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Martin Eberhard is an engineer, inventor, and businessman popularly known for his role in establishing Tesla, Inc. with friend Marc Tarpenning in 2003. The duo named the company Tesla as a tribute to Nikola Tesla, an electrical/mechanical engineer and inventor.
Eberhard was Tesla’s initial CEO until 2007, when he was ousted by Elon Musk.
What Is Martin Eberhard’s Net Worth
Martin Eberhard’s net worth is valued to be about $500 million. While Martin Eberhard might not be as wealthy as Elon Musk, his net worth places him as one of the richest inventors and businessmen.
Primary, this article will discuss Martin Eherhard’s annual net worth and how he got rich. It will also cover his Awards, biography, and personal life.
Martin Eberhard’s Net Worth Annually
Martin Eberhard’s career as an inventor started when he took up the position of electrical engineer at Wyse Technology. There he designed his first product, the WY-30 ASCII computer terminal.
This product had a purchase price of $399 for a single unit.
Subsequently, in 1987, Martin Eberhard co-founded Network Computing Device. During the company’s initial public offering in 1992, Eberhard served as the chief engineer.
His salary at the time was supposedly within the range of $100,000 and above annually. Afterward, 1996 saw Martin Eberhard and Marc Tarpenning establish Nuvomedia.
This brought about the production of the Rocket ebook, a handheld e-reader device. This device sold for $499 until Gemstar acquired Nuvomedia for $187 million in 2000.
Consequently, this led to a substantial increase in Martin Eberhard’s net worth. In 2003, Martin Eberhard, alongside Marc Tarpenning, founded the company, Tesla, making Martin Eberhard the first CEO.
The company primarily dealt with the manufacturing of electric vehicles powered by lithium-ion batteries. However, in 2007, Elon Musk became the largest shareholder in Tesla and ousted Martin Eberhard.
This resulted in Martin Eberhard selling much of his stake in the company. Afterward, in 2008 Elon Musk assumed the position of Chief Executive Officer.
In 2009 Martin Eberhard sued Elon Musk for ousting and slandering him. Nevertheless, the issue was resolved as a result of both parties agreeing to certain undisclosed terms.
It is speculated that this agreement involves the payment of a certain amount to Martin Eberhard.
From 2010-2015, Martin Eberhard worked with Volkswagen, where he purportedly earned about $200,000 yearly.
After this, Martin Eberhard established InEvit, a company that specializes in producing batteries for electric vehicles. In 2017, Martin Eberhard sold InEvit to SF motors for the sum of $33 million.
In 2019, Martin Eberhard would set up Tiveni, an organization similar to InEvit. Just like InEvit, Tiveni focuses on the production of batteries for powering electric vehicles and systems.
How Did Martin Eberhard Get Rich?
Martin Eberhard’s creative ideas made it possible for him to invent various technologies as well as become the founder of different tech organizations. Primarily, a large part of his wealth comes from the sales of his established businesses.
Examples of these companies are Nuvomedia and Inevit. Apart from this, Martin Eberhard became rich by working in various tech manufacturing companies. He worked with companies such as Volkswagen and SF motors.
Martin Eberhard has several awards to his name. In 1988, Popular Science issued Eberhard the “Best of What’s New Award”. He also won the Mobility Award in 1999 and 2000.
2006 saw that he got both the Popular Mechanics Breakthrough Award and the Global Green Product/Industrial Design Award. In 2007 Eberhard went on to win the “Plenty 20 Awards” and Entrepreneurial Thought Leader Award.
Subsequently, Martin Eberhard received the Concept Excellence Award in 2010. Furthermore, Martin Eberhard got the Alumni Award for Distinguished Service from the University of Illinois College of Engineering.
Also, the University of Illinois College of Engineering inducted Martin Eberhard into its Engineering Hall of Fame.
|Real Name:||Martin Forest Eberhard|
|Date of Birth:||15th of May 1960|
|Place of Birth:||California, the United States of America|
|Height:||5 Feet 9 inches|
|Weight:||165 lbs (75kg)|
|Profession:||Inventor, Electrical Engineer, Entrepreneur|
|Social media accounts|
Martin Forest Eberhard was born in California, the United States of America, on the 15th of May, 1960. He was raised in Kensington, California.
Subsequently, Martin Eberhard decided to pursue a Bachelor’s Degree in Computer engineering at the University of Illinois. He earned this degree in 1982, making him an alumnus just like John Bardeen and Brendan Eich.
Also, he acquired a Masters’s degree in electrical engineering (1984). This enabled him to get the position of electrical engineer at Wyse Technology.
After that, he was able to cofound/found different tech organizations, one of which is Tesla. Consequently, Eberhard’s experience would ensure that he continues to remain respected in the world of tech.
There is little information about Martin Eberhard’s personal life. This could be a result of his desire to keep his personal life away from the media.
However, what is known about Martin Eberhard is the fact that he has a wife called Carolyn Eberhard.
Martin Eberhard’s innovative ideas and passion are the major reasons why he still maintains his relevance. Specifically, this allowed him to make a name for himself as a key player in the transition from fossil-fuel vehicles to electrical-based automobiles.
It also helped him to build his net worth up to about $500 million.
Frequently Asked Questions
Does Martin Eberhard still own Tesla stock?
According to an article on Forbes, Martin Eberhard still owns some Tesla shares. However, he revealed that he sold a large portion of his shares after Elon Musk dismissed him.
How much is Eberhard worth?
Over the years, Martin Eberhard has accumulated a net worth of about $500 million. He got most of his wealth from selling the organizations he had already established.
What is Martin Eberhard doing now?
Presently, Martin Eberhard is running a company called Tiveni which he founded in 2019. This company specializes in manufacturing electric vehicle batteries for various motor companies.
How did Elon Musk buy Tesla?
In February 2004, Elon Musk invested $6.5 million in Tesla, making him the largest shareholder. This gave him room to assume the position of CEO in 2008 when the company was facing some financial setbacks.
Why was Ebehard removed from Tesla?
According to reports, Eberhard was removed from Tesla because the board felt that his management style was against the progress of the company. Elon Musk stated that the decision was a unanimous one.