Tesla Inc. CEO Elon Musk appears to be involved in a secretive project constructing an all-glass home near the company’s Austin-area Gigafactory, as reported by The Wall Street Journal. Dubbed Project 42 by Tesla employees, this initiative has been shrouded in mystery over the past year.
The Wall Street Journal sources claim that Tesla’s board launched an investigation into concerns that Musk might be using company funds to build his glass house. The project is said to involve the purchase of millions of dollars worth of special glass, which raised eyebrows among employees. Limited liability firms associated with Musk and Tesla executives have also acquired substantial amounts of land in the vicinity.
Though various design concepts are reportedly under consideration, the transparent structure will be situated just outside of Austin, Texas, with a view of Tesla’s headquarters in the distance. One proposed plan envisions a hexagonal shape with waterfront views, while another resembles the boxy design of Apple’s store on Fifth Avenue in New York.
Don’t Miss:
Following the substantial glass order, employees’ concerns were raised, prompting an internal probe to determine whether any misuse of company resources had taken place. As of now, the status and findings of the inquiry remain undisclosed.
The company had disbanded its public relations (PR) department, and Musk has refrained from commenting on the reports. The board’s primary objective was to establish Musk’s level of involvement in the project and ascertain whether company resources, including employee time, were being used for the construction of the glass house.
Story continues
Stringent Board Requirements
For followers of the billionaire entrepreneur, news of the glass house might come as a surprise, given Musk’s previous statements about not having a desire to own a home. High-profile tech executives occasionally receive perks, such as private jets, but Tesla’s approach is notably stringent, requiring a board committee audit for expenses exceeding $120,000 involving people with material interests.
To stay updated with top startup news & investments, sign up for Benzinga’s Startup Investing & Equity Crowdfunding Newsletter
Musk’s prominence as a major CEO adds significance to this case, especially considering his history of legal entanglements. He is still embroiled in a dispute with the Securities and Exchange Commission regarding his tweets about financial data and previously faced a defamation lawsuit from a British cave explorer.
In May 2020, Musk set the internet abuzz with one of his tweets. He declared his intention to sell nearly all physical possessions, asserting, “Will own no house.”
During an interview with TED head Chris Anderson in 2022, Musk delved further into his unconventional living situation, shedding light on his perspective regarding the criticisms aimed at billionaires and their opulent lifestyles. When confronted with the notion that some critics find such extravagance offensive, Musk acknowledged the potential problem it could pose, saying, “For sure, it would be very problematic if I was consuming billions of dollars a year in personal consumption.”
Musk’s Circumstances
He was quick to clarify that his own circumstances were far from extravagant. He disclosed that he didn’t own a home, opting to stay with friends instead. Musk’s schedule often took him to the Bay Area, where much of Tesla’s engineering was concentrated, and in such instances, he would rotate through the spare bedrooms of his friends’ houses for lodging.
Musk’s frugality extended beyond housing. He shared that he did not indulge in luxuries such as yachts or extravagant vacations. But one notable exception to this minimalistic approach is his reliance on a private plane. He admitted that having access to a plane served a practical purpose, providing him with valuable hours for work, which aligned with his unrelenting commitment to his ventures.
Given the prominent entrepreneurs position as the CEO or Founder of companies like Tesla, SpaceX, The Boring Company, Neuralink and many others, this is justified as a necessity rather than a luxury. The growth of these startups is what skyrocketed his wealth status of ‘world’s richest man.’ The lucrative nature of startups has even prompted a recent surge in startup investing among retail investors. Hundreds of millions are being invested a year in startups like Jurny, an AI-powered rental management platform that recently launched on popular startup investing site, Wefunder.
As Project 42 continues to pique public interest, these insights into Musk’s way of life add yet another layer of intrigue to the enigmatic glass house being built exclusively for the visionary entrepreneur. It remains to be seen how this project fits into his overall philosophy and whether it will ultimately become the elusive home he once declared he would never own.
See more on startup investing from Benzinga:
Send To MSN: Send to MSN
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Elon Musk Reportedly Used Millions of Dollars in Tesla Funds To Secretly Build Himself A Literal Glass House — After Famously Saying He ‘Will Own No House’ originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
