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A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.^[1] A rental agreement is a lease in which the asset is tangible property.^[2] Leases for intangible property could include use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell-phone provider). A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewelry.^[3]

A cancelable lease is a lease that may be terminated solely by the lessee or solely by the lessor. A non-cancelable lease is a lease that cannot be so terminated. Commonly, “lease” may imply a non-cancelable lease, whereas “rental agreement” may connote a cancelable lease.

The lease will either provide specific provisions regarding the responsibilities and rights of the lessee and lessor, or there will be automatic provisions as a result of local law. In general, by paying the negotiated fee to the lessor, the lessee (also called a tenant) has possession and use (the rental) of the leased property to the exclusion of the lessor and all others except with the invitation of the tenant. The most common form of real property lease is a residential rental agreement between landlord and tenant.^[4] The relationship between the tenant and the landlord is called a tenancy, and the right to possession by the tenant is sometimes called a leasehold interest. A lease can be for a fixed period of time (called the term of the lease) but (depending on the terms of the lease) may be terminated sooner.

A lease should be contrasted to a license, which may entitle a person (called a licensee) to use property, but which is subject to termination at the will of the owner of the property (called the licensor). An example of a licensor/licensee relationship is a parking lot owner and a person who parks a vehicle in the parking lot. A license may be seen in the form of a ticket to a baseball game. The difference would be that if possession is subject to ongoing, recurrent payments and is generally not subject to termination except for misconduct or nonpayment, it is a lease; if it's a one-time entrance onto someone else's property, it's probably a license. The seminal difference between a lease and a license is that a lease generally provides for regular periodic payments during its term and a specific ending date. If a contract has no ending date then it may be in the form of a perpetual license and still not be a lease.

Under normal circumstances, owners of property are at liberty to do what they want with their property (for a lawful purpose), including dealing with it or handing over possession of the property to a tenant for a limited period of time. If an owner has surrendered possession to another (i.e., the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful possession is itself unlawful.

Similar principles apply to real property as well as to personal property, though the terminology would be different. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The right to sub-lease can be expressly prohibited by the main lease, sometimes referred to as a "master lease".

History[link]

Over the centuries, leases have served many purposes and the nature of legal regulation has varied according to those purposes and the social and economic conditions of the times. Leases, for example, were mainly used for agricultural purposes until the late 18th century and early 19th century when the growth of cities in industrialized countries had made leases an important form of landholding in urban areas.

The modern law of landlord and tenant in common law jurisdictions retains the influence of the common law and, particularly, the laissez-faire philosophy that dominated the law of contract and property law in the 19th century. With the growth of consumerism, consumer protection legislation recognised that common law principles, which assume equal bargaining power between the contracting parties, create hardships when that assumption is inaccurate. Consequently reformers have emphasised the need to assess residential tenancy laws in terms of protection they provide to tenants. Legislation to protect tenants is now common.

General terms[link]

A Lease is a legal contract, and thus enforceable by all parties under the Contract Laws of the applicable jurisdiction. But, since it also represents a conveyance of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a deed. Some specific kinds of leases may have specific clauses required by statute depending upon the property being lease, and/or the jurisdiction in which the agreement was signed or the residence of the parties.

Common elements of a lease include:

• Names of the parties of the agreement.
• The starting date and duration of the agreement.
• Identifies the specific object (by street address, VIN, or make/model,serial number) being leased.
• Provides conditions for renewal or non-renewal.
• Has a specific consideration (a lump sum, or periodic payments) for granting the use of this object.
• Has provisions for a security deposit and terms for its return.
• May have a specific list of conditions which are therein described as Default Conditions and specific Remedies.
• May have other specific conditions placed upon the parties such as
  • need to provide insurance for loss
  • restrictive use
  • which party is responsible for maintenance

All kinds of personal property (e.g.: cars, furniture,...) or real property (raw land, apartments, single family homes, and business property (including wholesale and retail)) may be leased. As a result of the lease, the owner (lessor) grants the use of the stated property to the lessee.

Types of tenancies[link]

Fixed-term tenancy or tenancy for years[link]

A fixed-term tenancy or tenancy for years lasts for some fixed period of time. It has a definite beginning date and a definite ending date. Despite the name "tenancy for years", such a tenancy can last for any period of time—even a tenancy for one week may be called a tenancy for years. At Common law the duration did not need to be certain, but could be conditioned upon the happening of some event, (e.g., "until the crops are ready for harvest" or "until the war is over"). In many jurisdictions that possibility has been partially or totally abolished.^[5]

A fixed term tenancy comes to an end automatically when the fixed term runs out or, in the case of a tenancy that ends on the happening of an event, when the event occurs. If a holdover tenant remains on the property after the termination of the lease, s/he may become a tenant at sufferance because the lessor/landlord has suffered (or allowed) the tenant to remain as a tenant instead of evicting him or her. Such a tenancy is generally "at will," meaning the tenant or the landlord may terminate it at any time, upon the providing of proper statutory notice.

Periodic tenancy[link]

A periodic tenancy also known as a tenancy from year to year, month to month, or week to week, is an estate that exists for some period of time determined by the term of the payment of rent. An oral lease for a tenancy of years that violates the Statute of Frauds (by committing to a lease of more than — depending on the jurisdiction — one year without being in writing) may actually create a periodic tenancy, depending on the laws of the jurisdiction where the leased premises are located. In many jurisdictions the "default" tenancy, where the parties have not explicitly specified a different arrangement, and where none is presumed under local or business custom, is a month-to-month tenancy.

