The newly merged company was named X.com and Musk was appointed as CEO. X.com merged with Confinity in 2000, one of X.com’s biggest rivals. Those things helped Elon to succeed in X.com. Furthermore, he had an internship in a Canadian bank. Elon Musk graduated with an Economics degree from Wharton college besides having a Physics degree. According to James Van Dyke at Jupiter Communications, Elon Musk was a brilliant strategic marketer. But eventually, they were able to partner with prominent financial institutions like Barclays Bank, Bank One, and Wells Fargo.Īt the time X.com had a trusted customer base, tremendous cross-selling capabilities, a solid payment system, and marketing savvy. “Our long-term goal is to process one trillion transactions,” Elon Musk once stated about his vision for the company in 2000.Īt the early stage, banks and other financial organizations were afraid to work with X.com because they saw the newly formed online banking company as a threat. They gained 4,000 accounts daily even in early 2000. And they also offered banking accounts online. X.com offered person to person, B2B, and C2B payments. It helped them to broaden their borders internationally. Brown, Qualcomm Inc., Lab Morgan, Idealab Capital Partners, and The French bank funded on X.com lately. Nokia Ventures LP, Goldman Sachs, Deutsche Bank Alex.
His brother Kimbal Musk also invested in them as usual like in Elon’s other businesses.
Funding of X.COMĮlon Musk invested more than $10 million of his money in business. X.com was an online banking business and its deposits were insured by FDIC. In 1999, the same year, Elon Musk founded X.com with Greg Kouri. After Elon Musk sold Zip2 to Compaq for $307 million, Elon received $22 million for his stake in the company.
#Elon musk paypal operating system series
This is the fourth chapter on the series discussing his childhood, university life, and his first startup, Zip2. Inventho has discussed a lot about Elon Musk’s journey of becoming “The Real-Life Tony Stark”.
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