In 1999, during the dot-com boom era, Elon Musk founded X.com as an online payment company with a vision to revolutionize internet transactions. Despite challenges, the company thrived and merged with Confinity in 2000, rebranding as PayPal.
Under Musk’s leadership, PayPal quickly became a preferred choice for online payments, especially among eBay users, and expanded globally, becoming one of the leading online payment platforms.
In 2002, just two years after rebranding, eBay acquired PayPal in a $1.5 billion stock deal, providing Musk with around $165 million. This acquisition enhanced the user experience on eBay’s platform.
In 2017, Musk bought back the domain X.com from PayPal for an undisclosed amount, citing “great sentimental value.” Finally, on July 24, 2023, he rebranded Twitter to “X,” marking a significant shift since acquiring the social media platform in October 2022.
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