Comment by wnevets

Comment by wnevets 4 days ago

17 replies

They had this amount of money

> As a result of this, the teenage Elon Musk once walked the streets of New York with emeralds in his pocket. His father said: “We were very wealthy. We had so much money at times we couldn’t even close our safe,” adding that one person would have to hold the money in place with another closing the door. “And then there’d still be all these notes sticking out and we’d sort of pull them out and put them in our pockets.” [1]

[1] https://www.independent.co.uk/space/elon-musk-made-money-ric...

input_sh 3 days ago

The pocket emerald story that comes before that "we were very wealthy" line is even more telling. It's missing from that Independent article, but that article's based on this Business Insider interview: https://www.businessinsider.com/elon-musks-dad-tells-bi-abou...

> Elon, by his father’s recollection then probably 16 years old, and his brother Kimbal, decided to sell emeralds to Tiffany & Co. on Fifth Avenue in New York – one of the world's most famous jewelers – as his father lay sleeping. "They just walked into Tiffany’s and said, ‘Do you want to buy some emeralds?’" Errol recalled in an interview with Business Insider South Africa. "And they sold two emeralds, one was for $800 and I think the other one was for $1,200."

> A few days later the family returned to the store to find that Tiffany was selling the $800 emerald, now set in a ring, for $24,000 -- a markup of 30 times the price Elon had received for the gem.

> Errol has used the story as on object lesson in how retail works ever since. He was surprised but not concerned by the incident, Errol says, because money was plentiful.

> “We were very wealthy,” says Errol. “We had so much money at times we couldn't even close our safe.”

So, selling-emeralds-to-Tiffany's-at-16 rich.

wisty 3 days ago

So his dad was so poor he kept his money in a safe ...

You can fit maybe 2 million in a safe. Maybe less if it's poorly packed, small denominations, other items in storage (id, etc). A safe full of money is like having an investment property, it's not really a sign of unreal wealth.

It's like some 20 year old on TikTok flexing a Rolex with aftermarket "diamonds" - it isn't dirt poor but it's not what you'd exactly call generational wealth. You don't even hear Trump bragging about having a ton of cash - even the crassest most trashy rich person wouldn't brag about a safe full of cash.

Half the posters here probably have parents with more assets.

Just look at how insanely biased people are here. Elon once allegedly stole $2k worth of emeralds from his dad, and they're gushing over what fabulous wealth that is.

$2k is a phone or a laptop. Elon was so madly rich he stole something as valuable as a laptop from his dad, and this is somehow evidence that he's basically a de Beers?

  • wnevets 3 days ago

    I can't tell if this is rage bait or not.

    • wisty 2 days ago

      What do you disagree with?

      1. A safe would hold less than $2M.

      2. Someone bragging about less than $2 million in assets is not unbelievably rich.

      3. People talk about Musk in a way that suggests his parents were extremely rich.

      • wnevets 2 days ago

        > What do you disagree with?

        His parents are telling you they were very wealthy and you somehow managed to come to the conclusion that Elon grew up poor.

        I guarantee you the median American isn't so wealthy their safes are overflowing with cash.

      • SJC_Hacker 2 days ago

        Over $2 million in assets about the time Musk was matriculating would have put in the top 0.1%, e.g. 1 in 1000. That would be fairly rich to me

eru 3 days ago

That seems pretty silly. Why keep your wealth as cash in a safe?

(And why not use a fraction of the money to buy a second safe, if you really have to keep it in a safe at home.)

  • LanceH 3 days ago

    I know nothing about this specific situation, so I'm not speak to that. I am speaking to "why keep your wealth as cash in a safe?"

    I'm old enough that grandparents lived through the great depression. I know they kept wealth in a safe. A lot of their kids did as well. The grandparents had their gold money taken away, or their cash disappeared in banks. A lot of their kids followed along.

    Being gen X, Elon has parents/grandparents that lived through the great depression and world war. That along with any other local factors makes keeping wealth in a safe not that unusual.

    • eru 3 days ago

      Elon Musk grew up in South Africa.

  • tonyedgecombe 3 days ago

    To keep it away from the tax man.

    • eru 3 days ago

      Maybe. But wouldn't you rather hire a good accountant and lawyer instead of bothering with cash at home?

      • tonyedgecombe 3 days ago

        A good accountant or lawyer would tell you to pay the taxes you can't avoid.

        • eru 3 days ago

          The trick is to make as many taxes as possible avoidable.

  • prerok 3 days ago

    That was probably just their pocket money.

    • eru 3 days ago

      Well, there might have been some weirdness about South Africa at the time. Perhaps financial institutions had some weird weaknesses.

  • wnevets 3 days ago

    > That seems pretty silly. Why keep your wealth as cash in a safe?

    Was it during the apartheid boycotts?