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Elon Musk, Workaholic Money Maker: “People Tend To Overrate Risk”

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Published on January 20th, 2021 | by Matt Pressman

January 20th, 2021 by Matt Pressman 


Originally published on EV Annex.

Recently, the über-rich Amazon founder Jeff Bezos got bumped from his #1 spot. As Akshay Sawai writes in Money Control, “The man who wants to put people on Mars has become the richest man on Earth.” Elon Musk’s reaction to becoming the world’s wealthiest man, with a net worth of $195 billion, was typical of him. “How strange,” he tweeted. This was followed by “Well, back to work.”

He’s come a long way from humble beginnings. Musk once confessed, “When my brother and I started our first company, we didn’t rent an apartment. We rented a small office and slept on the couch. We showered at the YMCA. We were so hard up we had only one computer. The website was up during the day, and I was coding at night, seven days a week.”

This trend would continue. Tesla’s CEO is still a notorious workaholic. In 2018, during Model 3 production hell, he often worked 120-hour weeks while sleeping at the Tesla factory. “There were times when I didn’t leave the factory for three or four days — days when I didn’t go outside,” the father of five said. “This has really come at the expense of seeing my kids.”

However, Musk’s advice for a younger generation is more than simply working hard. He’s a believer in taking risks. After all, Elon betting big on an electric car company was pretty bold back in 2004. “People tend to overrate risk,” he said of entrepreneurship. “It’s one thing if you have mortgage to pay and kids to support. … But if you are young and just coming out of college, what do you risk?”

A look at the path Elon Musk travelled to overtake Jeff Bezos for the top spot. (YouTube: Forbes)

Perhaps it’s a good thing to have the world’s richest person championing a global transition to clean energy? According to Ashutosh Pandey at Deutsche Welle, Elon Musk is “essentially being rewarded for trailblazing a path toward a sustainable future — a journey that traditional automakers have also embarked upon, albeit reluctantly, after having postponed the inevitable for years.”

Sure, it’s easy to take cheap shots at the billionaires of the world. But, as Tesla (and Elon’s) fortune grows, there’s at least “one reason [that] must offer a lot of hope to climate activists. It’s that investors are increasingly realizing that a company selling cars that don’t run on polluting fossil fuels is a key piece of the puzzle in combating climate change.” 
 


 


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Tags: Elon Musk, Jeff Bezos, SpaceX, Tesla


About the Author

Matt Pressman is all about Tesla. He’s a TSLA investor, pre-ordered the Model 3, and loves driving the family’s Model S and Model X company cars. As co-founder of EVANNEX, a family business specializing in aftermarket Tesla accessories, he’s served as a contributor/editor of Electric Vehicle University (EVU) and the Owning Model S and Getting Ready for Model 3 books. He writes daily about Tesla and you can follow his work on the EVANNEX blog.



Source: https://cleantechnica.com/2021/01/20/elon-musk-workaholic-money-maker-people-tend-to-overrate-risk/

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Morgan Stanley: The Oil Industry Is About To Become Worthless

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Originally published on EV Annex. by: Charles Morris There’s a lot of denial and wishful thinking in the oil and auto fields these days, but on the other hand, there are quite a few industry observers who understand that a historic transition is beginning. A recent article in the trade magazine OilPrice.com notes that coal power plants […] Checkout PrimeXBT
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Source: https://cleantechnica.com/2021/03/03/morgan-stanley-the-oil-industry-is-about-to-become-worthless/

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Supporting EV Direct Sales, Or: “Let Drivers Buy Clean Cars!”

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By Kathy Harris  As the future of transportation relies more on electricity, customers will soon have to ask themselves — “will I be able to buy the car that I want?” President Biden has shown historic leadership on climate change, and a commitment to reducing pollution from transportation by supporting the transition to non-polluting vehicles. […] Checkout PrimeXBT
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Source: https://cleantechnica.com/2021/03/03/supporting-ev-direct-sales-or-let-drivers-buy-clean-cars/

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Tesla’s New FSD Subscription Service Coming In Q2, + Updates From Elon Musk On FSD Development & Rollout

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In a reply to Whole Mars Catalog about when Tesla’s Full Self-Driving (FSD) subscriptions are launching, Tesla’s CEO, Elon Musk, said yesterday that they are coming in Q2 for sure. He also added that buying FSD will still be a better deal in the long term than the subscription. Note, buying FSD will still be […] Checkout PrimeXBT
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Source: https://cleantechnica.com/2021/03/03/teslas-new-fsd-subscription-service-coming-in-q2-updates-from-elon-musk-on-fsd-development-rollout/

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What Happens If Tesla Does Create Robotaxis In The Next Year Or Two?

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For several years, the overall debate about self-driving cars and who’s in the lead in that arena has hardly changed. To start this piece, I’ll just spend one paragraph on that debate for some context in case you are just jumping into this topic. More or less, Tesla is trying to teach cars to drive […] Checkout PrimeXBT
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Source: https://cleantechnica.com/2021/03/03/what-happens-if-tesla-does-create-robotaxis-in-the-next-year-or-two/

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