesla. 

Some people are able to dedicate themselves entirely to one cause or mission. That's noble, but it certainly isn't the way everyone is wired up, and it might not even be the best option for many people--especially entrepreneurs.

Entrepreneurs tend to have more big ideas than they can ever fit into one company or project. It comes with the territory of being creative and having the drive to bring ideas out of your head and into the world. A lot of really great things came into the world first as side projects. Gmail. Pixar. Slack. Even Nike. 

Look at Musk's primary rival for the title of "world's wealthiest man," Jeff Bezos. Sure, Bezos is best known as the founder and--at least for few more days--CEO of Amazon, but he's also the owner of Blue Origin, another space-focused endeavor, as well as The Washington Post. One of the primary reasons he cited that he was stepping down as CEO was so that he could spend time on other interests.

Sure, you can argue that billionaires like Musk and Bezos have an advantage here because they have enough money to be choosy, but I'd argue that it's their choice that made them so successful in the first place. That's because having a side project has several advantages. In Musk's case, he amplifies those advantages because he treats everything like it's a side project. 

Here's the emotional intelligence part. When something is your side project, you treat it differently than you do your day job. Mostly that's because it's usually something you do not because it's a job, but because it's something you love.

That's important because when you do something because you love it, it gets your best effort. You're willing to sacrifice and take risks and pour yourself into it. Of course, it's great if your side project makes money, but then there's always the risk that you start treating it like a job. Don't. 

The beautiful thing about having a side project is that it gives you an outlet for the urge to be doing something different. It gives you a place to direct your creative energy, which makes it easier to focus on the things you have to do. 

That brings us back to Musk, who is clearly one of the most innovative entrepreneurs of his generation. I don't think there's any question that's largely the result of the fact that he treats everything he does not like a job, but like a creative outlet and a labor of love. Or, said another way, as a side project.

Elon Musk Just Tweeted a Life-Changing Decision, and Almost Nobody Even Noticed

Inc. 03 July, 2021 - 08:27pm

Most of Musk's Twitter posts drown in engagement, but not this one; it floated in relative obscurity until people finally began to connect the dots.

Here's the tweet, from June 9, in which Musk described where and how, exactly, he's decided to live:

My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It's kinda awesome though.

Only house I own is the events house in the Bay Area. If I sold it, the house would see less use, unless bought by a big family, which might happen some day.

(To set the context, Musk was replying to a Twitter user who had praised him for using "less resources than most multi-millionaires despite working way harder.")

By Musk's standards--he routinely posts things that get 100,000 or more likes--this was pretty low Twitter engagement. Most of the replies were about whether he really does live modestly compared to other ultra-wealthy people.

But it wasn't until recently that people started to askWait, tell us a little more about this $50,000 house?

My friends, I think that is the bigger story. 

It turns out, Musk is almost certainly living in a 380-square-foot, tiny, foldable house-in-a-box, which was manufactured by a company called Boxabl, delivered to the SpaceX launch facility in Boca Chica, TX on a flatbed truck, and set up on-site in less than a day.

The secret was hiding in plain sight, actually, given that Boxabl posted a YouTube video last November that offered a tour.

Boxabl co-founder Galiano Tiramani explained in the video how the house was built and transported--and teased that it had been delivered for the use of "a top-secret customer" located in (you guessed it): Boca Chica, Texas.

I've embedded the video at the end of this column. You'll note that Tiramani sits next to a giant poster of a SpaceX rocket inside the tiny home while he talks about his "top-secret customer," so this didn't exactly require Sherlock Holmes levels of deductive reasoning. 

Now, the big question is what kind of kind of investment Musk or Tesla might have made in Boxabl. It's a private company, and so far they're not saying.  

And of course, I can't vouch for Boxable specifically. It's a startup that I hadn't heard of until Musk subtly spilled the beans, and it surely faces huge manufacturing, distribution, and even marketing problems.

(Musk tweeted back in May, before anyone seems to have connected the dots about his housing situation: "Prototypes are easy, production is hard." Giramani retweeted him.)

Now, of course, there's a certain quirkiness to this story that makes it fun. But consider: mass-produced, foldable housing with components that can fit current standard shipping containers

That's a big idea. In fact, it's quite possibly even bigger than electric cars and space travel, at least during our lifetimes. 

We live in an era in which housing affordability is a huge and growing problem almost everywhere--and then we find out that Musk, with a reported net worth as I write this of $167.7 billion--literally lays his head at night inside the prototype for a possible home of the future?

It could be a life-changing idea for a lot of people if it ever really took off.

Now, if only we can get Musk to revisit his idea of super-quiet leaf blowers.

Here's the video tour of Musk's house. Don't forget the free ebook, Elon Musk Has Very Big Plans, which you can  download here.

Elon Musk, the 2nd-richest man in the world, confirms on Twitter his modest living situation

Yahoo News 02 July, 2021 - 01:38pm

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