Either the landlord or the tenant may terminate a periodic tenancy when the period or term is nearing completion, by giving notice to the other party as required by statute or case law in the jurisdiction. Neither landlord nor tenant may terminate a periodic tenancy before the period has ended, without incurring an obligation to pay for the months remaining on the lease. Either party must give notice if it intends to terminate a tenancy from year to year, and the amount of notice is either specified by the lease or by state statute. Notice is usually, but not always, at least one month, especially for the year to year periodic tenancy. Durations of less than a year must typically receive notice equal to the period of the tenancy - for example, the landlord must give a month's notice to terminate a tenancy from month to month. However, many jurisdictions have increased these required notice periods, and some have reduced the capacity of a landlord to use them drastically. For jurisdictions that have local rent control laws, a landlord's ability to terminate a residential tenancy is substantially reduced. For example, in California, the cities of Los Angeles, Santa Monica, West Hollywood, San Francisco, and Oakland have "rent stabilization ordinances" that limit a landlord's ability to terminate a periodic tenancy, among other restrictions.

The notice must also state the effective date of termination, which, in some jurisdictions, must be on the last day of the payment period. In other words, if a month-to-month tenancy began on the 15th of the month, in a jurisdiction with a last day requirement the termination could not be effective on the 20th of the following month, even though this would give the tenant more than the required one month's notice.

Tenancy at will[link]

A tenancy at will is a tenancy which either the landlord or the tenant may terminate at any time by giving reasonable notice. Unlike a periodic tenancy, it isn't associated with a time period. It may last for many years, but it could be ended at any time by either the lessor or the lessee for any reason, or for no reason at all. Proper notice, as always with landlord/tenant law, must be given, as set forth in the state's statutes. If there is no formal lease, the tenancy at will is the one that usually exists. In rare cases it may occur where the tenancy is not for consideration. Under the modern common law, a tenancy at will without compensation is very rare, partly because it comes about only if the parties expressly agree that the tenancy is for no rent, commonly where a family member is allowed to live in a home (a nominal consideration may be required) without any formal arrangements. In most residential tenancies for a fixed term, for consideration, the tenant may not be removed except for cause, even if there is no written lease. (However, an oral lease for more than 12 months is not enforceable if the statute of frauds in the jurisdiction includes leases of more than 12 months.) Many residential leases convert to "at will" tenancy subject to 30-days notice. Alternatively, a tenancy at will (without a specific time limit) may exist for a temporary period where a tenant wishes to take possession of a property and the landlord agrees, but there is insufficient time in which to negotiate and complete a new lease. In this case, the tenancy at will is terminated as soon as a new lease is negotiated and signed. The parties may also agree on the basis that if the parties fail to enter into a new lease within a reasonable time period, then the tenant must vacate the premises.

If a lease exists at the sole discretion of the landlord, the law of the jurisdiction may imply that the tenant is granted, by operation of law, a reciprocal right to terminate the lease at will. However, a lease that explicitly exists at the will of the tenant (e.g. "for as long as the tenant desires to live on this land") generally does not imply that the landlord may terminate the lease; rather, such language may be interpreted as granting the tenant a life estate or even a fee simple.

A tenancy at will is broken, again by operation of law, if the:

• Tenant commits waste against the property;
• Tenant attempts to assign the tenancy;
• Tenant uses the property to operate a criminal enterprise;
• Landlord transfers his/her interest in the property;
• Landlord leases the property to another person;
• Tenant or landlord dies.

The specifics of these rules differ from jurisdiction to jurisdiction.

Subject to any notice required by law, a tenancy at will also comes to an end when either the landlord or the tenant acts inconsistently with a tenancy. For example, the changing of locks by the landlord is an indication of the end of the tenancy, as is the vacation of the premises by the tenant. However, in some jurisdictions, such as California, a landlord is prohibited from using a "self help" remedy, such as changing the locks, to terminate a tenancy, particularly a residential tenancy. Doing so may constitute a "constructive eviction" and expose the landlord to civil and criminal liability.

Tenancy at sufferance[link]

A tenancy at sufferance (sometimes called a holdover tenancy) exists when a tenant remains in possession of a property after the expiration of a lease, and until the landlord acts to eject the tenant from the property. Although the tenant is technically a trespasser at this point, and possession of this type is not a true estate in land, authorities recognize the condition in order to hold the tenant liable for rent. The landlord may evict such a tenant at any time, and without notice.

The landlord may also impose a new lease on the holdover tenant. For a residential tenancy, this new tenancy is month to month. For a commercial tenancy of more than a year, the new tenancy is year to year; otherwise it is the same period as the period before the original lease expired. In either case, the landlord can raise the rent, so long as the landlord has told the tenant of the higher rent before the expiration of the original lease.

Formalities[link]

Formal requirements for a lease are determined by the law and custom of the jurisdiction in which real property is located. In the case of personal property, it is determined by the law and custom of the jurisdiction in which the rental agreement is made.^[6]

A tenancy for a duration greater than one year must be in writing in order to satisfy the Statute of Frauds.

