They wound up middle class after all that, but I certainly wouldn’t say Bezos came from a “wealthy family”.
His mom took night classes while raising him so she could finish her education while working to support a family.
Most of your points have nothing to do with their wealth. Why would it suggest they’re poor if his mom had him at 17 and was taking night classes while raising him? She wasn’t employed, that just sounds like she herself was still able to take risks beyond her means probably because her father was wealthy.
I mean there are many sources that talk about the $300k he received from his family to start Amazon, it's a famous story. None of those sources mention that it was his family's life savings. I don't really know how to provide a source that says it wasn't his family's life savings, but I also can't provide a source that says he wasn't an alien from Zeta Reticula. This is generally the problem with proving a negative and why the onus is usually on the person making a positive assertion.
> if you're going to assert Bezos came from wealth in the first place, you have to back that up.
I did, I'm saying that a family that can give their son $300k to start a business in 1993 is wealthy. That would be about $674k today.
Do you have a source for the $250 not being from the invisible pink unicorn?
Because my understanding it was from the invisible pink unicorn
it is true but irrelevant to the original topic that this is more money than the global poor ever see, and that this is more money that most people get to have. i don't think anyone was arguing that this represents zero privilege
This is why I never started a business myself. I figured it was a family curse to fail at business.
But maybe it's more common that successful businesses are started by founders coming from more modest means. Page & Brin, and Jobs & Wozniak come to mind (none came from poor families, but they weren't rich either). I'm sure there are many other examples, and those are just the famous ones; there are many successful companies started by people we've never heard of.
If having your student loans paid off for you is enough, then there are 10s of millions of people in their shoes. Why did they not succeed if that is what it takes?
short answer: it's might be necessary but not sufficient.
Alex Honnold, the rock climber with some pretty spectacular solo / speed ascents was asked why no-one else has free soloed El Cap, replied "it's hard." he spent a lot of time (years) building up to it and finishing other routes, and no one else has taken these first steps yet. He goes on that they may have the talent or disposition, but not the motivation or an experience that pushes them in another direction. His perspective (similar to general outlier success) is others will do it but it takes a bunch of things all coming together, including luck.
Where are you getting the figure that there are 10’s of millions of college grads in their 20’s with no debt? There are only 2 million undergraduate grads in the US every year. I think you’re probably off by a couple orders of magnitude.
Bill Gates mother worked with IBM CEO. Without her maybe IBM would choose other company than Microsoft.
Think of motivation. Most people who live financially comfortable lives will want little more in the way of wealth when balanced against risk and effort. They also have something to lose. Their circumstances shift the incentives.
Now think of the temperaments of people who chase wealth. If they come from money, then the comfort they live in is not going to satisfy them. If they come from financially less than stellar backgrounds, they may be more likely to crave that kind of attainment; money is a kind of unfamiliar blank canvas onto which they can project all sorts of fantastic expectations (most of which are bogus). And unlike the better off, they have less to lose. Add to all this an inferiority complex that can compel compensation behavior. They may have a tougher start financially, but psychologically, they are more compelled by their circumstances than their wealthier counterparts.
So we should avoid being reductive.
And we should stop reducing “success” to money.
And it's true. If you have a good financial safety net then you can take more chances and increase the odds that your next risk will be the one that works out.
Of course, the most easily quantifiable definition of success is usually financial, and on and off HN, it's probably the most common definition of success.
For me myself, I'm grateful to be doing well financially. I grew up in an upper middle class family. But I still do want to grow my wealth. I am not going to take wild risks to do so, but I'll work hard and use my current wealth wisely to grow it. What will more wealth get me? Financial security, freedom. It'll give my wife and me the freedom to choose if we want to stay at home with the kids. It'll let us easily fund their college, or whatever education or path they decide to pursue. The goal isn't being a billionaire. It's freedom and security.
I think that's success for a lot of people, and it usually manifests itself as just having more money because that's the first step. But it's not always the end goal.
It’s pretty clear that @Aurornis is talking about people they know personally. They literally mention that they’re talking about people they grew up with.
Whereas you are talking about a completely different group of people: Bezos, Zuckerberg, Gates, Musk are the survivorship bias set.
You’re talking at cross purposes with the person you’re responding to.
What kind of conversation is worth having with someone who doesn't understand observation bias and has a main character complex?
They asked the parent who they were thinking of, a more recent example of an "up and coming" billionaire would be Palmer Luckey, whose life experience seems to be at least consistent with his stance against optionality.
Edit: Ref
"A lot of my peers in the tech industry do not share this philosophy … They’re always pursuing everything with optionality. ’Oh, I need to be able to raise money from anybody. I need to be able to sell my business in any way. I need to have liquidity in any way. I need to make sure that I’m not closing myself off to future romantic partners. I need to make sure I’ve got my options open. I need to make sure that I’m not going to buy a house and settle down in one place and lock myself down. Oh, having children. I don’t know. Maybe I’m not ready to commit to that path."
