Engineer Wright, who joined Eberhard and Tarpenning a few months after they created Tesla, left in 2004 to start another EV company. In an interview, Eberhard says he retains a relatively small stake in the carmaker, while declining to be specific. All Rights Reserved. He then held a number of positions, including electrical engineer at Wyse Technology, vice president of electronics at Belfort Memory International, and chief engineer at Network Computing Devices, which he cofounded. Apart from his stake in Tesla, Eberhard also derives his net worth from the other companies that he founded, particularly SpaceX. Er grndete 2003 gemeinsam mit Marc Tarpenning den US-Elektroautokonzern Tesla Motors, dessen CEO er bis zum 13. Musk had recently earned $100 million when PayPal which he co-founded was acquired by eBay for $1.5 billion in stock. About Martin Eberhard Famous For Personal Life Career After just three years, they sold their business to GemstarTV Guide International for $187 million. Omissions? That can make people think that the company only came to be the most valuable car company in the world due to its current CEO. Founders exiting their business early is far more common than you think. While Musk dominates headlines, what has happened to the two men who actually started the company? (That was even before Musk had started his re-usable rocket company, SpaceX.). [23] Eberhard served as chief innovation officer until leaving in July 2018. WhileElon Muskhas long been the face ofTesla, there are actually five men that are credited with being the co-founders of the company. Early-Stage investing in interesting and meaningful startups. Let us know if you have suggestions to improve this article (requires login). "The whole thing was wonderful from the beginning to the end. Tesla Motors was founded as an electric carmaker by engineers Martin Eberhard and Marc Tarpenning in 2003. Whatever my opinion is about Musk, I am still super happy to see the electric car revolution Id like to see the revolution winning. Forbesestimates Musks net worth to be around $220 billion, whereas Straubels is estimated to be just over $1 billion. Whatever my opinion is about Musk, I am still super happy to see the electric car revolutionthat we after all startedI'd like to see that revolution winning.. Elon Musk, co-founder of Paypal, led the initial rounds of investing for Tesla. Martin Eberhard made his fortune in the automotive field, and continues to do so. At one point, Musk even called called Eberhard pure poison in a Twitter thread. He claims to have no ill will against Tesla and wants the company to succeed. One interesting outcome of the deal was that five men including Eberhard, Tarpenning, and Musk could call themselves the cofounders of Tesla. They hit it off and became friends, often meeting to play Magic: The Gathering. They just told the companys formation from their perspective, which sheds light on many aspects of what it is today. [3] In 2000, GemstarTV Guide International acquired NuvoMedia for $187 million. He began his work in Saudi Arabia with Textron, a global firm, shortly after obtaining his degree. in computer science in 1985. Copyright 2023 Market Realist. He left this company in the year 2018 before production vehicle had to be launched. It leads him to found the first automobile company of Silicon Valley, which produced an existing prototype of AC PROPULSION ZERO. Eberhard and Tarpenning first met Elon Musk at a meeting for Mars Society members. The initial roadsters were delivered to owners in 2008. Electric car upstart Tesla gathered reporters at a Santa Monica Airport hangar on a July afternoon in 2006 to unveil its battery-powered roadster, an audacious, $100,000 two-seater for which few automotive experts saw much hope of success. While great for the cash flow and resourcing, bringing in investors does come with added challenges for the founders. Love or hate Musk you cant deny he is excellent at raising capital. Musk invested $6.5 million soon after and then joined the company, leading Musk and Eberhart to disagree about whether Musk was truly a. In 2003 Eberhard and Tarpenning teamed up again to launch Tesla Motors, a company dedicated to developing an electric sports car. However, the tech titan -- and now the world's richest man -- was actuallyTesla's 4th CEO when he took that role in October 2008. Tesla Motors found that the car attained efficiency ratings that were equivalent to a gasoline mileage of 135 