Errol Musk, father of Elon Musk, has long been a subject of interest because of rumors regarding his involvement in an emerald mine. The latest Elon Musk biography delved into the origins of these claims and reveals both the complex professional journey of Errol and Elon's perspective on the matter.
Errol Musk, an engineer, explored various fields, from building hotels and shopping centers to restoring vintage cars and planes. His diverse career also saw him serve on the Pretoria, South Africa, City Council and embrace a passion for flying, leading to his ownership of a twin-engine Cessna Golden Eagle.
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The intrigue around Errol and emeralds began in 1986. While attempting to sell his Cessna Golden Eagle in Zambia, a Panamanian-Italian entrepreneur proposed a unique deal. Instead of money, Errol was offered a share of emeralds from three mines the entrepreneur owned. Navigating the political terrain in Zambia, especially regarding mine registration, posed challenges.
Errol felt that officially registering the mine could result in asset forfeiture because of local claims. According to the biography, he stated, "On trips overseas, I would sell emeralds to jewelers. It was a cloak-and-dagger thing because none of it was legal."
He embarked on the emerald venture anyway. In a few years, he claims to have made $210,000 from the business and purchased a gold convertible Rolls-Royce.
The 1980s witnessed a downturn in the emerald market because synthetic emeralds were produced in Russian labs, leading to the downfall of Errol's emerald business.
Emeralds and other jewels — especially diamonds — have long been considered assets with significant investment potential. When acquired strategically, these precious gems can appreciate in value over time, offering a stable and lucrative avenue for wealth preservation. Unlike the controversial and problematic nature of illegal ventures like the alleged emerald mine, investing in diamonds and other legitimate gemstones can present fewer risks and greater rewards.
Contrary to popular belief that Elon Musk traveled to North America with considerable wealth, possibly from the emerald mine, he actually set foot with a mere $4,000 — a combined contribution from his parents. Errol's venture into emeralds did not significantly bolster Elon's initial finances in North America.
Today, Elon Musk refutes claims about his family owning an emerald mine, even though past statements suggest otherwise. In a post on X, Musk voiced his annoyance about the "fake emerald mine thing" and pondered over its actual existence. On Jan. 7, he posted, "The fake emerald mine thing is so annoying (sigh). Like where exactly is this thing anyway!?"
Paris Marx, a tech critic, highlighted that Musk had mentioned the mine in a 2014 Forbes interview. The interview is no longer available on the Forbes website but there is an archived version.
The narrative has been convoluted with varying accounts online, some of which inaccurately claim the mine's location as South Africa. Others speculate on the emeralds funding Elon Musk's ventures or clearing his student debts. Nevertheless, some reports, including a 2018 Insider piece, provide anecdotes of Elon and his brother Kimbal selling emeralds in New York City.
Jim Clash, the writer of the 2014 Forbes interview, expressed uncertainty about why the interview was removed. Some believe Elon Musk's current denial might be for political or public relations reasons.
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