Generational wealth is where you can also do all of the above for your kids and potentially their grandkids as well.
Basically the bar is higher than "something you can pass down". It is enough that the next generation does not need to worry about making money either.
How much do you need for your children to not work or provide complete financial freedom (i.e. can buy a home, raise a family, etc. without thinking about the income of their job)? That is the "generational" in generational wealth.
You need more than $1.5m today should be $6m by the time they're 20. Depending on inflation, cost-of-living, tuition, etc. that might be enough.
People talking about generational wealth aren't saying, "what if they live a frugal life in the Topeka suburbs."
Technically any asset transferred to the next generation is “generational wealth”.
But in the context of a startup sale, when you say generational wealth almost nobody assumes you mean the ability to pass a few thousand down.
The common understanding is that you have enough money that future generations do not need to worry about money, assuming they maintain an average or slightly above average lifestyle and use the money responsibly.
> Starbase, Louisiana will be built to support thousands of Starship flights a year. This self-sustaining spaceport will have propellant production, power generation, deep-water shipping capabilities, vehicle processing facilities, and an airport.
Sounds really neat, but "incredibly ambitious announcement" from an Elon Musk company is starting to wear thin.
Is this real, or will it join the graveyard of other incredibly ambitious projects that were eventually abandoned to focus on the next incredibly ambitious project.
I can count plenty of incredibly ambitious announcements from them that have turned out amazing! In fact, they are an outlier in how many they have challenges they have taken on and succeeded in.
[x] Partially reusable rocket that dropped cost to orbit by an order of magnitude. And no, the space shuttle (while an amazing piece of engineering), doesn't really count. It cost a billion+ to refurbish and did nothing to make space more accessible. Now we have businesses that exist purely because the Falcon 9 exists. Heck, the entire new space industry got validated (and hence got investment) due to SpaceX's success.
[x] Returning human spaceflight capability to the US at a fraction of the price, using the same reusable rocket platform after the old defense primes failed to do so. And then making it cheap enough that it has now also flown about half as many private missions as it did for NASA.
[x] Global satellite constellation providing gigabit-scale internet with 10000+ satellite (once written off by "experts" as yet another "incredibly ambitious project" that will never happen).
[x] Commercializing and bringing down the cost of electric cars to the point where they are actually a viable option now (unlike the compliance cars made by OEMs 10 years ago).
[x] Building the largest rocket to ever exist that now has a clear path to being the first ever fully reusable launch vehicle.
[x] A BCI implant that has now brought back mobility and communication ability to multiple patients with debilitating conditions.
Given that each of these were things that no one had done successfully before, or had failed spectacularly - I don't really care that they took longer than initially planned.
There is, in fact, a graveyard here. It is mostly filled with confident predictions that his companies would never do the things they have since done.
Both things are true. Musk's companies have done quite a few remarkable things people didn't think were possible, and Musk overpromises to an absurd degree and has left a trail of abandoned projects in his wake.
People often cite Hyperloop but he explicitly said he wasn't going to build it himself. They often cite FSD but it is far from abandoned and is driving my car today. What other projects are you thinking of which are actually abandoned? The Tesla solar roof is the biggest one I can think of, I think it's fair to count it as abandoned. I guess the project to make building bricks out of Boring tunnel dirt didn't pan out either, seems pretty minor though.
https://x.com/elonmusk/status/888053175155949572 "Just received verbal govt approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop. NY-DC in 29 mins." (July 2017, years after saying he wouldn't build it himself.) Technically it's not a commitment to build, but any other leader in the market would be considered to have failed if they made such a statement and then quietly abandoned it.
Yeah under that post he also says "If you want this to happen fast, please let your local & federal elected representatives know" and "Still a lot of work needed to receive formal approval, but am optimistic that will occur rapidly". Not just "technically" not a commitment to build. Clearly dependent on other factors.
Go ahead and count it as "abandoned" if you want. He did talk about building a Hyperloop and is not currently pursuing it directly. But I think failing to win required government approval/funding is a bit different than capriciously giving up on an idea, and The Boring Company itself is far from abandoned. Very different from the solar roof which is unambiguously a commercial failure.