miles per gallon (57 km per litre). Eberhard and Tarpenning were also the people who set that goal of making a desirable sports car, developing a sedan or an SUV with the money earned from that sports car, and scale the companys increase in volume in a sustainable way. Sign up for free newsletters and get more CNBC delivered to your inbox. Thats Elon Musk, of course, Teslas earliest investor and the companys current CEO. Tesla this month became the first carmaker to hit an astonishing $1 trillion valuation, but the CEO who introduced the company to the press 15 years ago didnt become synonymous with the brand. Other famous examples include the McDonald brothers and Steve Jobs. He served as Tesla's CEO and original chairman until late 2007. Naturally, Eberhard consulted a lawyer, and they found the meeting had violated the companys bylaws. When I got kicked out of Tesla I had no moneyI mean I really had no money, Eberhard says. The vision he laid out that day ultimately came to pass, but not with him in charge. Eberhard and Tarpenning were also the people who set that goal of making a desirable sports car, developing a sedan or an SUV with the money earned from that sports car, and scale the company's. Tesla isnt the only successful company that JB Straubel has been involved with. [11] The Tesla Roadster is a battery electric sportscar with 244 miles (393km) (EPA) range. It was their experience with lithium-ion batteries with that e-book reader that made Eberhard ask AC Propulsion to build him a car with lithium-ion cells instead of one with lead-acid batteries, as the company used to produce. The net worth of Martin Eberhard is around $500 million as of April 2023, which he has garnered with his business. He got married to Carolyn, and they met each other at the University of Illinois. Their interview shows how much the company and its current cars owe to Eberhards love for sports cars and The Rocket e-Book, the first e-book reader that he and Tarpenning created in 1998. In February 2006, he led Teslas Series B venture capital funding round of $13 million. During this period, Tesla also revealed prototypes of its first car to the public. He was born on 15th May in the year 1960 in Berkeley in California. This week we saw Elon Musk add another $36 billion to his net worth. Patrick Mahomes Net Worth 2023: New King of the League to NFLs Next G.O.A.T. Eberhard and Tarpenning were inspired to create the company after General . [16] In August 2009, Eberhard dropped the lawsuit for undisclosed reasons. This device sold for $499 until Gemstar acquired Nuvomedia for $187 million . In 1997 Eberhard and Tarpenning cofounded NuvoMedia, an e-book venture that produced the Rocket eBook (1998). Eberhard served as Tesla's original chairman, and its CEO until late 2007. Tarpenning is one of the other former employees who filed a case against the business magnate. He co-founded Tesla alongside Marc Tarpenning and served as the company's first CEO. He has been a good engineer and also a successful businessman. The whole thing was wonderful from the beginning to the end. Art hur A. Thompson The University of Alabama After reporting a net profit of $311.5 million in the third quarter of 2018 and a net profit of $139.5 . In the year 2017, he founded inEVit to supply significant power storage solutions and electric drivetrains. Put on the popcorn and curl up on the couch - this long and meaty talk with Tesla founders Martin Eberhard and Marc Tarpenning, delivered at Stanford last October, is well worth watching from . [9] In 1997, Tarpenning and Martin Eberhard founded NuvoMedia, a company that built an early e-book reader, the RocketBook, in 1998. "I. A Division of NBCUniversal. He also became the companys second chairman of the board. American technology entrepreneur (born 1964), "CNBC Interview with Tesla Founders Martin Eberhard and Marc Trapanning", "Marc Tarpenning - Engineer, Entrepreneur and Investor", "Co-Founder Marc Tarpenning '85 Shows Off Tesla's "Baby Pictures" | Innovators", "A Founder's Night: Hap Klopp & Marc Tarpenning - UC Berkeley Sutardja Center", "The Making Of Tesla: Invention, Betrayal, And The Birth Of The Roadster", "Tesla Co-Founder Marc Tarpenning Tells Definitive Story Of Company's Beginnings | CleanTechnica", "Tesla's original team, where are they now? Eberhard drives the second of Tesla Motors Founder's Series Roadsters cars, which is the first series of the Tesla Roadster (2008). He has worked as the CEO of Tesla