Chance led investor Antonio Gracias to meet Musk and put money in Tesla early on. That–and his focus on problem-solving at the manufacturing level—has been key to his outsized success.six years ago, his friend Antonio Gracias–a board member at Tesla and an early investor in the company–proved his mettle as both supportive buddy and invaluable problem solver.
At an investors conference in Florida in February, Gracias described Musk’s and his firm’s relationship with him as such: “We can’t all be genius engineers, but we can take the garbage out. We’re good at that.”racias was born in Detroit, Michigan, to immigrant parents–his dad is from India and his mom from Spain. His dad was a neurosurgeon and his mom is a trained pharmacist who ran a lingerie shop.
A few years later, in 2005, Musk contacted Gracias to ask if his firm–by then MG Capital had morphed into fund-based investment firm Valor Equity Partners–would participate in Tesla’s Series B funding round. Gracias said yes, and took part in the $13 million funding at a mere $35 million valuation. Over the next three years, Valor invested some $15 million in the electric vehicle company—at a time when Tesla didn’t yet have a functional product and there wasn’t a clear market for electric cars.
Gracias has since sold more than $250 million worth of his Tesla stock, some of which went to his ex-wife in their 2021 divorce; the majority of his remaining shares are held in trusts for his children, whichcounts towards his net worth. As of October 2021, when Gracias stepped down from Tesla’s board, 99% of his shares were also pledged as collateral for loans.
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