12/20/2023 0 Comments Who did elon musk sell paypal to![]() Musk would later joke about the coup in an interview, saying, "It's not a good idea to leave the office when there are a lot of major things underway which are causing people a great deal of stress." He added that "rather than fight it at this critical time" he thought it best to just concede.Elon Musk has a target on his back as Media Matters adds to X dramaĮlon Musk’s X may lose up to $75M by year-end on advertiser exodus: reportĮlon Musk to reportedly visit Israel after antisemitism controversies But what Musk hasn't gotten over is the fact that the company never became more than a glorified feature, and he still believes that PayPal has the potential to become the world's largest consumer financial services company." "Life is too short for long-term grudges." Of course, it's also true that Levchin and Thiel went on to take PayPal public and make him even richer. Musk admitted to Inc.com in 2007 that he was hurt by the ouster: ""I buried their hatchet," he says, as he pantomimes pulling a blade out of his back. The board fired Musk, replaced him with Thiel, and renamed the company PayPal." When he returned, he learned that Levchin and Thiel had orchestrated a coup. "It was shocking, but I will give Elon this–I thought he handled it pretty well." Justine said.Īccording to a 2007 Inc.com profile of Musk: "In the fall of 2000, Musk went on a two-week trip to meet prospective investors. When Musk finally heard what had happened, he hopped on the next plane back to Palo Alto. Some of the people loyal to Musk had sensed something was wrong, but it was too late. As they boarded their flight one night, X.com executives delivered letters of no confidence to X.com's board. Nine months later, in September, they planned to mix business and pleasure by going on a fundraising trip and ending it with a honeymoon in Sydney to catch the Olympics. Musk and Justine had been married in January 2000 but had been too busy for a honeymoon. Instead of confronting Musk directly with this plan, the conspirators decided to take action behind Musk's back. They decided to sell the board on the idea of Thiel returning as CEO. A small group of X.com employees gathered one night at Fanny & Alexander, a now defunct bar in Palo Alto, and brainstormed about how to push out Musk. What followed was one of the nastiest coups in Silicon Valley's long, illustrious history of nasty coups. The book went on to describe the actual coup to remove Musk as CEO, as complaints and questions grew about Musk's decision-making amidst numerous crises: According to the book " Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future" by Ashlee Vance, the two merged teams could never see eye to eye: "Musk kept championing X.com, while most everyone else favored PayPal," Vance wrote. In March 2000, the two companies merged, but kept the X.com name. ![]() X.com's big competitor was a startup co-founded by Peter Thiel and Max Levchin called Confinity, which was developing a similar concept known as PayPal. ![]() The firm was trying out a number of new technological concepts, including using email addresses to carry out financial transactions. In 1999, Musk was the founder of a financial services firm called X.com. ![]() While this claim is mostly true, it's also oversimplified. ![]()
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