Wednesday, September 21, 2016
Part 3... In February 1999 Compaq Computer Corporation bought Zip2 for $307 million in cash, which was one of the largest cash deals in the Internet business sector at the time. Out of that amount, Musk was paid $22 million for his 7 percent share, which made him a millionaire at twenty-eight. In 1999, he used $10 million of it to start another company, which he called X.com. This was an online bank with grand plans to become a full-range provider of financial services to consumers. The company's one major innovation was figuring out how to securely transfer money using a recipient's e-mail address.
Musk's proven track record from Zip2 helped it gain serious attention and generous investors right away. Two important executives signed on with him: investment banker John Story and Bill Harris, the former chief executive officer of Intuit Corporation, the maker of the best-selling Quicken accounting software as well as TurboTax, a tax-preparation program. Harris was appointed president and chief executive officer of X.com, with Musk serving as company chair. The company received a generous infusion of $25 million in start-up capital from Sequoia Capital, a leading venture-capital firm in California.
X.com went online in December 1999 with a bold offer for new customers: those who opened an online checking account with X.com received a $20 cash card that they could use at an automatic-teller machine (ATM). If they referred a friend, they received a $10 card for each new member who signed up.
Within two months, X.com had one hundred thousand customers, which was close to the number reached by its major competitor, Etrade Telebank. But consumer skepticism about the security of online banking was X.com's biggest obstacle to success, and there was a setback when Musk and the other executives had to admit that computer hackers had been able to perform some illegal transfers from traditional bank accounts into X.com accounts. They immediately started a new policy that required customers to submit a canceled check in order to withdraw money, but there were tensions in the office about the future of the company.
In March 2000, X.com bought a company called Confinity, which had started an Internet money-transfer presence called PayPal. PayPal was originally set up to let users of handheld personal digital assistants, or PDAs, transfer money. It had only been in business a few months when X.com acquired it, and Musk believed that its online-transfer technology, which was known as "P2P" for "person-to-person," had a promising future. He and Harris did not agree, and Harris resigned from X.com in May 2000.
Five months later, Musk announced that X.com would abandon its original online bank and instead concentrate on turning itself into the leading global payment transfer provider. The X.com name was dropped in favor of PayPal.
PayPal grew enormously through 2001, thanks in part to its presence on eBay, the online auction Web site where person-to-person sales were happening in the hundreds of thousands. When PayPal became a publicly traded company with an initial public offering (IPO) of stock in February 2002, it had an impressive debut on the first day of Wall Street trading. Later that year, eBay bought the company outright for $1.5 billion. At the time, Musk was PayPal's largest shareholder, holding an 11.5 percent stake, and he netted $165 million in valuable eBay stock from the deal.
By then Musk had already moved on to his next venture. In June 2002 he founded SpaceX, or Space Exploration Technologies. He had long been fascinated by the possibility of life on Mars and was a member of the Mars Society, a nonprofit organization that encourages the exploration of the red planet. Filmmaker James Cameron (1954–) is one of several notable Mars Society members.
Musk wanted to create a "Mars Oasis," sending an experimental greenhouse to the planet, which in favorable alignment of the planets is about 35 million miles distant from Earth. His oasis would contain a nutrient gel from which specific Mars-environment-friendly plant life could grow. His plan had a cost of $20 million. But then he learned that to send something into space with the standard delivery method, a Delta rocket made by the Boeing Corporation, would add another $50 million to the cost.
Musk even tried to buy a rocket from Russia, but realized that dealing with the somewhat suspect international traders who dealt in such underground, or illegal, items was just too risky.
Monday, September 19, 2016
|"Yeah, it's this big!"|
Part 2... Elon Musk was a multi-millionaire by the time he reached the age of thirty-one thanks to his creation of the company that became PayPal, the popular money-transfer service for Web consumers. Musk has become one of a new breed of what the New York Times called "thrillionaires," or a class of former high-tech entrepreneurs who are using their newfound wealth to help turn science-fiction dreams into reality.
Musk is the founder of Space Exploration Technologies, or SpaceX, a company based in El Segundo, California. In 2005 SpaceX was busy building the Falcon rocket, which he hoped could some day make both space tourism and a colony on the planet Mars realistic goals for humankind.
Musk is a native of South Africa, born in 1971 to parents who later divorced. His father was an engineer and his mother—originally from Canada—was a nutritionist. Musk was fascinated by science fiction and computers in his adolescent years. When he was twelve, he wrote the code for his own video game and actually sold it to a company. In his late teens, he immigrated to Canada in order to avoid the required military service for white males in South Africa.
