Apparently, $1.5 billion doesn’t go quite as far as it used to – or so Elon Musk, the Internet entrepreneur and electric vehicle visionary, has discovered.
The South African-born Musk made $1.5 billion, a few years back, selling his share of the online Paypal service, then pumped a sizable portion of his fortune into Tesla Motors, the California-based electric vehicle maker, as well as SpaceX, a private rocketry firm. But as Musk acknowledged in an interview with TheDetroitBureau.com, last year, the auto business is far more expensive than it initially might seem.
And that is leaving him dependent upon the kindness of strangers, now that his fortune has largely run out, borrowing money from family and friends, according to various reports out of Silicon Valley.
Musk confirmed his financial problems in a court filing in which he stated, “About four months ago, I ran out of cash.”