Feels a bit like saying I can provide lots of free electricity, if someone just gives me some perpetual motion machines. Political viability is as important to building something like this as the laws of physics are.
TBC's continued existence isn't very relevant; the point was they/he have yet to build a lasting, full-scale hyperloop, despite his statement they would try. He stopped trying, and I'm fairly sure government approval is far from the only significant obstacle to making a functional and profitable hyperloop anyway.
I might even let go of the hyperloop concept, if they built something else of DC-NYC scale that beats the alternatives in a few measurements.
Boring company maybe? It's not abandoned, but they likely gave up the idea of an underground system of roads under a city, and just focus on single project individually like traditional construction company.
It's far from abandoned. They're actively building TBMs at their factory and tunneling in Vegas and it's pretty different from any other transportation project I'm aware of.
DC to Baltimore tunnel, LA tunnel network, Chicago airport tunnel. New Roadster, possibly Tesla Semi. Battery swap stations. “Alien dreadnaught” factory with no humans on the production line. Dragon 2 propulsive landing. Self-driving ought to qualify at least partially, because although the project continues and is doing quite well, a huge number of cars were sold with hardware that was promised to be capable of it and turned out not to be.
TBC is still pursuing government permits and contracts to build tunnels. Not having succeeded in every case is not the same as abandoning the project.
The new roadster is delayed, not abandoned. It's known to be in active development and is very likely to be demoed this year. Wrong timeline but not abandoned.
The Tesla semi is on the road daily and the factory to build large quantities is almost complete. They're hosting a "factory inauguration" event next month. Certainly not abandoned.
Tesla has already committed to replacing hardware as necessary on cars that purchased FSD in the past so that they can run unsupervised as promised, after Tesla has unsupervised FSD working. Certainly the timeline was wrong but again, clearly not abandoned.
The DC tunnel was billed as a hyperloop, so it's not good faith to both excuse him for never intending to build one and also claim it takes time and will eventually succeed.
Did TBC ever pursue government permits and contracts for the DC tunnel? The nonsense "verbal govt approval" they mentioned makes me skeptical of the whole thing.
New Roadster is over six years late and has basically gone silent at this point. Maybe it'll still come, just extremely late, but I'm very skeptical.
Semi might be real, we'll see.
If cars that were built with AP2/2.5/3 get upgraded to unsupervised FSD, I'll eat my hat. They don't even know what hardware will be needed yet and some of those cars are now a decade old.
I'd be happy to take a bet on Roadster or Semi. As for older AP versions, Tesla will either be upgrading those cars or providing significant compensation to owners who purchased FSD, and I'd bet on that too.
Wait, is hyperloop not a Musk failure because he never said he would build it, or is it not a failure because his company is still building it? You've said both.
I see my logical flaw and agree (to the specific arguments about tunnels made in this subthread), though I made an adjacent post showing Musk later expressed intent to build a hyperloop in DC, so you can't also say he never claimed to try.
SpaceX is the most successful Musk company because it is the one he has the LEAST direct involvement with. Compare SpaceX to how Musk is causing Tesla to crash and burn.
Gwynne Shotwell is the actual reason SpaceX is as successful as it it.
> SpaceX is the most successful Musk company because it is the one he has the LEAST direct involvement with.
> Gwynne Shotwell is the actual reason SpaceX is as successful as it it.
Weird take. If you read any of the biographies or books about SpaceX, you would know that many key personnel at SpaceX (e.g. Tom Mueller [1], Hans Koeniggsman[2], Tim Buzza [3], Jim Cantrell[4], Garrett Reisman [5]) have all mentioned his major role in the engineering decisions there.
Gwynne has done an amazing job at running the company - but she doesn't make the engineering decisions. You cannot deny the achievements of the company - so you just say that he had no role in it. This sort of retconning of history just because people don't like him, is super weird.
> When we first started he didn't know a lot about propulsion. He knew quite a bit about structures and helped the structures guys a lot. Over the twenty years that we worked together, now he's practically running propulsion there because he's come up to speed and he understands how to do rocket engines, which are really one of the most complex parts of the vehicle. He's always been excellent at architecting the whole mission, but now he's a lot better at the very small details of the combustion process. Stuff I learned over a decade-and-a-half at TRW he's picked up too."
