How much did Elon Musk sell PaypPal for? Elon Reeve Musk (born June 28, 1971) is a business magnate and investor. Musk is the founder, chairman, CEO and chief technology officer of SpaceX; angel investor, CEO, product architect and former chairman of Tesla, Inc.; owner, chairman and CTO of X Corp.; founder of the Boring Company; co-founder of Neuralink and OpenAI; and president of the Musk Foundation. He is the wealthiest person in the world, with an estimated net worth of US$207 billion as of October 2023, according to the Bloomberg Billionaires Index, and $231 billion according to Forbes, primarily from his ownership stakes in Tesla and SpaceX.
Musk was born in Pretoria, South Africa, and briefly attended the University of Pretoria before immigrating to Canada at age 18, acquiring citizenship through his Canadian-born mother. Two years later, he matriculated at Queen’s University in Kingston, Ontario. Musk later transferred to the University of Pennsylvania, and received bachelor’s degrees in economics and physics there.
He moved to California in 1995 to attend Stanford University. However, Musk dropped out after two days and, with his brother Kimbal, co-founded online city guide software company Zip2. The startup was acquired by Compaq for $307 million in 1999, and with $12 million of the money he made, that same year Musk co-founded X.com, a direct bank. X.com merged with Confinity in 2000 to form PayPal.
How much did Elon Musk sell PaypPal for?
Elon Musk was a successful internet entrepreneur long before the first Tesla Model X rolled off the assembly line and SpaceX fired its first rocket into orbit. Now, Musk has reclaimed a bit of that internet history for himself by purchasing the defunct domain name X.com from his former employer PayPal, which confirmed the purchase to Business Insider after internet domain blog Domain Investing reported on the purchase earlier today. “We are delighted to sell the domain X.com back to its previous owner, Elon Musk,” a PayPal spokesperson said in a statement given to BI.
To understand the significance of the URL, you have to dial all the way back to 2000, when Musk’s online financial services company X.com merged with Confinity, which at the time operated a little-known money transfer service called PayPal. Confinity was co-founded by Peter Thiel and Max Levchin, now notable internet entrepreneurs and investors — Thiel became a billionaire by investing early in Facebook, while Levchin went on to help found Yelp and currently operates a digital loan service called Affirm.
Back when the two companies merged, it was decided by investors and board members that X.com had more brand recognition than Confinity. However, the entire company was rebranded as PayPal in 2001, a year after Musk left the company over disagreements with other executive members. But PayPal later went public and got scooped up by Ebay for $1.5 billion in 2002, netting Musk somewhere in the range of $160 to $180 million after taxes.
Fast forward a decade and a half — and three multi-billion-dollar enterprises in the electric car, solar energy, and space transport industries later — and Musk is now one of the most successful entrepreneurs on the planet. With a net worth of more than $15.3 billion thanks to his holdings in Tesla, SpaceX, and SolarCity, Musk can purchase whatever he likes, including defunct domain names.
The Mystery Behind Elon Musk’s Decision to Sell PayPal
In the world of tech entrepreneurs, few names hold as much weight as Elon Musk. Known for his ambitious ventures and groundbreaking innovations, Musk has become a household name synonymous with success. However, one decision that has left many puzzled is his choice to sell PayPal, the online payment platform he co-founded.
Back in 2002, Musk played a pivotal role in the creation of PayPal, a revolutionary service that allowed individuals and businesses to make secure online transactions. The platform quickly gained popularity and became a dominant player in the e-commerce industry. However, just three years later, Musk made the surprising move to sell PayPal to eBay for a staggering $1.5 billion.
The decision to part ways with PayPal left many wondering why Musk would relinquish control of a company that seemed destined for even greater success. Some speculated that financial motivations were at play, with Musk eager to cash in on his creation. Others believed that he wanted to focus his attention on his other ventures, such as SpaceX and Tesla.
However, a closer look at Musk’s own statements reveals a different motivation behind the sale. In an interview with Ashlee Vance, the author of the biography “Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future,” Musk explained that his decision to sell PayPal was driven by a desire to pursue his long-term vision of advancing humanity’s progress.
Musk believed that by selling PayPal, he would be able to fund his ambitious goals of revolutionizing the automotive and space industries. He saw SpaceX as a means to make humanity a multi-planetary species, while Tesla aimed to accelerate the world’s transition to sustainable energy. By divesting from PayPal, Musk could allocate more resources and attention to these ventures, which he believed held the potential to make a greater impact on society.
Furthermore, Musk recognized that PayPal had reached a point where it required significant investment to continue growing. He felt that eBay, with its vast resources and expertise in e-commerce, was better positioned to take PayPal to the next level. By selling the company to eBay, Musk ensured that PayPal would have the necessary backing to thrive and expand, while he could focus on his grander visions.
While the decision to sell PayPal may have initially raised eyebrows, it ultimately allowed Musk to concentrate on his true passions and bring his transformative ideas to life. Today, SpaceX has revolutionized the space industry, with groundbreaking achievements such as reusable rockets and plans for colonizing Mars. Tesla, on the other hand, has become a leading force in the electric vehicle market, driving the global shift towards sustainable transportation.
In the end, Musk’s decision to sell PayPal was not driven by financial gain or a lack of faith in the company’s potential. Instead, it was a strategic move that allowed him to pursue his grand visions and change the world in ways that would have been impossible had he remained solely focused on PayPal. It serves as a testament to Musk’s unwavering determination to push the boundaries of what is possible and leave a lasting impact on humanity.
Which Companies Does Elon Musk No Longer Own?
Our compendium also includes everything Elon Musk owned that he no longer has any ownership of. Elon Musk’s first company was Zip2, an online business directory that he started with funding from his father and sold in 1999 for $307 million to Compaq Computer Corporation. With that money, he started an online financial service company called X.com, which merged with Confinity a year later to form PayPal.
Two years later, PayPal was sold to eBay for $1.5 billion, which allowed Musk to found and invest in several of the companies he still has today. Musk invested in his cousins’ solar energy company, SolarCity, back in 2006; it was acquired by Tesla ten years later for $2.6 billion in stock. Elon Musk was also one the co-founders of OpenAI until his resignation from the board in 2018.
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