Back in the late 90s, Elon Musk was at a major turning point in his life. After selling his first startup, Zip2, for more than $300 million, Musk suddenly had the kind of money that opens doors to the most extravagant purchases.
He found himself faced with a decision that most of us can only dream about: should he buy a comfortable house in Palo Alto or treat himself to one of the most exclusive cars in the world — the McLaren F1?
Don't Miss:
- This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years – here's how there's an opportunity to invest at $1,000 for only $0.50/share today.
- Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – You can still get 4,000 of its pre-IPO shares for just $1,000
For Musk, the decision was simple. He went for the McLaren F1. In his own words, it wasn't even a contest. The McLaren was, at the time, one of the fastest cars on the planet and had already become legendary among car enthusiasts. Musk's choice was more than just a show of wealth; it was a statement that reflected his passion for pushing limits — in technology, in life, and on the road.
In a 2018 tweet, Musk said, “I bought F1 & a small condo that was much cheaper than the car. New Tesla Roadster will exceed all gas sports cars in every way.”
Living The Dream, But Not Without Risks
In 1999, Musk excitedly took delivery of the $1 million McLaren F1, a car that would symbolize his journey from struggling entrepreneur to multimillionaire. He didn’t shy away from driving it either; Musk racked up 11,000 miles on the F1, using it as his daily ride. He even drove it from Los Angeles to San Francisco — which might sound pretty insane for a car as rare and powerful as the F1.
Trending: The global games market is projected to generate $272B by the end of the year — for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.
But Musk's adventurous streak caught up with him in 2000, when he attempted to show off the F1's capabilities while taking Peter Thiel, his PayPal co-founder, to a meeting. Musk lost control, and the McLaren ended up spinning out, flying into the air like a discus, and ultimately crashing.
The worst part? The car wasn't insured. The incident was a spectacular reminder that even the boldest risk-takers aren't immune to failure — sometimes, it just happens in a more dramatic fashion.
After the crash, Musk and Thiel had to hitchhike to their meeting, but the McLaren F1 lived to see another day. It was repaired and eventually sold to a new owner. Musk, however, didn't let the mishap dull his passion for high-speed innovation.
The Long Wait For The Tesla Roadster
In 2017, Musk was once again making headlines with the announcement of the next-generation Tesla Roadster, an all-electric sports car that he claimed would be "the fastest production car ever made." The Roadster was designed to be everything the McLaren F1 was and more — powerful, fast, and undeniably cool — but with a sustainable twist.
Nearly seven years after its announcement, though, the Roadster's launch date remains shrouded in mystery. People who paid $50,000 deposits back in 2017 are still waiting, and Musk himself recently acknowledged that the Roadster has taken a back seat to more pressing projects at Tesla.
He called it "the cherry on the icing on the cake," hinting that other initiatives are currently more important for Tesla.
The Roadster is a fan favorite, but it's also an expensive, low-production car. It doesn't make sense for Tesla to focus on it when the company is trying to make cars that are more affordable and can be made in bigger numbers. That said, the company also scrapped its long-awaited $25,000 car, with Musk calling it pointless.
Read Next:
- Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O’Reilly and Rudy Giuliani are using this platform to create customized gold IRAs to help shield their savings from inflation and economic turbulence.
- ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones – invest today with $1,000 for just $0.25/share
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
