Elon Musk has quite the career history, manning an assortment of projects, from electrical vehicle building to space rocket launching. And now he adds owning a Los Angeles diner to the list. The Tesla Diner and Drive In, a retro restaurant offering futuristic design and 24-hour service, opened on July 21 in West Hollywood. The 80 charging stalls feature large movie screens, while the popcorn and other menu items are served to customers via robots. The new establishment was highly anticipated and has certainly drawn crowds. However, three-hour wait times and limited menu items have also drawn criticism. And those expecting a decent meal may want to look elsewhere, as visitors say the diner offers high concept entertainment versus a culinary experience. In addition to the above, Musk also bought Twitter for $44 billion back in 2022. Musk funded the acquisition by selling Tesla stock (NASDAQ: TSLA) and taking $13 billion in loans underwritten mostly by Morgan Stanley (NYSE: MS), Bank of America (NYSE: BAC), and Barclays (NYSE: BCS). About $10 billion came from outside investors, including Qatar’s sovereign wealth fund. Since then, Musk has ventured into politics, briefly becoming Trump’s right-hand man, before entering a notorious rivalry with the president and suggesting the formation of a third political party. Throughout it all, Tesla stock has been all over the map, though mostly struggling. This post was updated on August 1, 2025 to include news of Musk’s Tesla Diner and Drive In. Lender’s remorse: banks lose Twitter bet After the Twitter (X) acquisition, the Wall Street Journal reported that lenders were struggling to unload the debt they underwrote for the acquisition. They reportedly faced a combined $2 billion in losses. Ebiquity, a London-based market consultancy, said only two of its 70 clients bought ads on the platform during a particular month. This is down from 31 in the same month last year. How does Elon Musk make his money? Bloomberg says $83 billion of Musk’s wealth is tied to his Tesla stake. About $53 billion comes from his share of SpaceX. Extremely high-value assets like this can be used to cover personal expenses and investments while drawing little or no federally taxable income. For example, ProPublica reported in 2021 Amazon founder Jeff Bezos paid no federal income tax and claimed a $4,000 child tax credit intended for low-income working families. At the time his net worth was $18 billion. How Elon Musk made his money began in 1995 with just $28,000. The $28,000 question The origin of that money is a matter of dispute. According to “Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future,” the 2015 biography of Musk by tech reporter and writer Ashlee Vance, Errol Musk provided his sons Elon and Kimbal with the money they used to establish Global Link Information Network (renamed Zip2 shortly after). Musk denies getting a handout from his father to establish this early online business directory. He says Zip2 was seeded with $2,000 of his own money, $5,000 from Kimbal, and $8,000 from Gregory Kouri, a well-known angel investor who died in 2012. Musk says his father later invested 10% of about $200,000 in a later angel-funding round that “would’ve happened anyway.” Vance stands by his reporting on Musk’s source of Zip2’s seed money. Amid the peak of the dot-com boom of the late 90s, when tens of billions of dollars of venture capital was flowing into Silicon Valley, Compaq Computer bought Zip2 for more than $300 million in 1999, just months before the internet bubble burst sending tech stocks crashing. Zip2 became part of AltaVista, Compaq’s search engine. Yahoo! shut down AltaVista in 2013. From $22 million to $180 million Musk, who was 27 years old at the time, walked away from the Zip2 sale with $22 million. His brother netted $15 million from the sale. In 1999, Musk plied much of the proceeds from the Zip2 sale into X.com, an early online bank he co-founded with fellow tech-industry entrepreneurs Harris Fricker, Christopher Payne, and Ed Ho. Months later, X.com merged with Confinity, a software company co-founded by German-American entrepreneur Peter Thiel, to become PayPal. In 2002, eBay bought PayPal for $1.5 billion, turning Musk into a centimillionaire with proceeds of about $180 million Musk invested $100 million of this cash to found SpaceX in 2002 and put $70 million into Tesla the following year. Both companies have astronomical valuations which is the foundation of Musk’s immense wealth. The post A Review of Musk’s Career History as Tesla Diner Launches in West Hollywood appeared first on 24/7 Wall St..

