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Elon Musk's Cash-Flow Problems
Filed under: Wealth
Even the richest people face cash problems. The NY Times reveals that charismatic businessman Elon Musk, co-founder of PayPal and CEO of Tesla Motors is a bit short on cash. Musk, who is in the midst of a divorce has acknowledged that he ran out of cash around four months ago. In his Dealbook column, New York Times's Andrew Ross Sorkin writes that while Musk had $200 million in cash not long ago now he is relying on the kindness of loans from his wealthy friends. He has invested all of his money in his businesses. But according to court filings he isn't exactly taking the bus and eating ramen for dinner, he still spends around $200,000 a month and flies on his private jet. Musk's ex-wife, novelist Justine Musk has asked for the house, alimony, child support , $6 million cash and a share of Tesla Motors and a cut of Musk's stock in his rocket company, SpaceX. She's currently in New Orleans with her new boyfriend, has proclaimed that she gets along well with her ex's new actress girlfriend, and has blogged frankly about the divorce. The pair are debating about the validity of a postnuptial agreement. On her blog in her divorce tips she advises her readers not to sign a postnup.
Musk's cash flow issues are temporary. In two weeks, Tesla is scheduled to hold an initial public offering of stock that could value the company at about $1.4 billion. Telsa has said that the divorce should have no impact on the company. After the public offering, if it goes as hoped, he'd have around $21 million in cash and still own a controlling interest in Tesla.
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