Term[link]

The term of the lease may be fixed, periodic or of indefinite duration. If it is for a specified period of time, the term ends automatically when the period expires, and no notice needs to be given, in the absence of legal requirements. The term's duration may be conditional, in which case it lasts until a specified event occurs, such as the death of a specified individual. A periodic tenancy is one which is renewed automatically, usually on a monthly or weekly basis. A tenancy at will lasts only as long as the parties wish it to, and may be terminated by either party without penalty.

It is common for a lease to be extended on a "holding over" basis, which normally converts the tenancy to a periodic tenancy on a month by month basis. It is also possible for a tenant, either expressly or impliedly, to give up the tenancy to the landlord. This process is known as a "surrender" of the lease.

Rent[link]

Rent is a requirement of leases in some common law jurisdiction, but not in civil law jurisdiction. In England it was held in the case of Ashburn Anstalt v Arnold that rent was not a requirement for there to be a lease, however the court will more often construe a licence where no rent is paid as it is seen as evidence for no intention to create legal relationship. There is no requirement for the rent to be a commercial amount. "Pepper corn" rent or rent of some nominal amount is sufficient for this requirement.

Car rental[link]

In addition to the above, a car rental agreement may include various restrictions on the way a renter can use a car, and the condition in which it must be returned. For example, some rentals cannot be driven off-road, or out of the country, or towing a trailer, without specific permission. In New Zealand you may have to specifically endorse a promise that the car will not be driven onto Ninety-Mile Beach (because of the hazardous tides).

There will certainly be a requirement to show a driver's license, and only those drivers appearing on the contract may be authorized to drive. It may include an option to purchase auto insurance (motor insurance, UK), if the renter does not already have a policy to cover rentals—another important consideration for multiple drivers. Some agencies may even require a bond payable if the car is not returned in order, often held in the form of a credit-card authorization—voided if the car is returned per agreement. A renter should be advised that he or she will be responsible for any tolls, parking or traffic violations incurred upon the vehicle during the rental period. There should also be advice on handling thefts, accidents, break-downs, and towing.

Further terms may include added fees for late returns, drop-off at a different location, or failure to top up the petrol immediately before the return.

Finally, there may be provisions for making a non-refundable deposit with a booking, terms for payment of the initial period (with discounts, vouchers, etc.), extended periods, and any damages or other fees that accrue prior to the return.

Real estate rental[link]

A rental agreement is often called a lease, especially when real estate is rented. Real estate rentals are initiated by a rental application^[7] which are used to build the terms of the lease. In addition to the basics of a rental (who, what, when, how much), a real estate rental may go into much more detail on these and other issues. The real estate may be rented for housing, parking a vehicle(s), storage, business, agricultural, institutional, or government use, or other reasons.

• Who: The parties involved in the contract, the lessor (sometimes called the owner or landlord) and the lessee (sometimes called the renter or tenant) are identified in the contract. A housing lease may specify whether the renter is living alone, with family, children, room-mate, visitors. A rental may delineate the rights and obligations of each of these. For example, a "sub-let" to a stranger might not be permitted without permission of the landlord. This also applies to whether or not pets may be kept by the renter. On the other hand, the renter may also have specific rights against intrusions by the landlord (or other tenants), except under emergency circumstances. A renter is in possession of the property, and a landlord would be trespassing upon the renter's rights if entry is made without proper notice and authority (e.g., 24 hours' notice, daytime, knock first, except for emergency repairs, in case of fire, flood, etc.).
• What: Rented real estate may include all or part of almost any real property, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things. The premises rented may include not only specific rooms, but also access to other common areas such as off-street parking, basement or attic storage, laundry facility, pool, roof-deck, balconies, etc. The agreement may specify how and when these places may be used, and by whom. There may be detailed description of the current condition of the premises, for comparison with the condition at the time the premises are surrendered.
• When: the term of the rental may be for a night (e.g., a hotel room), weeks, months, or years. There may be statutory provisions requiring registration of any rental that could extend for more than a specified number of years (e.g., seven) in order to be enforceable against a new landlord.

A typical rental is either annual or month-to-month, and the amount of rent may be different for long-term renters (because of lower turnover costs). Leaving a long-term lease before its expiration could result in penalties, or even the cost of the entire agreed period (if the landlord is unable to find a suitable replacement tenant, after diligent pursuit). If a tenant stays beyond the end of a lease for a term of years (one or more), then the parties may agree that the lease will be automatically renewed, or it may simply convert to a tenancy at will (month-to-month) at the pro-rated monthly cost of the previous annual lease. If a tenant at will is given notice to quit the premises, and refuses to do so, the landlord then begins eviction proceedings. In many places it is completely illegal to change locks on doors, or remove personal belongings, let alone forcibly eject a person, without a court order of eviction. There may be strict rules of procedure, and stiff penalties (triple damages, plus attorneys' fees) for violations.

• How much: Rent may be payable monthly, annually, or in advance, or as otherwise agreed. A typical arrangement for tenancy at will is "first and last month's rent" plus a security deposit. The "last month's rent" is rent that has yet to be earned by the landlord.

