(p. A15) Mr. Musk’s first success was X.com, an email payment company. It merged with Peter Thiel’s Confinity to form PayPal–and avoid competition. They had the market to themselves for a long time because fraud, especially from Eastern Europe, was so rampant on early internet payment platforms. They solved the fraud problem and enjoyed an uncontested market, eventually selling for $1.5 billion to eBay .
Then Mr. Musk headed further into the future. He took the nine-figure payout from PayPal and pushed ahead with SpaceX, Tesla and Solar City. Literally his last $20 million went to Tesla in 2008. “I was tapped out. I had to borrow money for rent after that,” he later recalled.
. . .
[Google’s Larry] Page reportedly once told a venture capitalist, “You know, if I were to get hit by a bus today, I should leave all of it to Elon Musk.” He later explained to Charlie Rose he liked Mr. Musk’s idea of going to Mars “to back up humanity.” Good luck with that. But then again, I would love to see them try.
For the full commentary, see:
Andy Kessler. ”Elon Musk’s Uncontested 3-Pointers; What does the Tesla and SpaceX founder have in common with Stephen Curry?” The Wall Street Journal (Mon., Feb. 26, 2018): A15.
(Note: ellipsis, and bracketed words, added.)
(Note: the online version of the commentary has the date Feb. 25, 2018.)