Elon Musk has been making headlines recently because of his planned multibillion-dollar takeover of Twitter, a move that might result in substantial changes to the network, including the return of Donald Trump.
But, how did Elon Musk amass such wealth?
What is noticeable is that rather than having a big smash, his success snowballed through various small ventures. Following the sale of Zip2, he ventured into online banking and payments with Peter Thiel, founding what would become PayPal. When eBay purchased the company in 2009, he received $180 million for his investment. He also created SpaceX in 2002 with the goal of colonizing Mars with low-cost rockets.
He invested $6 million in Tesla the next year, even though the firm had yet to create an actual automobile. Both companies struggled at first, but after signing a $1.6 billion agreement with NASA in 2008, SpaceX took off, while Tesla’s first vehicle, the Model S, hit the market in 2012. s people have grown more environmentally concerned, Tesla automobiles are becoming more common and SpaceX has become a crucial partner in NASA missions.
Now with a net worth of $224 billion, Elon Musk is reportedly the wealthiest man on the planet. However, it would not be wrong to argue that he is one of the most influential persons as well.
His media responses are always anticipated by people and perhaps the strategic nature of his approach is something to look forward to.
This innovative entrepreneur’s playbook has a few unconventional business tactics you may want to employ.
1. Playing with the hype becomes important at times.
Musk was flinging sparks amid the dot-com craze. He established Zip2 and was a dot-com billionaire four years later. Zip2 was sold for $307 million, and Musk made a $22 million profit.
Musk encouraged the cameras to get a look at his accomplishments as public interest in Silicon Valley surged. When the money started rolling in, he invited CNN over at 7 a.m. to see his new $1 million McLaren F1 sports vehicle being delivered.
Despite the public’s inability to comprehend the inner workings of Silicon Valley and venture capital, Musk developed an instantly identifiable symbol in his sports automobile. The media was looking for a success story, and Musk obliged by giving them the interview of a lifetime.
2. Never make your business your identity, instead, let your business revolve around your identity.
Musk lost control of his early businesses and learned the hard way that in business, everyone is replaceable. Therefore, creating an identity becomes important. Musk’s identity is inextricably linked to Tesla and SpaceX is clearly not an unlikely chance.
Musk tied his public persona to the performance of both firms SpaceX and Tesla, establishing his place at the top by combining his personal aspirations with his business aims. He even went so far as to rename his Tesla job title from CEO to Technoking.
3. Fixing goals that seem unattainable to the naked eye.
Musk has always been a somebody who speaks in grandiose terms, with even grander goals. He is never afraid of making inflated statements and that has worked in his favor, providing him with the necessary platform of popularity. People have cheered and rooted for Musk’s claim of getting mankind to Mars before he dies.
4. Don’t make your job title your steadfast loyalty.
One’s job as a corporate leader entails more than just keeping things running smoothly. Pursuing unexpected possibilities that will catapult your organization into the spotlight, will reward you with larger prospects.
Most scientists aren’t drawn to the big screen. Except for Musk, who can be seen in Iron Man with Tony Stark, on South Park and The Simpsons, and on The Big Bang Theory hanging out with Howard. Musk spends a significant amount of effort sculpting his image, which is understandable for someone whose goal is to advance humanity.
5. Speak, that’s it!
Musk is a perfect example of someone who speaks their mind aloud. No one is safe from Musk’s scrutiny, from comparing Canadian Prime Minister Justin Trudeau to Adolf Hitler to reminding us that Bernie Sanders is still alive. He expresses himself how he sees fit.
Musk’s Tweets span from trivial Baby Yoda jokes to conversations with world leaders to critical Tesla and SpaceX announcements, such as the decision to stop accepting bitcoin.
However, it is also important to understand that this showcase of variety in Musk’s tweets is also a part of a tremendous media strategy of trying to keep all factions interested in what he has to say as anything you publish on social media is a reflection of you and your company as an entrepreneur.