Deposit[link]

The security deposit is often handled as an escrow deposit, owned by the tenant, but held by the landlord until the premises are surrendered in good condition (ordinary wear and tear excepted). In some states, the landlord must provide the tenant with the name and account number of the bank where the security deposit is held, and pay annual interest to the tenant. Other regulations may require the landlord to submit a list of pre-existing damage to the property, or forfeit the security deposit immediately (because there is no way to determine whether a prior tenant was responsible). In UK the government has introduced deposit protection scheme by providing Property Inventory Services which is carried out by various Independent Inventory Clerk across the country.

Insurance[link]

In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4. This is commonly referred to as renter’s insurance or renter's coverage. Similar to condominium coverage, referred to as a HO-6 policy, a renter's insurance policy covers those aspects of the apartment and its contents not specifically covered in the blanket policy written for the complex. This policy can also cover liabilities arising from accidents and intentional injuries for guests as well as passers-by up to 150' of the domicile. Renter’s policies provide "named peril" coverage, meaning the policy states specifically what you are insured against. Common coverage areas are:

• Fire or Lightning
• Windstorm
• Smoke
• Vandalism or Malicious Mischief
• Theft
• Accidental Discharge of Water^[8]

Additional events including riot, aircraft, explosion, smoke, hail, falling objects, volcanic eruption, snow, sleet, and weight of ice may also be covered.^[9]

Land lease[link]

A land lease or ground lease is a lease in which the tenant rents and uses the land, but owns the temporary or permanent buildings and other objects placed upon it.

This section requires expansion.

According to the Ethiopian government 36 countries including India, China, Pakistan and Saudi Arabia had leased farm land there in March 2011. Ethiopia had offered three million hectares of virgin land to foreign corporations. Ethiopia is one of the world's largest recipients of humanitarian food assistance. In 2010 receiving more than 700,000 tonnes of food.^[10]

Sublease[link]

Look up sublease or sublet in Wiktionary, the free dictionary.

In real estate law, sublease (or, less formally, sublet) is the name given to an arrangement in which the lessee (e.g. tennant) in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant. This means they are not only leasing the property, but also subleasing it simultaneously. For example, if a company leases an office space directly from a landlord, the lessor, and subsequently outgrows the office, then the company can sublease the smaller office space to another company, the subtenant, and enter into a new lease for a larger office space, thereby hedging their real estate exposure. ^[11]

The sublessor remains liable to the original lessor in accordance with the initial lease, including all remaining rent payments, including operating expenses and all other original lease terms. In a down-market, the original lessee may require a lower rent payment from the sublessee than what he or she may have originally paid, leaving the remaining rent owed to the lessor to be paid by the original lessee. However, if market prices have increased since the original lease was signed, the sublessor might be able to secure a higher rent price than what is owed the original lessor. However, many commercial leases stipulate that any overages in rent be shared with the landlord, the lessor.

In residential real estate, it is sometimes illegal to charge the subtenant more than the original amount in the sublessee's contract (for instance, in a rent control situation where the rental amount is controlled by law). Subletting of social housing is generally illegal, whatever the rent charged to the subtenant; in the UK it is officially described as a category of housing fraud.^[12]

A sublease can also apply to vehicles as an alternate type of car rental. In a vehicle sublease, a lessee or vehicle owner can assign a lease to a third party and by way of contractual agreement for specific dates. Although this arrangement is not popular, it is a growing trend in the travel industry as a less expensive alternative for travelers and locals.

Head lease[link]

A head lease is a lease between a tenant and a landlord in which overall contractual responsibility is given to one identifiable tenant called the head lessee. This form of lease normally relates to an entire building which is multi-tenanted and subleased, and is usually for a longer term than the subleases.^[13]

See also[link]

• Leasehold
• Renting
• Leasehold valuation tribunal
• Recital (law)
• Rental agreement (personal and real property rental)
• Finance lease
• Operating lease
• Leveraged lease
• Vehicle leasing

References[link]

Earl Stewart
Personal information
Full name	Earl Richard Stewart, Jr.
Born	(1921-10-15)October 15, 1921 Dallas, Texas
Died	July 11, 1990(1990-07-11) (aged 68) Quitman, Texas
Height	5 ft 10 in (1.78 m)
Weight	153 lb (69 kg; 10.9 st)
Nationality	United States
Career
College	Louisiana State University
Turned professional	1950
Former tour(s)	PGA Tour
Professional wins	4
Number of wins by tour
PGA Tour	3
Best results in Major Championships
Masters Tournament	T15: 1953
U.S. Open	T10: 1952[1]
The Open Championship	DNP
PGA Championship	T26: 1967

Earl Richard Stewart, Jr. (October 15, 1921 – July 11, 1990) was an American professional golfer who played on the PGA Tour in the 1950s and 1960s; and was a college head golf coach in the 1970s and 1980s.

Stewart was born in Dallas, Texas. He attended Louisiana State University and was a member of the golf team. In 1941, he won the NCAA Championship, and led the Bayou Bengals to a share of the NCAA team title in 1942.

Stewart had three wins in PGA Tour events during his career. His first win came in 1953 at the Greater Greensboro Open. He would win the Ardmore Open later that year. His best finishes in major championships were T10 at the 1952 U.S. Open^[1] and T15 at The Masters in 1953.^[2] Like many professional golfers of his generation, Stewart earned his living primarily as a club pro. His third and final win on the PGA Tour, the 1961 Dallas Open Invitational, came on his own course at the Oak Cliff Country Club.

