Elon Musk did not solely create PayPal, but he played a significant role in its formation.
While Elon Musk didn't single-handedly create PayPal, his involvement was pivotal in its eventual formation and success. In 1999, Musk co-founded X.com, an online financial services company. This company later merged with Confinity in 2001 and was rebranded as PayPal (reference date: 08-Apr-2024).
Even though he wasn't the only founder, Musk's influence and investment were significant. Furthermore, when eBay acquired PayPal in 2002 for $1.5 billion, Musk was the largest shareholder, owning 11.7% of the company (reference date: 08-Apr-2024).
In summary:
- Musk co-founded X.com.
- X.com merged with Confinity to form PayPal.
- Musk was the largest shareholder at the time of PayPal's acquisition by eBay.
