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Elon Musk and Richard Branson, Smoking Blunts and Getting Some Sleep

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Richard Branson

Elon Musk has been having a rough time recently. After the classic “Joe Rogan-smoking blunts debacle” and calling one of the heroic Thailand cave divers a “pedo guy” in a monumental PR gaff, Sir Richard Branson has now offered some words of clarity. The Virgin billionaire Branson has advised the visionary tech melodeon to “get some sleep.”

Richard Branson Advises Musk to Delegate

As any raging control freak will tell you, it’s sometimes difficult to let go. Especially as a business owner or entrepreneur. And especially if you are responsible for safeguarding share prices of a multi-billion-dollar company. This is something that Richard Branson knows only too well.

When asked a loaded question by CNBC’s Nancy Hungerford in regards to offering advice to Elon Musk, Branson calmly said:

“I think he maybe needs to learn the art of delegation. It’s important. He’s a wonderfully creative person but he shouldn’t be getting very little sleep.”

Delegating tasks to others is great advice for all business owners, control freaks and military dictators. Maybe you should stop taking yourselves so seriously. It’s time to hand over some tasks to your trusted steeds.

You can’t control every single nut and bolt in your business without losing your mind. Just in the same way you can’t keep track of your significant other’s movements with an RFID microchip.

If you are a military dictator contemplating whether or not to delegate, it’s time to leave the beheadings to someone else so you can streamline and monetize your torturous ways.

Intergalactic Space Travel Wars Afoot?

The comments by Sir. Branson seem rather synchronic as news recently broke that the Virgin creator’s space venture to catapult a rocket into space for the first time is just “weeks away.”

Unless you’ve been living under a moss-covered stone in Azerbaijan for the past couple of years or have been ‘on holiday’ in the State Pen, everyone knows Elon Musk’s plans for galactic space travel and other-worldly colonization.

Could these latest remarks from Branson be a ruse and a touch of kidology on his part to put a seed of doubt in Musk’s mind? The timing is perfect as Musk is currently coming under fire from all quarters. It remains to be seen if the possibility of intergalactic space travel wars between Branson and Musk will come to fruition.

The only question left for Elon Musk to answer is did he inhale on the Joe Rogan Experience? Or did he pull a “Bill Clinton”?

Featured image from Shutterstock.

Alan is a professional writer with a love for the economy and the financial markets. Originally from the UK but now living and working out in Asia, Alan loves writing about all aspects of financial freedom.

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Billionaires

Atlassian’s Mike Cannon-Brookes Buys Australia’s Most Expensive Home

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Mike Cannon Brookes

Despite all the worry over Australian home prices, it didn’t take Mike Cannon-Brookes long to spend a pile on the Fairwater estate in Sydney’s Point Piper. The home was recently vacated by Mary Fairfax, who died a little over a year ago. The home has been in the Fairfax family for more than 100 years, and now it looks like Mike Cannon-Brookes will be raising his family in the 11,000+ square-meter property.

The actual sales price for Fairwater hasn’t been disclosed, but it is thought to have sold for more than $100 million USD. That would make it the highest price paid for a home in Australia by a wide margin.

The previous record was set when the house next door to Fairwater sold to the other Atlassian co-founder, Scott Farquhar, last year. Mr. Farquhar paid $71 million USD for the property, called “Elaine,” which had also been the property of the Fairfax family.

Unlike Elaine, Fairwater has sat unoccupied for the last 25 years or so and was seldom used by Lady Fairfax. Despite the remodeling that is sure to begin soon, Mike Cannon-Brookes is happy to have made the purchase. In a statement, he said that:

“We are delighted with the purchase of Fairwater for our young family and look forward to continuing the legacy of this beautiful Sydney home… We love the idea of raising our four young children in this historic property.”

Fairwater

Fairwater, image by Wikipedia

Big Money in Sydney

Atlassian has been a massive success for Mike Cannon-Brookes and Scott Farquhar. The pair met while attending the University of New South Wales. In 2002 they used $10,000 in credit card debt to found Atlassian. The company has grown into a global presence, and in 2017 Atlassian created revenues in excess of $600 million USD.

Their most popular product is Jira, which was introduced in 2002. Jira started life as a bug tracking software that is still used by software developers all over the world. According to Atlassian, more than 75,000 companies in 122 countries use Jira. It has evolved into a project management tool that has expanded beyond software development.

Given the taste in real estate the founders have, Atlassian will have to keep doing well. The property taxes on a $100 million dollar property have to be eye-watering. The two co-founders have made off like bandits in the wake of Atlassian’s IPO in late 2015.

Like many companies in the tech space, equity investors can’t seem to get enough of Atlassian shares. Even after the shares fell sharply earlier this week on a revenue disappointment, they are still up by more than 100% over the last 12 months at the time of writing. They saw their adjusted quarterly earnings rise by more than 50% YOY, which may help to justify their current valuation.

Investors Love Atlassian

Last year Atlassian lost around 50 cents a share, which makes paying nearly 20 billion dollars for their platform a little rough. Despite the increasing competition from other project management platforms, most notably Slack, there are many in the investment world that see Mike Cannon-Brookes’ company as a herald of things to come.

Atlassian stock 6 months

Atlassian stock 6 month period

Tim Garratt is a partner at Bailie Gifford, a Scottish fund that owns hundreds of millions of dollars worth of Atlassian’s equity. He told the Sydney Morning Herald that:

“Mike Cannon-Brookes has a focus on the next coming decades rather than the next quarter or two. He’s prepared to invest for the long term and we are strongly supportive of that approach… We see the long-term potential for Atlassian to service a hundred million users across the world […]So it is still early days for this exciting business and we’re looking forward to seeing how it develops over the next decade and beyond.”

Despite the optimism that Mike Cannon-Brookes has generated from investors who are already riding high on triple digits yearly gains, his company has something of a spotty record when it comes to gender issues.

A few years ago, one of Atlassian’s employees decided to compare a new piece of software to a complaining girlfriend, which did nothing to sure up the image of an industry that is constantly being accused of a latent gender bias. While Mike Cannon-Brookes scolded the employee after the presentation went viral, he actually gave the offending presentation himself at a conference!

The gaffe clearly hasn’t dented investor confidence in the company, and Atlassian remains one of the biggest software development tools out there today. If Mike Cannon-Brookes’ luck holds up, he may be able to hold on to his brand new house on the water in Sydney.

Featured image by TEDx Sydney

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