Investor's Corner
Insight Into How Elon Musk Funds His Business Ventures
Elon Musk does not follow the herd. Even though most executives do not use their private wealth to fund business ventures, Musk believes it is important to to show that he personally has skin in the game.
More than almost any other entrepreneur, Elon Musk finances his three primary business ventures — Tesla Motors, SolarCity, and SpaceX — by leveraging his own personal assets. The Wall Street Journal (WSJ) says those three companies are valued at close to $50 billion, largely because of Musk’s “voracious appetite for risk and unyielding optimism.”
A study in February by ISS QuickScore found that just 13% of executives or directors at the 3,000 largest companies have pledged shares they own in those companies as collateral for personal loans.
Of the $105 million in bonds sold by SolarCity since October, 2014, SpaceX has purchased $90 million. Musk has taken out $475 million in personal loans at various times to help out one or another of his business interests when they needed cash injections. Those loans are secured by $2.5 billion worth of shares he owns in Tesla Motors and SolarCity, based on market values from this week.
WSJ says few top executives use their personal funds to support their business ventures because it can place them in conflict with other shareholders. It could also subject them to a margin call that could disrupt normal trading in company shares. “As an analyst, it is often a red flag for me when companies and management direct loans between entities they have personal or financial interests in,” says Nathan Weiss, founder and senior analyst at independent research firm Unit Economics LLC in East Greenwich, RI.
“There are a few cases where one company was doing considerably better than another and I borrowed money,” Musk says via WSJ. “If I ask investors to put money in, then I feel morally I should put money in as well […] I should not ask people to eat from the fruit bowl if I have not myself been willing to eat from the fruit bowl.” In other words, he thinks it’s important for others to see that he has skin in the game.
Musk says the odds of him not being able to handle a margin call are “almost zero.” That’s because his exposure is less than 5% of his total worth. He says he has “made it clear to shareholders that I subscribe to the notion that the captain is the last person off the ship.”
Venture capitalist Steve Jurvetson, a major early investor in all of Musk’s companies, says he is not concerned that Musk has pledged his own shares. As long as the total is less than 5% of Musk’s total net worth, “you don’t have much to talk about.” Jurvetson raves about Musk, saying “his passion is breathtaking.”
Republicans in Congress are less in awe of Elon, however. Now that SpaceX has signed contracts worth billions of dollars with NASA, they are proposing legislation that would prohibit Musk from using his stake in SpaceX as collateral for other loans, particularly to SolarCity. The solar power company has recently had a loud and contentious spat with the Nevada Public Utilities Commission, which voted to impose a monthly fee on all rooftop solar installations in the state.
In response, SolarCity has shuttered his operations in Nevada and laid off hundreds of employees. How that plays out as the Gigafactory comes online should be interesting, since the same utility company (owned by Warren Buffett) that imposed its will on the Nevada PUC will also be the energy supplier to that gigantic manufacturing process. Tesla intends to sell excess power back to the utility, a process that started the whole controversy in Nevada in the first place.
Representative Douglas Lamborn, Republican from Colorado, says the proposed legislation is intended to send a message to Musk that his moves are being watched and monitored. A SpaceX spokesman retorts that SpaceX’s “cash balances are not government money’.”
Elon keeps his political leanings well out of public view. But it is clear his propensity for disrupting the established order has made a few enemies along the way.
Source: The Wall Street Journal
Elon Musk
SpaceX just got the green light Starship has waited years for
The FAA has cleared Starship Flight 14, setting up SpaceX’s first orbital attempt on Monday.
SpaceX has cleared the last regulatory hurdle standing between Starship and its first trip to orbit. The Federal Aviation Administration issued the launch license for Starship Flight 14 late Saturday, keeping the mission on track for liftoff Monday, September 28, from Pad 2 at Starbase, Texas.
The 75 minute launch window opens at 7:15 a.m. Central, and Boca Chica Beach closures are also scheduled for September 29 and 30 as backup dates. This will be Starship’s first revenue generating mission.
The license was the missing piece after SpaceX completed a full wet dress rehearsal with Booster 21 and Ship 41 on September 24. At the time, the company said the flight remained on track pending regulatory approval. Because Flight 14 flies an orbital profile, the FAA had to sign off on a modified license that met its safety, payload and financial responsibility requirements.
Observers combing through the new FAA paperwork also noticed that lightning no longer appears among Starship’s listed launch hazards. If that holds, it matters more for where Starship is headed than for Monday’s attempt. Florida and Louisiana, home to LC-39A and the planned Starbase Louisiana site, see some of the most frequent lightning in the United States.
SpaceX tells the FCC that Starship Flight 14 is going to orbit
Flight 14 is the mission SpaceX has been building toward for months. Ship 41 will carry 26 Starlink V3 satellites, the first operational V3 units to be deployed, and attempt roughly six orbits at about 275 kilometers over a flight lasting just under 10 hours. SpaceX says the ship will only perform its orbital insertion burn after flight controllers confirm enough hardware redundancy remains for the deorbit burn at the end of the mission. Ship 41 is targeting a splashdown in the Pacific west of Chile, while Super Heavy will return to the Gulf of Mexico.
The date carries some symbolism as well. A Monday launch would come 10 years and one day after Elon Musk first presented the Interplanetary Transport System, the design that became Starship, at the International Astronautical Congress in Guadalajara, Mexico.
SpaceX has not announced what comes next, but air traffic planning slides reported this week, list Flight 15 no earlier than October 19 and a first Starship launch from LC-39A in Florida no earlier than October 30. Both dates depend on how Monday goes.
