PayPal Co-Founder Claims He Is Broke
Once a major player in the world of online gambling payment processing, PayPal was later sold to eBay for $1.5 billion and its co-founder Elon Musk now claims he is broke.
Musk, who cashed out for $200 million, says he invested his last $35 million in Tesla Motors -- just as the company prepares to go public. Tesla Motors is an electric car manufacturer based in the Silicon Valley of California. They recently purchased the former NUMMI factory in Fremont, California, where it will build the Model S sedan and future Tesla vehicles.
Musk' is considered one of the biggest entrepreneurial success stories of the past decade, Janean Chun of AOL Business points out.
Could it be that divorce done him in?
As part of his divorce proceedings, Musk reported he had just $8,255 in monthly income and $650,000 in liquid assets, with $200,000 per month in expenses.
Chun writes: "Some may speculate whether the public admission is connected to the fact that his ex-wife was asking for the house, alimony, child support, $6 million, a cut of Tesla and stock in SpaceX -- or if Musk is truly broke. But it's not a classic riches-to-rags story just yet: SpaceX has a contract with NASA worth $1.6 billion, and with Tesla's IPO rumored to take place next week, the Times reports that if all goes well, Musk could walk away with $21 million and still own 65 percent."
Aaron Goldstein, Gambling911.com
