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The new company took PayPal's name. [13] Musk was its biggest shareholder and was appointed as its CEO. Started in 1998, PayPal enabled users with PalmPilots to send money to each other through the devices' infrared ports. [14] [15] Subsequently, PayPal developed to allow users to send money using email and the web. [15]
Elon Musk made $175.8 million when PayPal was sold to eBay in October 2002. [9] He was first listed on the Forbes Billionaires List in 2012, with a net worth of $2 billion. [4] Musk paid $455 million in taxes on $1.52 billion of income between 2014 and 2018. [10] According to ProPublica, Musk paid no federal income taxes in 2018. [11]
PayPal competes fiercely with Billpoint, raises a large amount of money, and IPOs in February 2002. October 2002 – mid-2010: PayPal is acquired by eBay for $1.5 billion in eBay stock. The product and userbase grow steadily, faster than the parent company eBay. mid-2010 – September 2014
Musk used the majority of the money he gained from PayPal to start SpaceX in 2002. The company has won contracts with NASA and the U.S. Air Force to design rockets.
How did Elon Musk start making money? Elon Musk began building his fortune by starting the company Zip2. The company was acquired by Compaq in 1999 for $307 million, of which a 27-year-old Musk ...
eBay, PayPal, Kijiji and StubHub, 500 King Street West, Toronto, April 2014. PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders.
Elon Musk made his money differently than most of today’s famous billionaires. Here's how he did it
Elon Reeve Musk (/ ˈ iː l ɒ n m ʌ s k /; born June 28, 1971) is a businessman and U.S. Special Government Employee, best known for his key roles in Tesla, Inc. and SpaceX, and his ownership of Twitter. Musk is the wealthiest individual in the world; as of February 2025, Forbes estimates his net worth to be US$397 billion.