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Zip2
In 1995, Musk, his brother Kimbal, and Greg Kouri founded
Zip2.
[49][50] Errol Musk provided them with $28,000 in funding.
[51] The company developed an Internet
city guide with maps, directions, and
yellow pages, and marketed it to newspapers.
[52] They worked at a small rented office in
Palo Alto,
[53] Musk coding the website every night.
[53] Eventually, Zip2 obtained contracts with
The New York Times and the
Chicago Tribune.
[43] The brothers persuaded the board of directors to abandon a merger with
CitySearch;
[54] however, Musk's attempts to become CEO were thwarted.
[55] Compaq acquired Zip2 for $307 million in cash in February 1999,
[56][57] and Musk received $22 million for his 7-percent share.
[58]
X.com and PayPal
Later in 1999, Musk co-founded
X.com, an online financial services and e-mail payment company.
[59] X.com was one of the first
federally insured online banks, and over 200,000 customers joined in its initial months of operation.
[60] Even though Musk founded the company, investors regarded him as inexperienced and replaced him with
Intuit CEO Bill Harris by the end of the year.
[61]
In 2000, X.com merged with online bank
Confinity to avoid competition,
[53][61][62] as Confinity's money-transfer service
PayPal was more popular than X.com's service.
[63] Musk then returned as CEO of the merged company. His preference for
Microsoft over
Unix-based software caused a rift among the company's employees, and led
Peter Thiel, Confinity's founder, to resign.
[64] With the company suffering from compounding technological issues and the lack of a cohesive business model, the board ousted Musk and replaced him with Thiel in September 2000.
[65]https://en.wikipedia.org/wiki/Elon_Musk#cite_note-69 Under Thiel, the company focused on the money-transfer service and was renamed PayPal in 2001.[67][68]
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.[69][70]