Apologies if this has been posted already, i just watched it and had to share it
+1, thanks for sharing!
Loved it; thank you so much.
Amazing. So glad I watched that. I can't believe how close Tesla and SpaceX came to failure. Anyone that wants to raise capital gains taxes and "tax the rich" needs to understand the amount of risk and sacrifice it takes to start companies from nothing, and provide jobs and products for thousands of people. What Elon and others have accomplished, and hope to do in the future, can't be done if capital is taxed away and redistributed to those who do nothing productive all day.
@rdalcanto - This isn't a political forum. But since the topic has been brought up, there are a lot of people who have more money than Elon, that do way less. Please don't think that there aren't smart, innovative and hard working poor/middle class people, who pay a higher tax percentage than the mega rich.
@onelifemedia - funny how nobody mentions this isn't a political forum when members constantly bash fox news, conservatives, etc. (which happens everyday on this site).... I didn't even mention a political party in my post. FYI, the only time the rich can pay less than the middle class is when you compare capital gains rates to income tax rates (apples and oranges). Our income tax system is highly progressive, with increasing rates and loss of deductions when you make more. I have 3 kids, and don't get any of the tax deductions that the middle class gets, other than my mortgage, because some politician decided I earn too much (after going to school and training for 32 years to have the job I have).
"Other than my mortgage" snicker snicker snicker
@rdalcanta "Anyone that wants to raise capital gains taxes and "tax the rich" needs to understand the amount of risk and sacrifice it takes to start companies from nothing, and provide jobs and products for thousands of people."
I vote for Elon to get the capital tax relieve but not for some hedge fund managers (yes he is included) who has only one purpose which is making more profit for themselves without regard to jobs and services to people. Fair enough?
I just can't believe what a genius Elon is. What kid starts reading the encyclopedia because he ran out of other things to read? The man is now my idol. I have just put a deposit down for a Model X to go with the S that will hopefully be here in a month.
I think that certain politicians are bashed, because they continuously call Elon "a loser". The only thing that I every say about those politicians, is that I hope they shorted TSLA. I also didn't say anything about a political party, so I'm not sure where that's coming from.
I just got my raise so, like you, I won't be seeing any more tax deductions. Hopefully, it will still be enough to convince my wife to exchange both of our ICEs for EVs.
@carlk (and others): "I vote for Elon to get the capital tax relieve but not for some hedge fund managers (yes he is included) who has only one purpose which is making more profit for themselves without regard to jobs and services to people. Fair enough?"
I disagree. That biography glosses over this, but hedge funds (actually venture capital funds, but they are no different - one invests in public companies, the other, private companies) were instrumental in Tesla's success. In that board meeting when Tesla was down to one week's worth of cash and Elon stated he was going to fund an additional $40M, virtually all his remaining net worth, the other board members were so impressed that they also co-invested. Who were the other board members? Venture capital funds, of course. Hedge funds and venture capital funds have one important purpose in life, and no that isn't making their partners rich. It is finding good companies to invest in to enable the companies to be more successful.
Like any activity in a capitalist society, and this point cannot be stressed enough, the only repeatable, legal way to make money is to deliver some benefit to society. Hedge/Venture/Mutual funds do the very important job of analyzing companies to figure out which ones are worthwhile - which ones will deliver enough value to society themselves to make a profit. This is not an easy job, and only the hedge/venture/mutual funds that are successful stick around, the unsuccessful ones having spent all their partner's capital on companies that eventually go bankrupt.
I liked that biography, but be aware that it is almost two years old now (in particular, Elon and his second wife are now divorced)
@Shop - Well said!!!!!!!
Awesome video. Will be sending to friends and family. I think that Elon will become one of the greatest industrialists of the 21st century.
A very small fraction of the venture capital funds out there actually make money, and it is extremely difficult for a new fund to develop a good enough reputation to get access to the good investments. If we lost the less successful venture capital funds' investments, it's not clear that we'd end up with significantly less in the way of valuable products.
http://www.paulgraham.com/future.html mentions that a lot of VCs invest by waiting to see someone else invest, and then follow the example. The hard part of getting Tesla funded was probably not the VCs coming up with money to invest in startups, but having an inventor controlling a large enough amount of money to decide that electric cars were actually worth investing in at all. Lowering the tax rate on VCs, or avoiding raising it, isn't going to help with getting VCs to invest in technology outside their comfort zone.
If we came up with some way to have taxed Elon less when he sold Paypal, and tax VC funds more to make up for it, we might have more Teslas and fewer pets.com style businesses. (Elon originally planned to spend about half his Paypal money on Tesla + SpaceX + SolarCity. If he'd paid no capital gains taxes on the paypal money, would he have found another business to invest in to get to 50%, or would have he just put the money in more conservative investments, or would he have invested more money in each company? We should also consider the point when Elon had the opportunity to kill off Tesla or SpaceX so that he wouldn't have had to borrow money to pay the rent, when I believe the VCs weren't so interested in helping. Looking back on it, and with Elon's accomplishments as we see them today in mind, do we really have such a great system if Elon could have decided that ensuring he could take care of his family in the short term might have cost us Tesla or SpaceX?)
Maybe it's just me, but the word "industrialist" carries some negative connotations related to exploitation, greed, lack of ethics etc. That word seems like it belongs to another time and applies to a different category of people, e.g. Rockefeller. Going to have to come up with a new term for Elon.
She recently moved back with him to prevent him from going "king crazy", a well-known phenomenon in Britain (and elsewhere) in which fine, dynamic people become tyrannical slugs after gaining (near-)absolute power.
Robert Downey Jr to play Elon Musk in the TV movie version.
Here's another written bio of Elon Musk, making the Tony Stark and Robert Downey Jr. link explicit. This bio, although 2 years old, has lot of new info I hadn't know about before.