> Musk "didn't know a lot about rockets initially, but he learned a lot over time," Koenigsmann said. Musk picked knowledge up quickly, which was "amazing to watch," he added.
"I really enjoyed working with him and learning how he sees things," Koenigsmann said. "He sees things from a different perspective."
Musk provided a "unique perspective" on scenarios involving basic physics by asking what the limiting factor was, according to Koenigsmann.
An example of this was when Musk pushed his engineers to shorten the time it took to fuel SpaceX's rockets. Musk said SpaceX should aim to reduce the time from 30 minutes to eight minutes — the same time it takes to empty a rocket tank, according to Koenigsmann.
SpaceX uses propellant at very low temperatures to increase its density, allowing engineers to cram more into each rocket, Insider previously reported. Rockets need to be fueled quickly before launch so the propellant doesn't warm up.
As a result of Musk's direction, SpaceX's rockets are fueled "in a remarkably short time," Koenigsmann said."
> Elon Musk is our chief designer. I think between himself and the technical design teams, they came up with the initial concepts of the size of the vehicle, how much propellant's on board, what the engine thrust is going to be, two stage rocket, that kind of stuff.
> The thing that impresses me the most is his ability to reach very, very, very deep into particular technical topics, but across an incredibly wide scope. He’s the only person I’ve ever seen that can really do it with that level of acumen. He can jump from talking to our electronic experts about the arcane details about the architectures of the processor inside the flight computer, and then talk to our structures guys about a particular type of alloy in their welding techniques. His ability to switch gears and interact at such a very high technical level with experts in each of these subjects, and not only keep up, but surpass them in many cases, is remarkable.
We are talking about the same moron who made the Cybertruck fiasco. I can only imagine how many people told Musk how bad of an idea it was to make a body out of hard stainless steel, and how he probably fired them all. and he shut down one of Twitters data centers after being told not to by the engineers who built Twitter. This directly caused many outages because the IP addresses of that data center were hard coded all over.
Wow! Was there a Musk company dedicated to building that? Where is the press release announcing it? Surely it must have been a big deal if you are so excited about it's failure!
> And FSD is coming next year now
It is already here. You can hail one right now in multiple cities.
And in my own car, I use it every day and have for 2+ years. For the $3k I paid in 2019, I definitely got what I paid for. It's also gotten dramatically better since then. It drives me to and from work every day without having to so much as touch the wheel. And there is no 2018/19 non-Tesla that can do what it does.
So yes, by all means, keep listing the things you think prove Musk is a fraud. You're mostly just making my point for me.
He often promises incredibly ambitious things that don't happen. But, with a fairly reasonable frequency, he promises incredibly ambitious that do happen.
For example, SpaceX is responsible for a massive spike in orbital launches [1].
SpaceX and Tesla are both successful companies doing really impressive things, but the more ambitious claims are almost always silently discarded.
Including robotaxis, tesla semi-trucks, hyperloop, optimus, roadster 2.0, cheap whole home batteries, true FSD, Mars landing, nueralink, and more I'm sure.
It is difficult for me to get excited about a decades long, ambitious project when the follow through rate is <10%.
He is definitely overly optimistic on timelines but pretty much all those things you mentioned are actually still happening, it's too early to say they haven't followed through.
If your local town government for example only posts city updates to twitter, your options are to make a twitter account, use something like nitter, or miss out on updates.
There's that, and the fact that the "town square" for my city ended up being a city citizens page on Facebook. So we've got the city government and the sheriff's office posting updates to X and/or Facebook, and anything coming from the residents can only really be seen on Facebook. I don't want an X or Facebook account. I guess I'm just supposed to remain in the dark if I don't submit to corpos. The merger of corporation and state is very real, and I guess it often arrives unintentionally rather than intentionally.
yes. Lots of smaller city governments are barely capable of running a functioning website.
Twitter used to be an easy and free way to distribute updates publicly. That has changed, but the inertia is still there and there isn't a good low friction alternative.
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