Stewart was the head golf coach at Southern Methodist University from 1975–1987. He coached both the men's and women's teams. Men's golf was dropped by the university in 1980. He won a national championship with the women's team in 1979. One of his students was future two-time U.S. Open and PGA Champion Payne Stewart (no relation). In 1987, he was inducted into the National Golf Coaches Association Coaches Hall of Fame for his role as a women's collegiate golf coach at SMU.

Stewart died after a long illness at the age of 68 at his home in Quitman, Texas.

Amateur wins[link]

• 1941 NCAA Championship (individual medalist)

Professional wins[link]

PGA Tour wins[link]

• 1953 Greater Greensboro Open, Ardmore Open
• 1961 Dallas Open Invitational

Other wins[link]

• 1950 Orlando Two-Ball (with Patty Berg)

References[link]

Elon Musk
Musk in 2008.
Born	(1971-06-28) June 28, 1971 (age 40) Pretoria, South Africa[1]
Residence	Bel Air, Los Angeles, California
Citizenship	United States[2]
Education	B.S. in Physics and B.A. Economics from University of Pennsylvania
Occupation	Engineer, inventor, entrepreneur
Known for	Co-founder of Zip2, PayPal, SpaceX, Tesla Motors
Salary	$1[3]
Net worth	$2 billion (2012)[2]
Title	CEO and CTO of SpaceX, Chairman of SolarCity, CEO of Tesla Motors
Political party	Independent[4]
Spouse	Justine Musk 2000–2008 Talulah Riley 2010–2012
Children	Five sons

Elon Musk (born June 28, 1971) is a South African-born American business magnate, engineer and inventor. He is best known for co-founding SpaceX, Tesla Motors and X.com, which later became Paypal after acquiring the service. He is currently the CEO and Chief Designer of SpaceX, CEO and Product Architect of Tesla Motors and Chairman of SolarCity. While at those companies, Musk co-designed the first viable electric car of the modern era^[5], the Tesla Roadster, a private successor to the Space Shuttle, Falcon 9/Dragon, and the world's largest Internet payment system, PayPal.

Early life[link]

Elon Musk was born in Pretoria, South Africa, the son of a Canadian-American mother and a South African father. His maternal grandfather was from Minnesota, and had moved to Saskatchewan, where Musk's mother was born. His father is an engineer and his mother is an author, nutritionist and model, appearing on the cover of New York Magazine in 2011 and a Time Magazine supplement in 2010^[6].

Musk bought his first computer at age 10 and taught himself how to program;^[7] by the age of 12 he sold his first commercial software for about $500, a space game called Blastar.^[7]

After matriculating at Pretoria Boys High School he left home in 1988 at the age of 17, without his parents' support and in part because of the prospect of compulsory service in the South African military: "I don't have an issue with serving in the military per se, but serving in the South African army suppressing black people just didn't seem like a really good way to spend time".^[7] He wanted to move to the US, saying: "It is where great things are possible".^[8]

In 1992, after spending two years at Queen's University, Elon left Canada, pursuing business and physics at the University of Pennsylvania on a full scholarship. From the University of Pennsylvania's Wharton School, he received an undergraduate degree, and stayed on another year to finish a second bachelor's degree in physics.^[9] His undergraduate degrees behind him, and drawing inspiration from innovators such as Thomas Edison and Nikola Tesla,^[10] Musk then considered three areas he wanted to get into that were "important problems that would most affect the future of humanity", as he said later, "One was the Internet, one was clean energy, and one was space".^[7]

Career[link]

In 1995, Musk went on to a graduate program in applied physics and materials science at Stanford. He stayed two days before dropping out to start Zip2, which provided online content publishing software for news organizations, with his brother Kimbal Musk. In 1999, Compaq's AltaVista division acquired Zip2 for US$307 million in cash and US$34 million in stock options.^[11]

PayPal[link]

In March 1999, Musk co-founded X.com, an online financial services and e-mail payment company. One year later, in a 50/50 merger^[12], X.com acquired Confinity^[13], operator of the then largest auction payments service PayPal. Musk was a principal architect behind the purchase, which hinged on his belief in the emerging online-transfer, or “P2P” technology.^[13] Musk believed that the Confinity sub-brand would become the necessary vehicle to incorporate and develop a person-to-person payment platform within X.com.^[13] The combined company at first adopted X.com as the corporate name, but in February 2001, X.com changed its legal name to PayPal Inc. Musk was instrumental in the new PayPal’s focus on a global payment system and departure from the core financial offerings of X.com.^[14]

PayPal’s early growth was due in large part to a successful viral growth campaign created by Musk.^[15] In October 2002, PayPal was acquired by eBay for US$1.5 billion in stock.^[16] Before its sale, Musk, the company's largest shareholder, owned 11.7% of PayPal's shares.^[17]

SpaceX[link]

Musk with President Obama at the Falcon 9 launch site in 2010

In June 2002, Musk founded his third company, Space Exploration Technologies (SpaceX),^[18] of which he is currently the CEO and CTO. SpaceX develops and manufactures space launch vehicles with a focus on advancing the state of rocket technology. The company's first two launch vehicles are the Falcon 1 and Falcon 9 rockets and its first spacecraft is Dragon^[19].

