Quote from: RE on May 06, 2025, 06:52 PMI'm saying nothing about Elon. 

I am. He is apparently the poster child for taking some small investment and turning it into something far larger without being part of a cabal of rich folk whom he inherited his billions from. Which doesn't make him the poster child for rich folk in general, but more smart folks who can get things done, even if they might be assholes.

Quote from: REFrom Wiki, I now know this much about Erroll Musk:
One can be certain from this There were numerous bankers and other bizmen in the circle Elon could pitch his ideas to.  Wasn't he part of the PayPal startup?
RE

He was certainly part of the PayPal startup. Where he made his first big bucks. And that is taking an idea, and turning it into his first billions. Starting with, early on, pops giving him $32G's.

As to whether or not bankers and financiers were involved, they probably ALWAYS are, as most folks who are smart with good ideas need startup capital, and have to convince others to provide.

I've worked with enough BCG guys to know that one, and watched while they did it. My first oil project was with $10 million in Hong Kong investor money back in the 80's, and that was just chump change involving BCG help

The ones I knew who where on the board tended to be West Point grads, didn't know enough of their background to know if they came from rich families, or were just smart folks like Elon and who also had good ideas, or financed their own and that was their work at BCG.

I'm saying nothing about Elon.  I have no idea what the social circles are in South Africa.  Don't know how his first company was financed or where the capital came from.  Don't know anything about his dad or who he was friends with.  Don't know where Elon went to school.  Know nothing about SA Prep Schools.

From Wiki, I now know this much about Erroll Musk:

Errol Graham Musk (born 1946) is a South African businessman and politician, patriarch of the Musk family, and father of Elon Musk.[1] He served on the Pretoria City Council, and became a member of South Africa's Progressive Federal Party before resigning over political disagreements. As a businessman, he worked as a mechanical engineering consultant, developed properties, and invested in various ventures including emerald trading.

One can be certain from this There were numerous bankers and other bizmen in the circle Elon could pitch his ideas to.  Wasn't he part of the PayPal startup?

RE

Quote from: RE on May 06, 2025, 03:48 PMOnce you're not worried about your daily bread, you're free to pursue your ideas.  When you hit on a good one, you talk to your own dad or best friend's dad who introduces you to a banker and poof they set up an IPO.  Makes the whole process orders of magnitude easier.
RE

So, you are saying that Elon, starting with just that $32G's, must have done it the hard way, not having a dad's friend to help him go from $32G's to billions? We know the guy is smart, maybe he made friends along the way, and him with outstanding ideas, brains and balls and them with money to leverage in the market (for a cut of course) he then did this without being on of these "born into the right family" types.

Quote from: K-Dog on May 06, 2025, 02:20 PM

QuoteBut you don't go from $32G to where Elon is just by knowing people.

No, it helps to be a thief.

It might. But I haven't found any indications or claims that Elon STOLE that $32G's from his father.

You might know, but I certainly don't, if it wasn't his father he stole from, but someone else? Do you know what level of criminal or civil charge was leveled against him for this theft? Was he convicted, or someone just make a claim? I know, plenty high net worth individuals such as you and I might bend a regulation here and there, but it isn't official until it comes with at least a misdemenaor conviction.

Trust Fund babies come in all flavors.  Some multiply up the money after they hit 21 and get contrl of the money, a few lose it all making bad investments of gambling, hookers and drugs.  Most just live comfortably and have some kind of job in a field that interests them.

The opportunities for multiplying the money come hobknobbing in the social circle.  Iff you watch the Gilded Age it portrays this very well.  There are also fortune hunters of both sexes hanging about trying to marry into money.

As I mentioned before, I was out of this circle once my parents divorced as a child, and my dad didn't even kick in tuition much less leave me a trust fund.  I did know a few of them though.  I was good friends with Rick MacArthur when we both were editors of the Spectator.  He just eased into the Publisher spot of Harper's Magazine.  Writes on politics.

Once you're not worried about your daily bread, you're free to pursue your ideas.  When you hit on a good one, you talk to your own dad or best friend's dad who introduces you to a banker and poof they set up an IPO.  Makes the whole process orders of magnitude easier.

RE

QuoteBut you don't go from $32G to where Elon is just by knowing people.

No, it helps to be a thief.

Quote from: RE on May 05, 2025, 06:20 PMThere's a good series on Prime called The Gilded Age about how this worked in the late 1800s during the Robber Baron era.  It focuses on George Russell, a railroad and banking Tycoon and his family and the social circle in NYC and Newport in those years.  It was very much the same in the 70s when I was at Columbia.  I am sure it's the same today.
RE

I believe you. Not because you said it, but because it has been going on since the dawn of time I imagine. Humans form connections, social groups, and one of them can be the athletes in the high school, and the rich kids, and so on and so forth. And those who aren't in those groups try to get in, a tough game to play when it comes to billionaire family status I imagine.

So those who aren't in the popular kids club resent it.

So Elon knew people after he took his dads $32G and turned it into where he is today? I imagine there are plenty of others, but the social circle aspect is difficult to quantify, as people are still people, and a rich moron is still a rich moron, and isn't guarenteed an automatic in.

The Menendez brothers spring to mind.

Just because these social circles CAN benefit those of the right caliber mindset doesn't mean it is a given.

Your father was quite a titan of some sort, but he didn't appear to pass on his privileges to you, you mentioned he stiffed you on paying for college. That is undoubtedly as common a story as success.

Elon made it work. Not all of them do. But you don't go from $32G to where Elon is just by knowing people. 

Sadly, no pics or vids. 

Probably was thinking about having Trump as POTUS for 4 more years.



https://nypost.com/2025/05/04/world-news/screaming-us-tourist-impaled-on-romes-colosseum-railing-while-possibly-seeking-selfie/

Screaming US tourist impaled on Rome's Colosseum fence while possibly seeking selfie in horrifying scene

RE

Once you have a guaranteed income of sufficient size without working where you can hang with age-mates from the same class at parties in NY, the Hamptons, etc, you get offered opportunities and can pitch ideas to other people with access to capital to invest.  In his great novel Cryptonomicon, Neal Stephenson called it "Fuck You" money.

There's a good series on Prime called The Gilded Age about how this worked in the late 1800s during the Robber Baron era.  It focuses on George Russell, a railroad and banking Tycoon and his family and the social circle in NYC and Newport in those years.  It was very much the same in the 70s when I was at Columbia.  I am sure it's the same today.


RE

Quote from: RE on May 04, 2025, 11:45 PMI would say if you have accumulated "Generational Wealth".  That would be enough so if you set up a Trust Fund for each of your kids with "safe" investments with an annualized rate of return of ~5% above an average inflation rate of 3%, it would provide an income high enough to pay full tuition at Harvard + rent a comfortable off campus apt in Cambridge and pay premiums on a comprehensive medical insurance plan beyond the university plan, + vehicle and related expenses and enough walking around money so you could hang with all the rest of the Trust Fund babies at St. Andrews.  In today's money, I'd put the capital requirement for each Trust Fund to be around $10-20M.

RE

Based on what Elon was able to do with $32k his father gave him, I think the 7 figure number would suffice. With 7 figures, parents could seed their children with $30-$40k, and that and talent obviously can result into things like the world's richest guy.