Elon Musk, The founder, CEO, and CoFounder of SpaceX, angel investor, and product architect of Tesla, is a lauded genius. He is the founder of the American infrastructure and tunnel construction company “The Boring Company” and co-founder of Neuralink and OpenAI. Elon Musk is one of the richest people on this planet and has an estimated wealth of around $238 billion as of now declared by the Bloomberg Billionaire Index and Forbes. He owns several businesses, and people really want to know Does Elon Musk Still Owns PayPal?
Elon Musk is known for his exceptionally futuristic plans for his electric car company, Tesla. He is an astounding genius and an amazing scientist with some crazy and fancy inventions in his name. He had a sentimental relationship with one of the largest online payment processing companies, ‘PayPal,’ which he co-founded in late 1999.
In this article, you will learn about the most fundamental facts and resolve the head-scratching question spinning in everyone’s mind.
Does Elon Musk Still Owns PayPal?
In late 1999, Elon Musk cofounded a company named X.com, which was primarily a financial service and email payment company. About after a year, X.com was merged with an online bank Confinity and became PayPal.
Later in September 2000, the Board members of PayPal removed Musk from the company and replaced him with Peter Thiel the same year. A year later, with the guidance of Thiel, the company just concentrated on the money transfer service and renamed it PayPal.
In 2002, E-bay, which is an American multinational e-commerce company, purchased PayPal for around $1.5 Billion in stocks. Musk become the largest shareholder of Paypal stocks accumulating around 7,109,989 shares worth $175.8 Million. He acquired 11.2% of the total shares of PayPal.
Before co-founding PayPal, Musk had two prior lucrative businesses. He made a business partnership with his brother in the year 1995. An organization that first helped businesses establish an online presence evolved into one that collaborated with publications that can provide online city tours.
Musk, who is never one to stay idle, immediately started working on his concept to build a greenhouse on Mars so that people might grow food there after getting fired from PayPal. He invested $hundreds of millions of dollars from his own money in Space Exploration Technologies since May 2002. Or SpaceX, as it is more widely known.
The main and foremost motive of the company is to cut down the amount of space travel in order to maximize the experience for the common people. Since rockets were formerly a one-and-done product, Musk believes that building reusable rockets is the best way to do this.
Wrapping Up
Elon Musk is undoubtedly the significant face of several companies. This article gives you clear context about the query you asked for his connection with Paypal. I hope you understand the arduous journey of Musk right after he dropped out of Stanford University and made a noteworthy place in the world. Comment down below and let us know whether you figure out Does Elon Musk Still Owns Paypal.
