They're front people.. His involvement with PayPal. LOL! You cannot get settlement banks to approve money transfers unless you are in the baby eating club.
Later in 1999, Musk co-founded X.com, an online financial services and e-mail payment company.[53] X.com was one of the first federally insured online banks and over 200,000 customers joined after its initial months of operation.[54] Even though Musk founded the company, investors regarded him as inexperienced and replaced with Intuit CEO Bill Harris by the end of the year.[55]
In 2000, X.com merged with online bank Confinity to avoid competition[46][55][56] as Confinity's money-transfer service PayPal was more popular than X.com's service.[57] Musk then returned as CEO of the merged company. His preference for Microsoft over Unix-based software caused a rift among the company's employees and Peter Thiel, Confinity's founder, to resign.[58] In addition to compounding technological issues and a lack of a cohesive business model, the board ousted Musk and replaced him with Thiel in September 2000.[59][b] Under Thiel, the company focused on the money transfer service and renamed as PayPal in 2001.[61][62]
The next year, PayPal was acquired by eBay for $1.5 billion in stock, of which Musk owned the largest marketshare << BULLSHIT!
They're front people.. His involvement with PayPal. LOL! You cannot get settlement banks to approve money transfers unless you are in the baby eating club.
Later in 1999, Musk co-founded X.com, an online financial services and e-mail payment company.[53] X.com was one of the first federally insured online banks and over 200,000 customers joined after its initial months of operation.[54] Even though Musk founded the company, investors regarded him as inexperienced and replaced with Intuit CEO Bill Harris by the end of the year.[55]
In 2000, X.com merged with online bank Confinity to avoid competition[46][55][56] as Confinity's money-transfer service PayPal was more popular than X.com's service.[57] Musk then returned as CEO of the merged company. His preference for Microsoft over Unix-based software caused a rift among the company's employees and Peter Thiel, Confinity's founder, to resign.[58] In addition to compounding technological issues and a lack of a cohesive business model, the board ousted Musk and replaced him with Thiel in September 2000.[59][b] Under Thiel, the company focused on the money transfer service and renamed as PayPal in 2001.[61][62]
The next year, PayPal was acquired by eBay for $1.5 billion in stock, of which Musk owned the largest marketshare << BULLSHIT!
https://www.edge.org/event/the-edge-billionaires-dinner-2011