Investor's Corner
Tesla Optimus Gen 3 shows off a cleaner, factory-ready design in new app discovery
Renders hidden inside Tesla’s Android app show Optimus Gen 3’s design before any official reveal.
Tesla may have accidentally given a first look at its newest Optimus Gen 3 humanoid robot when photos were found in the Tesla smartphone app.
Design files tucked inside a recent Android version of the Tesla app appear to show the third generation humanoid robot next to the older Gen 2.5 prototype. The assets were extracted from the app package by Tesla community member @wholemars, who posted the renders on X late Tuesday night before deleting them. The Tesla Newswire reshared the side by side comparison on Wednesday, and the images have circulated widely since.

Tesla Optimus Gen 2.5 vs Gen 3 comparison via @WholeMars on X
The files are labeled “gen3” and were built as models for Tesla app’s own interface, as validated directly by Grok to be official.
The comparison shows a robot that looks built for a factory line rather than a lab bench. Gen 2.5’s exposed mechanical linkages and gold plating on the knees and shins are gone. In their place, Gen 3 uses matte black fairings on the lower legs, paired with a more contoured champagne gold body. Flexible covers now seal the joint where the torso meets the upper thighs, keeping bearings and moving parts sealed from debris and unnecessary contact.
The body panels fit more tightly, and the hands, which Tesla has said carry 22 degrees of freedom, look far more refined than those on earlier units.
This most recent leak fills a gap Tesla has left open for most of the year. Elon Musk said on March 31 that Optimus 3 was walking around but needed “some finishing touches” before it could be shown, a delay Teslarati covered when Tesla missed its first quarter reveal target. Musk later said Tesla would hold the design back until closer to production, partly to keep competitors from copying it. No reveal date has been announced.
The app itself has been preparing for Optimus for months. In July, code in the Tesla app pointed to a dedicated robot phone key, a consent screen for collecting video and spatial data while Optimus works inside a home, and an alert system for low battery and mechanical faults. Finished 3D models of Gen 3 suggest the interface owners will eventually use is moving past placeholder code toward something Tesla intends to ship.
Manufacturing is moving in parallel. Tesla tore out the original Model S and Model X lines at Fremont this summer to make room for Optimus production, with a planned capacity of one million robots a year. At Giga Texas, the steel frame of a dedicated Optimus factory is nearing completion ahead of a targeted 2027 start, with Musk pointing to an eventual output of 10 million units annually.
Elon Musk
X changed how everyone gets paid, and this lawsuit shows why
X sued a Bitcoin account network over fake payouts as its creator pay model shifts
Elon Musk’s X has taken a Bitcoin-focused engagement ring to court, and the case doubles as a receipt for how differently the platform pays creators today. The company filed suit in the High Court of England and Wales against Vivek Kumar Sen and Zamyang Sherpa, alleging the pair ran six accounts, including @Vivek4real_, @Bitcoin_Teddy and @TrendingBitcoin, as one coordinated operation to fake the kind of engagement that used to translate directly into money.
According to the filing, first reported by Gizmodo, the accounts posted near identical “BREAKING” crypto headlines seconds apart, in one case 11 seconds, then had three more handles like, reply to and repost the material to manufacture what X called “a false appearance of genuine, human communication and interaction.” X says the scheme pulled in at least £207,384, about $278,000, and pegs its own investigation and remediation costs at another £75,000. The accounts were suspended August 18. X general counsel James Burnham announced the case on X last weekend, writing that the company “will act forcefully to protect our platform and the earnings of genuine creators.” Musk’s own reaction, posted shortly after, was three words: “Don’t mess with 𝕏.”
Don’t mess with 𝕏 https://t.co/HSmd5hL6aQ
— Elon Musk (@elonmusk) September 21, 2026
The timing lines up with a a recent update to how X pays its creators. The program these accounts allegedly gamed, Creator Revenue Sharing, launched in mid 2023 and paid out based on how much a post got engaged with. Originality was never part of the formula, which is exactly how the platform ended up flooded with recycled clips, copy pasted “BREAKING” posts and replies engineered purely to farm reactions from paying subscribers.
X tried patching the model more than once, including an April cut to aggregator payouts and a March regional weighting change that Musk personally paused hours after it was announced. X retired Creator Revenue Sharing for good on September 7 and opened its replacement, Original Content Rewards, the next day.
Today, we’re launching Original Content Rewards.
The reality is that Revenue Sharing had reached a point where its incentives were misaligned. Creators should be focused on bringing net new content to the platform instead of maximizing payouts. We could have kept adding more… pic.twitter.com/VJIxqlPrjm
— Allegra Jacchia (@allegrajacchia) August 7, 2026
The new math is stricter. Payouts now come only from qualified impressions, meaning unique Home Timeline views from Premium subscribers where at least half the post is visible, and replies no longer count toward eligibility at all. Copied posts, reuploaded media and reposts without meaningful changes are explicitly excluded. Allegra Jacchia, senior product manager for Creators at SpaceXAI, which now runs X’s product and AI work following xAI’s acquisition of the platform, put it bluntly, saying the goal is to reward creators who bring original ideas and perspective, “not those who have become best at gaming the system.”
Read that way, the lawsuit isn’t really about six crypto accounts. It’s X putting a dollar figure on what the old incentive structure cost, then suing to collect it right as the new one goes live. For live updates on how the case and the new rewards program shake out, follow @Teslarati on X.