until the year 2008, but then he left this post. Eberhard is an inventor, engineer, and entrepreneur. He described Eberhard as literally the worst person Ive ever worked with in a January 2020 interview for the Third Row Tesla podcast, hosted by Musk fans. He had an interest in sports cars but was concerned about the dependence on oil imports and so wanted to develop an electric car prototype. Tarpenning went on to the University of California, Berkeley, where he received his B.A. Eberhard and Tarpenning didn't retain much of Tesla's shares and Musk eventually became the largest stockholder of the company. Get upfront price offers on local inventory. - NYTimes.com", "Electric carmaker Tesla, former CEO settle lawsuit", "Tesla's Founders On Elon Musk And The Early Days", "Confirmed: Tesla Co-Founder Eberhard working with Volkswagen", "Lesser known Tesla co-founder is now heading up stealthy electric vehicle startup", "Tesla's original co-founder Martin Eberhard started a new EV startup called 'InEVit', "SF Motors To Acquire EV Battery Module Startup InEVit, Headed By Industry Pioneer Martin Eberhard", "EV Startup SERES Hires Auto Industry Veteran to Lead its U.S. Operations", "Tesla founder launches new electric car battery startup and there's a twist", https://en.wikipedia.org/w/index.php?title=Martin_Eberhard&oldid=1146397808, This page was last edited on 24 March 2023, at 16:46. Martin Eberhard and Marc Tarpenning. Between 2009 and 2011, Eberhard served as the director of EVs for Volkswagen's Electronics Research Lab. When you thank Tesla for doing what it did for electric mobility, remember to thank Eberhard and Tarpenning. Tarpenning studied at the University of California, Berkeley, where he earned a bachelor's degree in computer science. If you dont know who Eberhard and Tarpenning are, they are the founders of Tesla. In the year 2010, Martin confirmed that he was doing work with the company Volkswagen. Still, the companys original CEO, who owned somewhat less than 5% when he left Tesla, says hes not unhappy these days, despite not profiting more from its surge. He also founded the battery company Tiveni. Some might argue that sentiment is still somewhat true today.. Musk is the richest person ever in absolute terms. Barbara Schreiber is an Editorial Assistant at Encyclopdia Britannica. Of course, I could not imagine a $1 trillion valuation!, Martin Eberhard was pushed out of Tesla in 2007, right before the launch of the Roadster. martin eberhard and marc tarpenning net worth . [5] [8] [9] [10] Early life [ edit] Celebz Net Worth - All Rights Reserved, EV1 Mass Recall Led to the Birth of Tesla, Marc Tarpenning and Martin Eberhard Resign from Tesla, How Elon Musk Became CEO and Top Shareholder of Tesla, Marc Tarpenning Net Worth Frequently Asked Questions. Eberhard co-founded Network Computing Devices in 1987, where he served as chief engineer through its IPO on 1992. [5][8][9][10], Marc Tarpenning was born in Sacramento, California, on June 1, 1964. On 30th November, in the year 2007, Tesla released a press release titled Martin Eberhard as the Co-founder of the company has been shifted to the Advisory board. And allowed Elon to add zeros to his account the way he adds digits to his sons name. Although Tarpenning, Eberhard, and Wright were the three original founders of Tesla, it seems that only Musk and Straubel were able to capitalize on the companys ultimate success. Martin Eberhard net worth currently reaches $74 million. CNBC sat down with them to talk about the idea for . He has worked hard in all of his professional careers. In five years, only 25% of founders remained as CEO. In reality, the actual founders are Martin Eberhard and Marc Tarpenning. On 7th January, in the year 2008, the New York Times reported that the company issued a statement that explained that former chief executive and co-founder Martin Eberhard had been transitioned to the advisory board. Our editors will review what youve submitted and determine whether to revise the article. But Martin Eberhard and Marc Tarpenning founded the company in 2003 and were the original executives. Like Eberhard and Wright, Marc Tarpenning is no longer at Tesla either. 