Errol Musk Gave Elon Musk Seed Money for 1st Company that Sold for $700M, Elon Made $22M (Part 12)
February 2, 2025
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5:17Now PlayingErrol Musk Gave Elon Musk Seed Money for 1st Company that Sold for $700M, Elon Made $22M (Part 12)
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Errol Musk, Elon Musk's father, recounted his contribution to the seed funding for Zip2, the company that marked the genesis of Elon Musk's entrepreneurial journey. Back in 1995, Elon, who had moved to California for studies at Stanford University, decided instead to co-found Zip2 alongside his brother, Kimbal Musk. The financial support from Errol Musk came through unconventional means, owing to South Africa's stringent currency regulations at that time. Errol revealed that he sold his yacht and bush farm, despite substantial losses, to provide funds for his sons, managing to send approximately $32,000. This funding was crucial, as Kimbal admitted, helping sustain the company through its formative months. Zip2 was eventually acquired by Compaq for a staggering $307 million, plus $200 million in stock options, earning Elon $22 million for his 7% stake. In appreciation, Elon sent Errol $200,000 from his earnings.
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