Elon Musk has characterized his departure from PayPal Holdings Inc. as a “palace coup,” alleging that the board orchestrated his exit. The remarks came in response to a post on the social media platform X, where user @jasonlk shared a video suggesting that Musk was fired by PayPal co-founder Peter Thiel. In his response, Musk clarified that he was the CEO at the time and stated, “Peter reported to me, so could not fire me.”
Musk further elaborated that his exit was driven by concerns from the executive team and board regarding his risk-taking decisions. He emphasized that he was the “largest shareholder” of PayPal and asserted that “there was nothing anyone could have done” to remove his shares.
Tesla’s Market Position Amid Sales Decline
This revelation about Musk’s past with PayPal coincides with Tesla Inc.’s recent achievement, where its market capitalization surpassed $1.58 trillion, solidifying its status as the most valuable automaker globally. This figure outstrips the combined market capitalizations of major competitors such as Toyota Motor Corp. and Ford Motor Co.
Despite this impressive valuation, Tesla is facing challenges in sales. Reports indicate a 23% decline in U.S. sales during November, reflective of a broader downturn in electric vehicle (EV) demand. Nevertheless, Tesla retains a commanding 56% market share in the U.S. EV sector.
Future Plans for SpaceX
In parallel, SpaceX is reportedly preparing for a potential initial public offering (IPO) as early as next year, aiming for a valuation of $1.5 trillion. Musk hinted at this possibility during Tesla’s annual shareholder meeting in November. Analyst Dan Ives from Wedbush Securities expressed optimism, asserting that “the time is right” for a SpaceX IPO.
Additionally, significant developments are occurring in the realm of space exploration. Recently, U.S. President Donald Trump announced plans through an Executive Order to advance human missions to the Moon by 2028, among other objectives.
As the landscape of both the automotive and aerospace industries evolves, Musk’s bold assertions and the ongoing shifts in his ventures continue to capture attention.
