Re:Twitter has officially changed its logo to ‘X’
by inglor_cz on Monday July 24, 2023 @08:54AM
(#36847220)
"But I'd be surprised if a significant number invested their entire net worth and time into a single endeavor."
AFAIK Musk was a relative nobody in the millionaire world when he poured a majority of his wealth into SpaceX (2002). They were very close to bankruptcy during the Falcon 1 experiments and if the fourth launch failed, they would have joined a fairly extensive graveyard of defunct space startups, together with Carmack's Armadillo Aerospace and a few hundred others.
Re:Twitter has officially changed its logo to ‘X’
by ethbr0 on Monday July 24, 2023 @10:27AM
(#36848538)
By that point, he'd already been CEO of PayPal for a bit (after co-founding X.com that merged into the company that became PayPal) and made $175M for his stake when eBay bought it.
Then $100M went to found SpaceX.
But that does seem like a very large bet that millionaires don't often make.
Maybe? The thing about having a rich family is... you're already rich.
That removes one of the prime motivations to take serious risks, of the sort that paid off for Musk; namely, to become rich.
I'm sure you get a lot of people who invest, or toss some money into this or that.
But I'd be surprised if a significant number invested their entire net worth and time into a single endeavor.