By Aarav Sapra
Elon Musk, known as Chief Executive Officer and founder of Tesla, SpaceX, Neuralink, and co-founder of PayPal, spent one million dollars on a rare McLaren F1 but then proceeded to crash it, trying to impress Peter Thiel (co-founder of PayPal)—the story, which was shared through PandoDaily with Sarah Lacy, dates to the late 1990s. After Elon’s startup “Zip2” was sold to the computer manufacturer Compaq for three hundred and seven million dollars, Musk decided it was time to spend some of his finances. Awaiting was a rare Mclaren F1, a machine once the fastest and most exquisitely engineered, powered by a 6.1-litre BMW V-12 engine with variable valve timing, with only one hundred and six ever made. Owning a McLaren F1 was a dream for many but ideal for few. This exclusive McLaren F1 once had a fancy price that hovered around one million dollars but now could cost you twenty to thirty million dollars.
In 1999, Musk was interviewed on how far he had come: “Thirty years ago, I was showering at the YMCA and sleeping on the office floor,” he said, before later saying, “Now I have a million-dollar car and quite a few creature comforts.” In the interview, he explained that he put around eleven thousand miles on the car and admitted using it as his daily vehicle. Although he liked to drive the car, he did talk about not knowing how to control the vehicle entirely and felt that the car was too good for him to drive. Its incredible power delivery to the wheels and the six-hundred and forty brake horsepower, combined with its lightweight build of a ton, created an unbelievable performance. In 2000, while Musk was driving on Sand Hill Road with PayPal Inc. Co-founder Peter Thiel to a meeting, Musk wanted to demonstrate the car’s impressive capabilities to Peter. “Watch this,” he said. As Musk slammed the gas pedal, Elon forgot to turn on traction control, and the tremendous acceleration sent the rear wheels flying off the vehicle and the rest of the F1 flying through the air into an embankment. Somehow, Elon and Peter Thiel were uninjured. After they reported the incident, they hitchhiked their way to the meeting, but the worst part was that the car was not insured. Although he didn’t insure the vehicle, Musk paid for the repairs out of pocket.
Elon owned his Mclaren F1 until 2007 when he sold it at a profit despite the accident. It was later discovered that the same McLaren caught on fire in 2009 and was sent to McLaren Special Operations for a complete rebuild. While Elon loved his McLaren, as he started Tesla and innovated electric cars, he had to maintain his self-image and let go of his collection of combustion cars.
