Why would someone who has already achieved extraordinary wealth continue making bets that could damage his fortune, reputation, and companies? Elon Musk provides a fascinating case study in the psychology of extreme risk because conventional explanations based on money eventually stop making sense. In this episode, we examine sensation seeking, achievement motivation, tolerance for failure, identity, optimism, and the psychological rewards of attempting things other people consider impossible. This is not a diagnosis of Musk, but an exploration of what his publicly documented decisions can teach us about the psychology of extraordinary risk-taking.