On 23 December 2008, SpaceX was awarded a $1.6 billion NASA contract for 12 flights of their Falcon 9 rocket and Dragon spacecraft to the International Space Station, replacing the Space Shuttle after it retired in 2011. Initially, Falcon 9/Dragon will replace the cargo transport function of the Shuttle and astronaut transport will be handled by the Soyuz. However, SpaceX has designed Falcon 9/Dragon with astronaut transport in mind and the Augustine commission has recommended that astronaut transport be handled by commercial companies like SpaceX.^[20]

Musk views space exploration as an important step in expanding—if not preserving—the consciousness of human life.^[21] Musk has said that multiplanetary life may serve as a hedge against threats to the survival of the human species. "An asteroid or a super volcano could destroy us, and we face risks the dinosaurs never saw: An engineered virus, inadvertent creation of a micro black hole, catastrophic global warming or some as-yet-unknown technology could spell the end of us. Humankind evolved over millions of years, but in the last sixty years atomic weaponry created the potential to extinguish ourselves. Sooner or later, we must expand life beyond this green and blue ball—or go extinct." Musk's goal is to reduce the cost of human spaceflight by a factor of 100. He founded SpaceX with $100 million of his early fortune. He remains chief executive officer and chief technology officer of the Hawthorne, Calif.-based company.

In seven years, SpaceX has designed the family of Falcon launch vehicles and the Dragon multi-purpose spacecraft from the ground-up. In September 2009, SpaceX's Falcon 1 rocket became the first privately funded liquid-fueled vehicle to put a satellite into Earth orbit. NASA selected SpaceX to be part of the first program that entrusts private companies to deliver cargo to the International Space Station. This contract, which has a minimum value of $1.6 billion and a maximum value of $3.1 billion, has become a cornerstone of the Space Station's continued access to cargo delivery and return. In addition to these services, SpaceX's goals include simultaneously lowering the price of orbital spaceflight and improving reliability, both by an order of magnitude, while creating the first fully reusable orbital launch vehicle. In the coming years, Musk will focus on delivering astronauts to the International Space Station, but has stated his personal goal of eventually enabling human exploration and settlement of Mars. In a 2011 interview, he said he hopes to send humans to Mars' surface within 10–20 years.^[22]. On May 25, 2012, the SpaceX Dragon vehicle docked with the ISS, making history as the first commercial company to launch and dock a vehicle to the International Space Station.

Tesla Motors[link]

Musk is also co-founder and head of product design at Tesla Motors, where he led development of the Tesla Roadster, the first production electric sports car. Musk's interest in electric vehicles extends long before the creation of Tesla. He originally went to Silicon Valley to do a PhD in Applied Physics and Materials Science at Stanford, where his goal was to create ultracapacitors with enough energy to power electric cars.

Musk provided almost all of the capital for Tesla's first two funding rounds and continued to invest in every subsequent financing round. As a result of the financial crisis in 2008 and a forced layoff at Tesla,^[23] Musk agreed to assume the additional responsibility of CEO.

Tesla Motors previously built an electric sports car, the Tesla Roadster, and has shipped over 2,200 vehicles to 31 countries. Tesla expects to be in production with its four-door Model S sedan by July 2012 and unveiled its third product the Model X, aimed at the SUV/minivan market, on February 9, 2012. Model X is scheduled to begin production in late 2013.

In addition to its own cars, Tesla sells electric powertrain systems to Daimler for the Smart EV and Mercedes A Class, and to Toyota for the upcoming electric RAV4. Musk was also able to bring in both companies as long term investors in Tesla.

Musk is principally responsible for an overarching business strategy that aims to deliver affordable electric vehicles to mass-market consumers. His vision was to create the Tesla Roadster as a means to that end—a car aimed specifically at affluent early adopters, whose purchase of the sports car would subsidize the research and development costs of lower priced models of electric vehicles. From the start of Tesla, Musk has been a champion of the Model S, a four-door family sedan with an anticipated base price of half that of the Roadster. Musk has also favored building a sub-$30,000 subcompact and building and selling electric vehicle powertrain components so that other automakers can produce electric vehicles at affordable prices without having to develop the products in house.^[24] Several mainstream publications have compared him with Henry Ford for his revolutionary work on advanced vehicle powertrains.^[25]

He is reported to have a 29% stake in Tesla, which is currently valued above $1 billion, as of March 2012.^[26][27]

SolarCity[link]

Musk provided the initial concept for SolarCity, where he remains the largest shareholder and chairman of the board. SolarCity is the largest provider of solar power systems in the United States. His cousin Lyndon Rive is the CEO and co-founder.^[28][29] The underlying motivation for funding both SolarCity and Tesla is to help combat global warming.^[30]

Philanthropy[link]

Musk is Chairman of the Musk Foundation, which focuses its philanthropic efforts on science education, pediatric health and clean energy. He is a trustee of the X Prize Foundation, promoting renewable energy technologies. He sits on the boards of The Space Foundation, The National Academies Aeronautics and Space Engineering Board, The Planetary Society, and Stanford Engineering Advisory Board. Musk is also a member of the board of trustees of the California Institute of Technology (Caltech).

