PayPal is an american worldwide online payments system founded in 1998 by Elon Musk, Peter Thiel, Max Levchin, Ken Howery, Luke Nosek and Yu Pan.
August 14, 2023
In March 2000, Confinity merged with x.com, an online financial services company founded in March 1999 by Elon MuskElon Musk. Musk was optimistic about the future success of the money transfer business Confinity was developing. Musk and Bill Harris, then-president and CEO of X.com, disagreed about the potential future success of the money transfer business and Harris left the company in May 2000. In October of that year, Musk decided that X.com would terminate its other internet banking operations and focus on PayPal. That same month, Elon Musk was replaced by Peter Thiel as CEO of X.com, which was renamed PayPal in 2001 and went public in 2002. PayPal's IPO listed under the ticker PYPL at $13 per share and generated over $61 million.