Funny how many words it takes to say Elon’s dad in fact own a stake in an emerald mine, invest in Elon’s business, and give Elon an incredibly privileged upbringing.
There's a lot of unanswered questions from the article which is seems anyone with even mediocre skills as a journalist should be willing and able to answer.
It mentions the mine "collapsed" in 1989. Does that mean literally? Just financially? Was there an insurance payout? Did everyone lose their investment? Did Errol Musk own 1% or 90%?
* In quoting another article, it does say: "Errol Musk, an engineer, owned a small percentage of an emerald mine and had a couple of good years before the mine went bust and wiped out his investment."
Elon graduated from college less than 10 years later but says he was $100k in debt. Was he actually in debt? Did he spend years paying that off or did he (or someone else) pay it off shortly after in a lump sum or very quickly?
His dad provided $20k of a $200k seed round for Zip2, was the rest also from friends and family or more institutional investors? Did his dad receive equity for that or was it a gift?
Reading through the article again (and a little more closely than before) it doesn't seem Elon had "an incredibly privileged upbringing" but maybe that's a mix of good PR and this now being 40-some years ago? They're referred to as upper middle class but if that's all it takes to be "incredibly privileged" then 90% of the kids born to people reading HN are also incredibly privileged.
Arnold's piece seems to contradict basically everything else in the article so I'm not sure what to make of it, but it also sounds like he made about $350k profit over the lifetime of his ownership in the mine? Certainly not nothing but it's not opulence and it doesn't sound like most (any?) of that made its way to Elon.
> Elon mostly lived with his father, who says he owned thoroughbred horses, a yacht, several houses and a Cessna. One of their homes was in Waterkloof, a leafy suburb of Pretoria that was popular with foreign diplomats.
> Wanderlust ran on both sides of the family. On holidays, Errol and his kids would travel, he said: to Europe, Hong Kong, throughout the United States. Or they'd take the plane to Lake Tanganyika [in Zambia], where Errol had a stake in an emerald mine.
That sounds more privileged than upper middle class to me.