5/72 Company Background Tesla Motors was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning, . Tom Gardner Net Worth 2023: A Finance Genius or a Lucky Fool? There was no discussion. Earlier this year, the men were interviewed by CNBC, and while Eberhard was unable to talk about his exit due to a nondisclosure agreement, you could sense he isnt a fan of Musk. The lightweight car body was made of carbon fibre. He left the company in 2008. The company's success has won contracts with the National Aeronautics and Space Administration, including a deal to build a new capsule to land astronauts on the moon. But according to Musk,. Tarpenning left in 2008 when Tesla started working on the Model S project. As of 2023, Martin Eberhard net worth is estimated to be around $500 million. It has to.. At the same time, a Tesla board meeting was being held without Eberhard present. He received a B.S. In the same year, he joined SOKON INDUSTRY GROUP, and the branch was renamed as SF MOTORS. Marc Tarpenning and Martin Eberhard during the early days at Tesla Motors. Tarpenning then developed software and firmware products for several companies, including Seagate Technology and Bechtel, and later served as vice president of engineering at Packet Design, a network technology company. While it does seem true that other notable technology firms minted multiple financial winners, a somewhat similar dynamic at Tesla played out at Apple, says David Hsu, professor of management at the University of Pennsylvanias Wharton School. Afterward, 1996 saw Martin Eberhard and Marc Tarpenning establish Nuvomedia. So close that many people think Elon is the founder of the company. His stake may be worth about $1.3 billion, assuming he retains a significant portion of Tesla stock held when he left. Marc Tarpenning (born June 1, 1964) is an American engineer and technology entrepreneur who is the co-founder of Tesla Inc. with Martin Eberhard in 2003. Funding for the company was obtained from a variety of sources, most notably PayPal cofounder Elon Musk, who contributed more than $30 million to the new venture and served as chairman of the company. After just three years, they sold their business to Gemstar-TV Guide International for $187 million. As of 2023, Martin Eberhard has a net worth of $500 million. He also founded Tiveni, Inc. in 2018. By contrast, Musk himself has shown far less restraint. He provided some financial and technical support in the conversion of the tzero to lithium-ion batteries. Ryan Tannehill Net Worth 2023: Was His Remarkable Comeback a Fluke? Following the success of the roadster, the company diversified its product line by developing prototypes for more affordable electric cars. But neither of them retained enough Tesla stock to achieve billionaire status, much less Musks current net worth that Forbes estimates at $282 billion as of Nov. 10. Get a Britannica Premium subscription and gain access to exclusive content. This includes both his past earnings and current investments. Martin Eberhard has a solid net worth despite leaving Tesla. Tesla is founded by Martin Eberhard (pictured above) and Marc Tarpenning. She graduated cum laude from Saint Xavier University, Chicago, with a B.A. Martin Eberhard is 62 years old. An electrical engineer and inventor at heart, Eberhard is working on technology to make electric vehicle batteries more affordable than they are today, without sacrificing safety, power or quality. in electrical engineering from the same school in 1984. Read on to get the full scoop on what went down between the five Tesla co-founders and what JB Straubels net worth looks like today. Here's a look at the fortune Eberhard amassed from his business ventures and why he received backlash from Musk despite his contribution to building the Tesla empire. On November 30, 2007, Tesla released a press release titled "Martin Eberhard, Co-founder of Tesla Motors, to Transition to Advisory Board. (adsbygoogle = window.adsbygoogle || []).push({}); You have entered an incorrect email address! He used to work at Wyse Technology when he designed the ASCII terminal of the computer, which was his first product. Worse than that, I had no possibility of employment for about a year because of a restrictive intellectual property agreement with Tesla, he says. According toReuters, Straubels new company has a valuation of nearly $4 million. It was Musks seed capitalthe result of an early payday as a cofounder of payments processor PayPalthat turned Eberhard and Tarpennings vision into a reality. In the year 2003, he became co-founder and CEO of Tesla Motors in San Carlos in California. Tesla board meeting was being held without Eberhard present business magnate pictured )! 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