Why do we need well-known, public examples? I think it would be absurd to assert that there are very few successful founders that don't come from wealthy families. (Just as it would be absurd to suggest there are few that do come from wealthy families.)
It’s probably true that he could have somehow gone back to South Africa as a “safety net” if you will, but I believe that would’ve been the last thing he would have wanted.
If you’re really poor, you can’t take a plane to another country and start a new life, sure. But out of those people who could, if they scraped their resources together, how many do?
This isn’t to blame anyone. I would suppose that the vast majority of people would not want to be Elon Musk. Would not want that kind of life. But for the claim that he is what he is because it was served to him on a silver platter by his family just isn’t supported by any facts.
I hear this conspiracy theory that he's was super rich. But owning a mine could mean anything from a basically bankrupt speculator to the De Beers. There's claims he gave Musk $28k ... that's not evena decent college fund.
> 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...
(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.)
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.
Was it during the apartheid boycotts?
> 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.
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?
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.
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.
>His lucrative engineering business took on "large projects such as office buildings, retail complexes, residential subdivisions, and an air force base." He also owned an auto parts store, at least half a share in an emerald mine, and even "one of the biggest houses in Pretoria."[12] His ex-wife Maye's book recalls that at the time of their divorce in 1979, he owned two homes, a yacht, a plane, five luxury cars, and a truck.[13]
Elon was 8 in 1979.
Musk left Canada at 17, went to college in the US and sold is first business in 1999.
But I also worked at low minimum wage job at 18 at Radio Shack while living at home with my parents driving the car my parents bought me. I assure you if I have lost my job, it wouldn’t have hurt. I would just spend more time hanging out with my friends and on my $4K Mac setup.
Musk was not going to be homeless if he failed.
> Musk was not going to be homeless if he failed.
Right. He'd just get a job and rent an apartment.
I had a friend who started company after company starting in high school. Some were more successful than others, but he never lost his enthusiasm for the next company. The last time I saw him, he was living out of a trailer because he put everything he had into his next company. (Sadly, he passed a few years ago from an accident.) He left behind a large wake, and his memorial service was packed.
(He grew up in poverty.)
I think the point people are making about the low wage jobs is that it's irrelevant. People from wealthy backgrounds take low paid jobs sometimes, so having done so doesn't imply he's a rags-to-riches story.
> People from wealthy backgrounds take low paid jobs sometimes, so having done so doesn't imply he's a rags-to-riches story.
It does in Musk's case. Why not read a biography of him? It's more interesting than speculation.
Personally, I don't have any view on whether that is correct or not but it's obviously the claim that was made. It seems plausible but I'd want to see some actual data to believe it, not just anecdotes about a few of the most famous founders. Your points about low wage jobs and other trillion dollar companies are simply not relevant to it, and if biographies of Elon Musk contain information that would refute it you haven't said what or how.
Knowing you are an extremely accomplished man and fully capable of parsing this, I have to wonder why you seem blind to it.
I'm not sure if you're suggesting homeless people are homeless simply because they refuse to go out and get a job and an apartment. But as someone who's been homeless and someone who's a friend of people who've been homeless, a very large number of homeless people bust their asses at work. Things beyond their control go wrong and they have no social safety net to fall back on.
Elon Musk could've vacationed barefoot in Southeast Asia for 5 years and still returned to be given some executive job offer, just as many other children of rich kids do. Most people don't have that level of good fortune.
Except that is not what happened. He started doing menial jobs in Canada. He was never given some executive job offer.
I think I can safely say that about every single person I know from college with most being normies. No sane parent is gonna not put up their college student kid till they figure out their next step.
1. “Son, here is $5000 to cover your rent, utilities and food for one month while you look for another job in San Francisco” and keep doing that for 6 months
And
2. “We can’t afford to help you pay your rent so you are going to have to break your lease and come back home to East MiddleOfNowhere Nebraska. You might be able to get a job at “Big John’s Fish Tackle and WordPress Shop” and maintain the local church’s blog.
I knew my parents would be able to do a cheaper version of #1 s/Atlanta/SFO and s/Small town South GA/Nebraska.
I had a friend who I graduated with who was the oldest of three or four kids and whose mom was a single mother who couldn’t afford to subsidize him.
I was able to move to Atlanta and get a lower paying job as a computer operator based on an internship the year before because I knew that’s where I needed to be. My parents did subsidize me for the first year while I hustled my way to a better job through networking. I couldn’t have done that in small town South GA.
He ended up moving to a slight bigger small town on the border of GA and Alabama that paid more, lower cost of living and lower opportunities