It was still the era of apartheid, the South African legal system that denied political and economic rights to the country's majority-black native population. Musk was uninterested in serving in the army, which was engaged at the time in a battle to stamp out a black nationalist movement. Thanks to his mother's Canadian ties, he was able to enroll at Queen's University in Kingston, one of Ontario's top schools.
Musk had planned on a career in business, and he worked at a Canadian bank one summer as a college intern. This was his only real job before he became an Internet entrepreneur. Midway through his undergraduate education, he transferred to the University of Pennsylvania, where he earned a bachelor's degree in economics and a second bachelor's in physics a year later.
From there, he won admission to the prestigious doctoral program at Stanford s. He moved to University in California, where he planned to concentrate on a Ph.D. in energy physicCalifornia just as the Internet boom was starting in 1995, and he decided he wanted to be in on it, too. He dropped out of Stanford after just two days in order to start his first company, Zip2 Corporation. This was an online city guide aimed at the newspaper publishing business, and Musk was able to land contracts with both the New York Times and the Chicago Tribune to provide content for their new online sites.
Musk was just twenty-four when he started the company, and he devoted all of his energies to see it succeed. At one point,he lived in the same rented office that served as his company's headquarters, sleeping on a futon couch and showering at the local YMCA, which "was cheaper than renting an apartment," he explained in an interview with Roger Eglin of the Sunday Times of London.
Still, the company struggled to fulfill its contracts and meet the payroll and other costs, and he looked for outside financing. Eventually a group of venture capitalists, investors who provide start-up money to new businesses, financed Zip2 with $3.6 million, but he gave up majority control of the company in exchange.
Sunday, September 11, 2016
The Internet is choc-full of profiles about the businessman-inventor-capitalist-dreamer, and it appears there is a lot of information around about him. An interesting and intriguing figure that seems to be influencing the world's future is many ways seems worth pursuing, in a literal sense of course. I've worked with many South Africans, and I have a strong opinion which will keep for later.
Let's start at the beginning, well kind of. The beginning that I can find on the biography sites start with school, logical I guess...
BusinessWeek covered Musk's beginning like this: "At age 15, Musk decided that the path to self-actualization traveled through the U.S. His mother was born in Canada, which was close enough. Musk got a Canadian passport, bought a plane ticket, and arrived in Montreal with little money and no home. He spent the year showing up unannounced on the doorsteps of distant Canadian relatives and doing stints on farms, tending vegetable patches, and shoveling grain. The low point was cleaning out boilers at a lumber mill.
“You had to put on this hazmat suit and shimmy through this little tunnel,” Musk recalls. “Then you take this steaming goop and shovel it back into the hole you just came through and wait for someone else to put it into a wheelbarrow.”
Musk eventually made his way to Queen’s University in Ontario for two years and then to the University of Pennsylvania, where he got degrees in economics and physics."
|The kid Elon, apparently bullied and brutalized as a child growing up in South Africa under the very stern hand of his father (Source: A.Vance)|
Hi ex-wife Justine has also spoken about their college days, but in a rather less entrepreneurial publication: the Marie-Claire article goes like this:
When I first met Elon, I wasn't blonde, either. I was an aspiring writer in my first year at Queen's University in Ontario, Canada, sprung from a small hometown and recovering from a difficult case of first love with the older man I'd left behind. I liked older. I liked poetic and rebellious and tortured. I liked a guy who parked his motorcycle beneath my dorm-room window and called my name through the twilight: Romeo in a dark-brown leather jacket.
Elon wasn't like that. A fellow student a year ahead of me, he was a clean-cut, upper-class boy with a South African accent who appeared in front of me one afternoon as I was leaping up the steps to my dorm. He said we'd met at a party I knew I hadn't been to. (Years later, he would confess that he had noticed me from across the common room and decided he wanted to meet me.) He invited me out for ice cream. I said yes, but then blew him off with a note on my dorm-room door. Several hours later, my head bent over my Spanish text in an overheated room in the student center, I heard a polite cough behind me. Elon was smiling awkwardly, two chocolate-chip ice cream cones dripping down his hands. He's not a man who takes no for an answer.
|Elon and his beloved icecream again, this time with second wife Talulah (who told him she was a virgin) Obviously still a bit of a dork!|
He was a scientific type, at home with numbers, commerce, and logic. I was not the only woman he pursued, but even after he transferred to Wharton he kept sending roses. When he'd return to Queen's to visit friends, I found myself agreeing to have dinner with him. Once, in the bookstore together, I pointed to a shelf and said, "One day I want my own books to go right there." I had said this before to a girlfriend, who laughed and spun on her heel. But Elon not only took me seriously, he seemed impressed. It was the first time that a boy found my sense of ambition — instead of my long hair or narrow waist — attractive. Previous boyfriends complained that I was "competitive," but Elon said I had "a fire in my soul." When he told me, "I see myself in you," I knew what he meant.