In 2010, Musk began a multi-million dollar program through his foundation to donate solar power systems for critical needs in disaster areas. The first such solar power installation occurred on a hurricane response center in Alabama that had been neglected by state and federal aid. To make it clear that this was not serving Musk's commercial interests, SolarCity noted that it had no present or planned business activity in Alabama.^[31]

In 2001, Musk had plans for a "Mars Oasis" project, which would land a miniature experimental greenhouse on Mars, containing food crops growing on Martian regolith.^[32][33] He put this project on hold when he came to the conclusion that the fundamental problem preventing humanity from becoming a true spacefaring civilization was the lack of advancement in rocket technology. He has sought to address this by founding SpaceX to create revolutionary new interplanetary rockets.

His long term goal is to help humanity through SpaceX by creating a true spacefaring civilization.^[34] Musk's philosophy and description of what is needed to solve the problem are provided in the IEEE podcast "Elon Musk: a founder of Paypal, Tesla Motors, and SpaceX"^[35] and article "Risky Business."^[33]

In April 2012 Musk joined The Giving Pledge, offering a moral commitment to donate the majority of his fortune to philanthropy.^[36] Musk became a member of the campaign first popularized by Warren Buffett and Bill Gates with a class of 12 of America’s wealthiest families and individuals, which included Arthur Blank and Michael Moritz.^[36]

Awards and recognition[link]

Listed as one of Time Magazine's 100 people who most affect the world in 2010. Jon Favreau, director of the Iron Man movies, describes in his article how Musk was the inspiration for Favreau's film depiction of genius billionaire Tony Stark.^[37]

The world governing body for aerospace records, Fédération Aéronautique Internationale, presented Musk in 2010 with the highest award in air & space, the FAI Gold Space Medal, for designing the first privately developed rocket to reach orbit. Prior awardees include Neil Armstrong, Burt Rutan of Scaled Composites and John Glenn.

Named as one of the 75 most influential people of the 21st century by Esquire magazine.^[21]

In June 2011, Musk was awarded the $500,000 Heinlein Prize for Advances in Space Commercialization^[38]

In February 2011, Forbes listed Musk as one of "America's 20 Most Powerful CEOs 40 And Under".^[39]

Recognized as a Living Legend in Aviation in 2010 by the Kitty Hawk Foundation for creating the successor to the Space Shuttle (Falcon 9 rocket and Dragon spacecraft). Other awardees include Buzz Aldrin and Richard Branson.^[40]

American Institute of Aeronautics and Astronautics George Low award for the most outstanding contribution in the field of space transportation in 2007/2008. Musk was recognized for his design of the Falcon 1, the first privately developed liquid fuel rocket to reach orbit.^[41]

National Space Society's Von Braun Trophy in 2008/2009, given for leadership of the most significant achievement in space. Prior recipients include Burt Rutan and Steve Squyres.^[42]

National Wildlife Federation 2008 National Conservation Achievement award for Tesla Motors and SolarCity. Other 2008 awardees include journalist Thomas Friedman, U.S. Senator Patrick Leahy and Florida Governor Charlie Crist.^[43]

The Aviation Week 2008 Laureate for the most significant achievement worldwide in the space industry.^[44]

R&D Magazine Innovator of the Year for 2007 for SpaceX, Tesla and SolarCity.^[45]

Automotive Executive of the Year (worldwide) in 2010 for demonstrating technology leadership and innovation via Tesla Motors. Prior awardees include Bill Ford Jr, Bob Lutz, Dieter Zetsche and Lee Iacocca. Musk is the youngest ever recipient of this award.^[46]

Inc Magazine Entrepreneur of the Year award for 2007 for his work on Tesla and SpaceX.^[47]

2007 Index Design award for his design of the Tesla Roadster.^[48]

Global Green 2006 product design award for his design of the Tesla Roadster, presented by Mikhail Gorbachev.^[49]

Honorary doctorate in design from the Art Center College of Design ^[50]

Musk is a Director of the Planetary Society, a Trustee of The X-Prize Foundation and a member of the Stanford University Engineering Advisory Board. He has previously served as a member of the United States National Academy of Sciences Aeronautics and Space Engineering Board.^[51]

In a 2010 Space Foundation survey, Musk was ranked as the #10 (tied with rocketry pioneer and scientist Wernher von Braun) most popular space hero.^[52]

In 2010, Musk was elected to the board of trustees of the California Institute of Technology.^[53]

In 2011, Musk was honored as a Legendary Leader at the Churchill Club Awards.^[54]

Interests[link]

Musk has described himself as a workaholic who routinely invests 100 hours per week in running Tesla Motors and SpaceX, often flying in a fuel-efficient corporate jet.^[55]

The SpaceX factory was used as a shooting location for Iron Man 2 and Musk has a cameo in the movie.^[56] In addition, Jon Favreau, director of the Iron Man movies, describes in his article how Musk was the inspiration for Favreau's film depiction of genius billionaire Tony Stark.^[37]

Musk previously owned and later sold a McLaren F1 sports car and a Czech made jet trainer aircraft Aero L-39.^[57] The 1994 model Dassault Falcon 900 aircraft used in the film Thank You for Smoking is registered to Musk (N900SX). Musk executive-produced the film and had a small cameo role as the pilot.^[58]

Family[link]

Musk lives in Bel-Air, California. He recently ended a four year relationship with his second wife, British actress Talulah Riley.^[59] Musk has five sons with his first wife, the Canadian-born author Justine Musk, whom he met while both were students at Queen's University and whom he married in 2000.^[60]

