Tesla CEO Elon Musk Explains Why He Is Selling Almost All of His Possessions

Siamak Masnavi
  • 8 May 2020

On Thursday (May 7), Cypto fan Elon Musk, who is a co-founder of PayPal, founder and CEO of SpaceX, and a co-founder and CEO of Tesla, explained why he has decided to sell almost all of his possessions.

Musk's comments came during an appearance on episode #1470 of the very popular "Joe Rogan Experience" (JRE) podcast, which is hosted by Joe Rogan, who is an American comedian and mixed martial arts (MMA) fight color commentator for MMA promotion company Ultimate Fighting Championship (UFC).

Musk seems to be a fan of cryptocurrency, and has several times in the past talked about crypto in tweets and interviews.

For instance, in February 2019, during an interview on ARK Investment Management's For Your Innovation (FYI) podcast, he mentioned that he had some friends who are "really involved in crypto" and called Bitcoin's design/structure "quite brilliant". 

In April 2019, he (possibly jokingly) named his favorite cryptocurrency:

Last Friday (May 1), the Twitter account of the Tesla CEO sent out a strange series of tweets, two of which really raised eyebrows and made many people wonder if his Twitter account had been hacked:

The tweet about Tesla's stock price caused the stock to instantly drop around 10%.

Then, three days later, CNBC reported that "two of Elon Musk’s Los Angeles mansions appear to be up for sale on property website Zillow for $30 million and $9.5 million." Apparently, these two listings went up on May 3. The two luxury homes are both in the Bel Air neighborhood of LA.

The "quirky" $9.5 million ranch is the former home of deceased American actor Gene Wilder, the star of the movie "Willy Wonka and the Chocolate Factory".

Zillow Listing for Musk's Willy Wonka House.png

Musk said on May 1 that there he had just one requirement/condition on the sale of this house:

In his second appearance on the JRE podcast, Musk said that he was "slighly sad" about having to let go of all all of his possessions, including all of his homes. He then went to explain why he had come to this decision:

"I think possessions kind of weight you. They are kind of an attack vector. They say 'hey billionaire, you've got all this stuff'. Well, now, I don't have stuff. Now, what are you going to do?"

During the interview, Musk also found time to criticize billionaire investor Warren Buffett (Chairman and CEO of Birthshire Hathaway), saying that he is was not one of Buffett's "biggest fans" and that what Buffett does is "pretty boring".

Yesterday, MarketWatch reported that Tesla had "abruptly suspended production at its Shanghai, China manufacturing plant" probably due to the disruption of supply lines caused by the COVID-19 pandemic. Apparently, Tesla has said in a statement that the "Shanghai factory is conducting normal maintenance work and production-line adjustments."