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X.com and PayPal
In 1999, Musk co-founded X.com, an online financial services and e-mail payment company.[64] The startup was one of the first federally insured online banks, and, in its initial months of operation, over 200,000 customers joined the service.[65] The company's investors regarded Musk as inexperienced and replaced him with Intuit CEO Bill Harris by the end of the year.[66] The following year, X.com merged with online bank Confinity to avoid competition.[56][66][67] Founded by Max Levchin and Peter Thiel,[68] Confinity had its own money-transfer service, PayPal, which was more popular than X.com's service.[69] Within the merged company, Musk returned as CEO. Musk's preference for Microsoft software over Unix created a rift in the company and caused Thiel to resign.[70] Due to resulting technological issues and lack of a cohesive business model, the board ousted Musk and replaced him with Thiel in 2000.[71][b] Under Thiel, the company focused on the PayPal service and was renamed PayPal in 2001.[73][74] In 2002, PayPal was acquired by eBay for $1.5 billion in stock, of which Musk—the largest shareholder with 11.72% of shares—received $175.8 million.[75][76] In 2017, Musk purchased the domain X.com from PayPal for an undisclosed amount, stating that it had sentimental value.[77][78] In 1999, Musk co-founded X.com, an online financial services and e-mail payment company.[64] The startup was one of the first federally insured online banks, and, in its initial months of operation, over 200,000 customers joined the service.[65] The company's investors regarded Musk as inexperienced and replaced him with Intuit CEO Bill Harris by the end of the year.[66] The following year, X.com merged with online bank Confinity to avoid competition.[56][66][67] Founded by Max Levchin and Peter Thiel,[68] Confinity had its own money-transfer service, PayPal, which was more popular than X.com's service.[69] Within the merged company, Musk returned as CEO. Musk's preference for Microsoft software over Unix created a rift in the company and caused Thiel to resign.[70] Due to resulting technological issues and lack of a cohesive business model, the board ousted Musk and replaced him with Thiel in 2000.[71][b] Under Thiel, the company focused on the PayPal service and was renamed PayPal in 2001.[73][74] In 2002, PayPal was acquired by eBay for $1.5 billion in stock, of which Musk—the largest shareholder with 11.72% of shares—received $175.8 million.[75][76] In 2017, Musk purchased the domain X.com from PayPal for an undisclosed amount, stating that it had sentimental value.[77][78]
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