Elon Musk’s Shocking Risk at 27 That Paid Off Big Time
One of Elon Musk’s early business moves turned out to be a huge success, making him a millionaire by age 27 and setting him on the path to becoming the successful businessman he is today.
In business, success often comes down to taking the right risks and having some luck along the way.
One good investment or smart decision can make or break a business, and if you keep making the right choices, that success can grow over time.
This was true for Elon Musk. He didn’t start his career in a glamorous way, but one bold move involving the internet helped him climb the financial ladder quickly.
That risk was starting a company called Zip2 with his brother Kimbal. The company created online city guides for newspapers to use.
It might not sound very exciting now, but back when the internet was just starting out, it was a clever idea.
Zip2 acted like a digital phone book. Musk got a mapping company called Navteq to let him use their software for free. He combined that with business listings to create Zip2.
Musk and his brother were so dedicated to their company that they lived in their office because they couldn’t afford their own place.
After four years, the company was sold for $307 million. Elon got about $22 million from the sale.
He used that money to start other businesses, including merging his online bank, X.com, with PayPal, which he later sold to eBay for $1.5 billion in 2002.
That sale helped him create SpaceX, an aerospace company that now rivals NASA and aims to send humans to Mars.
Today, Musk is the richest man in the world, with a net worth of $439 billion, according to Bloomberg. This is almost double the net worth of Jeff Bezos, who is in second place.
Not all of Musk’s ventures have been successful. For example, Twitter has lost 72% of its value since he bought it. But his other companies remain very successful.
His wealth has also helped him become more involved in U.S. politics, especially with Donald Trump’s recent election win.