Elon Musk's college pal, Adeo Ressi, from some YouTube video said of his friend:
"He was the biggest dork I've ever met. He's actually de-dorkified by a 100 fold. It's been over 20 years, you're much cooler. I mean, I remember, like, when, exactly like, I was able to hang-out with him, but back then it was kinda painful. You'd be like, he literally was the straight-edge, didn't drink, I'd always be like, "Elon! I think the police are here! Can you go deal with it", you're like, "Sure! I'm fine."
More on Musk to follow...
Saturday, August 20, 2016
Monday, July 25, 2016
The news is just so full of doom and gloom right now, I thought we deserve seventeen minutes worth of procrastination before heading out there to read, write, watch and debate about the truth of our future, and what our controllers might really be up to.
Apparently the world is going to end this Friday (I KNOW…again, right?)
I couldn’t resist stealing this article from The Metro and I have no idea where this picture comes from. Hope it lights up your gloomy week!
In case you’ve forgotten, the world is scheduled to end this Friday, with a global earthquake softening us all up before a really angry Jesus comes back to wipe out his creation.
Well, unless you’re a devout Christian who watches a lot of YouTube videos – in which case you’ll be off to play harp on a cloud with your grandpa!
But questions have now been raised about a video predicting the end of the world this Friday (which has been watched four million times) – with apocalypse believers claiming that their video has been ripped off and re-uploaded.
So, in other words, the end of the world IS coming – just not on Friday.
John Preacher of Armageddon news said, ‘Someone is re-uping our videos and saying that the end of the world is July 29th. Nothing is going to happen on July 29th. We have never claimed such a thing, this date is just another false date being promoted online.
‘We in no way promote that anything will happen on July 29th. There are a number of prophecies which must be fulfilled first, including the conquest of Jerusalem by the surrounding Arab nations, which lasts for 42 months (Rev 11:2), before the Second Coming and global earthquake/reeling occurs.
This prediction, by End Time Prophecies, is just one of several doomsday prophecies for this year – including that an asteroid would hit us on May 6 (it didn’t), and a prediction that Barack Obama would reveal he is the Antichrist in June (he didn’t).
This one is studded with Bible verses, and a lot of very dubious science – as well as some truly awesome CGI graphics.
End Times Prophecies says – in that computer voice favoured by all good YouTube nutters, ‘This is Armageddon News. In this broadcast we’ll discuss the second coming of Jesus Christ, which occurs at the same time as a magnetic polar flip and catastrophic global earthquake.
‘On the day which Jesus returns, there will be a polar reversal.
‘Revelations 6:12 says, ‘There was a violent earthquake, and the Sun became black like coarse black cloth, and the moon turned completely
‘The stars fell down to the Earth, like ripe figs falling from the tree when a strong wind shakes it. Every mountain and island is moved from its place.
‘The polar flip will make the stars race across the sky, and the vacuum createrd by the reeling of the Earth will pull the atmosphere along the ground, trying to catch up.
‘The global earthquake will be so bad that every hill and mountain will crumble.
Revelations 6:15 says, ‘The kings of the Earth, the Princes, the commanding officers, the rich, the strong and every slave and free person hid themselves… from the face of him who sits on the throne and from the wrath of the Lamb.’
Read more: http://metro.co.uk/2016/07/25/friendly-reminder-the-world-is-going-to-end-in-a-global-apocalypse-this-friday-or-is-it-6027624/#ixzz4FRjaQ82i
|Doom and gloom on the High Street with the BHS fire sale going down yesterday too!|
Saturday, July 9, 2016
Monday, June 20, 2016
|Jo Cox and husband Brendan on election night 2015|
Today I discovered a rather different take on this 'tragedy'...
And a link with synchronicity about it...
Closer to the event, we hear yet again about a man named Thomas (Tommy) Mair...
|Courtesy of Aangirfan Blog - The other Tommy Mair. Resemblance?|
|A message to the public from the Dry Cleaner in Birstall...|