SUNNYVALE, Calif.--(BUSINESS WIRE)--Yahoo! Inc. (NASDAQ: YHOO) today announced that its Board of Directors, after careful review and consideration of how to best drive long-term value for shareholders, has unanimously decided to suspend work on the pending plan, announced in January of 2015, to spin off the company’s remaining holdings in Alibaba Group Holding Limited (NYSE: BABA). The Board will now evaluate alternative transaction structures to separate the Alibaba stake, focusing specifically on a reverse of the previously announced spin transaction. In the reverse spin off, Yahoo’s assets and liabilities other than the Alibaba stake would be transferred to a newly formed company, the stock of which would be distributed pro rata to Yahoo shareholders resulting in two separate publicly-traded companies. “We believe that the previously announced spin off would be tax free to Yahoo and its shareholders,” said Maynard Webb, Chairman of Yahoo’s Board of Directors. “However, in consideration of developments since the original spin off plan was announced and after significant deliberations, we are suspending work on the Aabaco spin off. Among other factors, we were concerned about the market’s perception of tax risk, which would have impaired the value of Aabaco stock until resolved. Informed by our intimate familiarity with Yahoo’s unique circumstances, the Board remains committed to accomplishing the significant business purposes and shareholder benefits that can be realized by separating the Alibaba stake from the rest of Yahoo. To achieve this, we will now focus our efforts on the reverse spin off plan.” “In addition to our efforts to increase value and diminish uncertainty for investors, the ultimate separation of our Alibaba stake will be important to our continued business transformation,” said Marissa Mayer, CEO of Yahoo. “In 2016, we will tighten our focus and prioritize investments to drive profitability and long-term growth. A separation from our Alibaba stake, via the reverse spin, will provide more transparency into the value of Yahoo’s business.” The reverse spin off is expected to require, among other things, third party consents, preparation of audited financial statements, shareholder approval, and SEC filings and clearance, including under the Investment Company Act of 1940. While the company intends to move expeditiously to complete the transaction, it is advised that complex transactions of this kind can take a year or more to conclude. Conference Call Yahoo will host a conference call at 9:00 a.m. Eastern Time today to discuss this announcement. A live webcast of the conference call can be accessed through the company’s Investor Relations website at https://investor.yahoo.net/events.cfm. In addition, an archive of the webcast will be accessible for 90 days through the same link. About Yahoo Yahoo is a guide focused on making users’ digital habits inspiring and entertaining. By creating highly personalized experiences for our users, we keep people connected to what matters most to them, across devices and around the world. In turn, we create value for advertisers by connecting them with the audiences that build their businesses. Yahoo is headquartered in Sunnyvale, California, and has offices located throughout the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa (EMEA) regions. For more information, visit the pressroom (pressroom.yahoo.net) or the Company’s blog (yahoo.tumblr.com). This press release contains forward-looking statements regarding Yahoo’s plan to separate its remaining holdings in Alibaba Group Holding Limited from Yahoo’s operating business. Risks and uncertainties may cause actual results to differ materially from the results predicted. With respect to the proposed separation of Yahoo’s stake in Alibaba Group Holding Limited from its operating business, the potential risks and uncertainties include, among others, factors affecting the feasibility and timing of any such transaction, including, without limitation, required third party consents, waivers and regulatory approvals; the additional costs associated with any such transaction; possible delays or failure in satisfying conditions to completion of any such transaction; adverse regulatory developments or determinations or adverse changes in, or interpretations of, U.S. or foreign tax laws, rules or regulations that could materially impact or delay or prevent completion of any such transaction or cause the terms of any such transaction to be modified; and risks related to realization of the expected benefits of any such transaction to Yahoo and its stockholders. All information set forth in this press release is as of December 9, 2015. Yahoo does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances. More information about potential factors that could affect Yahoo’s business and financial results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Yahoo’s Annual Report on Form 10-K for the year ended December 31, 2014 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, which are on file with the SEC and available on the SEC’s website at www.sec.gov.