More than a decade ago, Elon Musk penned part 1 of the Tesla Master Plan to transition the automotive industry to renewable energy: First come the high-priced boutique cars, then you transition to more affordable electric vehicles.
With that goal achieved, what’s next for Musk at Tesla? Is there a chance he actually departs from the company like he’s said he would? Amid message board speculation this month, let’s look at some of the reasons Musk would leave his position as CEO of Tesla, and why he might want to stay.
Reasons Musk will leave Tesla
The Model 3 is (almost) ready
Musk’s primary goal for Tesla has always been to create an affordable, high-volume electric car.
Tesla’s ambitious target implies the shares will rise by about 27% a year, a feat achieved by just a handful of large American companies in recent years, including Amazon, Priceline Group (the owner of Booking.com) and Domino’s Pizza.
Stadler believes propelling Tesla into this gilded group of success stories could be the key motivating factor for Musk – far more than any promised riches. Musk is already the biggest shareholder in Tesla and has an estimated net worth of $20bn, according to Forbes. So it would be difficult for the board to incentivise him by dangling an even bigger carrot.
Now Musk is looking to capitalize on the crypto market boom.
On November 26, 2017, we broke the news that a former SpaceX employee claimed Elon Musk was “probably” Satoshi Nakamoto, the founder of Bitcoin. Bitcoin was founded in 2008 and claimed under the pseudonym “Satoshi Nakamoto”, the rumored holder of over one million Bitcoins.
The mystery of Satoshi has been a hot topic in the cryptocurrency world, with entrepreneurs often claiming and denying responsibility. Many people jumped at the chance to elicit a response from Musk, with little success on the first day.
Many question how he can effectively run so many companies at once. If Tesla is really on its way to becoming profitable and scalable, it might be time to say goodbye.
Because he said he would, twice
Musk first spoke of departing Tesla in a 2013 interview with Reuters. He reportedly said he’d “stay with the automaker through the successful launch of the Model 3.”
Soon after, Musk gave a more precise timeline for when he plans to leave. At a shareholders meeting in 2014 he committed to staying CEO of the Tesla for at least four to five years through the production of the Model 3 and then “I’ll have to see, you know, how things are going at that point, and whether it’s manageable to do that on a personal level without getting burnt out essentially. Then I’ll keep doing it, otherwise, I’ll have to find someone else.”
Elon Musk is revolutionizing transportation both on earth and in space.Tesla Motors, his auto manufacturer, is bringing fully-electric vehicles to the mass market. Its Model 3 car retails for a starting price of $35,000.SpaceX, Musk’s rocket company, is now valued at more than $20 billion. He grew up in South Africa, then immigrated to Canada at age 17. He landed in the US as a transfer student at the University of Pennsylvania. Musk was a cofounder of Paypal; he scored a huge payday when the business was acquired by eBay for $1.4 billion in 2002.
Musk’s latest venture, Tesla, has again asked investors to get the crystal ball out and to imagine what the business – a pioneer in the growth markets of electric vehicles and renewable energy storage – might become. The naysayers believe Tesla’s current $60bn valuation (around the same as General Motors) is already wildly optimistic for what is essentially a loss-making luxury car manufacturer. Musk, however, who also has a rocket and space exploration venture, SpaceX, seems to believe that not even the sky is the limit.