Musk's sister Tosca is the founder of Musk Entertainment and producer of various movies.^[61][62] Musk himself was the executive producer of her first movie, called Puzzled.^[63] His brother Kimbal is the CEO of a social search company OneRiot and owner of The Kitchen restaurant in Boulder, Colorado.^[64]

Controversies[link]

In October 2008, after Musk had confirmed an earlier report^[65] that Tesla Motors had only $9 million in cash,^[66] he was reported to have hired an outside IT contractor to go through all of the company's email and instant messages, then had a forensic investigator lift fingerprints from a printout discarded near a copier used to leak the email. The email implicated employee Peng Zhou as the source of the company's reported financial status. Zhou had sought to frame other employees at Tesla by claiming in his leaked emails that he was a four-year employee. Musk offered Zhou the option of apologizing to the company and resigning, which he did, rather than face prosecution.^[67]

On May 26, 2009, former Tesla Motors CEO Martin Eberhard filed suit in San Mateo County, California, against Tesla Motors and Musk for slander, libel, and breach of contract. The case hinged on the question of who could rightly be called a "founder" of Tesla.^[68] On July 29, 2009, a San Mateo County Superior Court judge struck down a claim by Eberhard, who asked to be declared one of only two founders of the company.^[68] Tesla said in a statement that the ruling is "consistent with Tesla's belief in a team of founders, including the company's current CEO and Product Architect Elon Musk, and Chief Technology Officer JB Straubel, who were both fundamental to the creation of Tesla from inception."^[69] In early August, Eberhard withdrew the case.^[70] The parties reached a final settlement on September 21. The terms of the settlement are confidential, but the agreement includes a provision that the parties will consider Eberhard, Musk, JB Straubel, Marc Tarpenning, and Ian Wright to be the five co-founders.^[71]

References[link]

External links[link]

Wikimedia Commons has media related to: Elon Musk

• Elon Musk Twitter
• The Musk Foundation web site
• Viral Marketing, MBAs and pesky governments, Elon talks at Stanford (October 8, 2003)
• Statement of Elon Musk at House Space and Aeronautics Subcommittee Hearings on the Future Market for Commercial Space (April 20, 2005)
• Gimien, Mark (August 17, 1999). "Fast Track". Salon.com. http://www.salon.com/tech/feature/1999/08/17/elon_musk/index.html. 
• Hoffman, Carl (June 2007). "Elon Musk Is Betting His Fortune on a Mission Beyond Earth's Orbit". Wired Magazine. http://www.wired.com/science/space/magazine/15-06/ff_space_musk. 
• Carlson, Nicholas (February 19, 2008). "Elon Musk's Tesla caught on video smoking Scoble and Calacanis". Valleywag. http://valleywag.com/358015/elon-musks-tesla-caught-on-video-smoking-scoble-and-calacanis. 
• Kanellos, Michael (February 15, 2008). "Elon Musk on rockets, sports cars, and solar power". CNET News.com. http://news.cnet.com/Elon-Musk-on-rockets%2C-sports-cars%2C-and-solar-power/2008-11389_3-6230661.html. 
• Chafkin, Max (December 2007). "Entrepreneur of the Year: Elon Musk". Inc. Magazine. http://www.inc.com/magazine/20071201/entrepreneur-of-the-year-elon-musk.html. 
• Bailey, Brandon (May 2010). "Elon Musk: Will his Silicon Valley story have a Hollywood ending?". San Jose Mercury News. http://www.mercurynews.com/business/ci_15138666. 
• History of PayPal

Interviews[link]

• "An interview with Elon Musk". HobbySpace. August 5, 2003. http://www.hobbyspace.com/AAdmin/archive/Interviews/Systems/ElonMusk.html. 
• "Lift off with Elon Musk". Carte Blanche. September 4, 2005. http://www.carteblanche.co.za/Display/Display.asp?Id=2879. 
• Bergin, Chris (January 20, 2006). "SpaceX's Musk and Thompson Q and A". nasaspaceflight.com. http://www.nasaspaceflight.com/2006/01/spacexs-musk-and-thompson-q-and-a/. 
• Video interview of Elon Musk by Zadi Diaz of EPIC FU, weekly web show that covers online pop culture (June 17, 2008)
• Gray, Sadie (January 4, 2009). "Forget the bungalow, retire to Mars". Sunday Times (London). http://www.timesonline.co.uk/tol/life_and_style/men/article5433496.ece. 
• "Uber Entrepreneur: An Evening with Elon Musk" video at the Churchill Club via FORA.TV (January 4, 2009)
• onInnovation
• An interview at the Founders Showcase. (August 5, 2010)
• An interview on the Kevin Pollak Chat Show. (September 17, 2009)
• Elon Musk: 'I'm planning to retire to Mars' a video interview for the Guardian. (August 1, 2010)
• An interview about commercial space flights on 60 minutes. (March 18, 2012)
• A 20 minute interview about sending humans to Mars with BBC's Jonathan Amos. (March 20, 2012)
• Elon Musk on The Daily Show with Jon Stewart on April 10, 2012

Joe McCall (born 6 July 1886 in Kirkham, Lancashire; died 3 February 1965) was an English professional football player. He appeared for Preston North End and England, playing for the Deepdale club for 20 seasons until retiring in 1924.^[1]

References[link]

External links[link]

• England Football Online

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