![]() In 2002, Musk established Space Exploration Technologies or SpaceX with a goal of making more affordable and energy-efficient rockets. A year later, eBay bought out PayPal for 1.5 billion USD in stocks, of which Musk received 165 million USD for his 11.7% PayPal shares. In March 2000, the company merged with Confinity and was eventually renamed PayPal in 2001. It was one of the world’s first digital banks and its deposits were insured by the Federal Deposits Insurance Company (FDIC). ![]() ![]() In 1999, Zip2 was bought by Compaq for 307 million USD – a deal in which Musk made over 21 million USD for his 7 percent stake in the company.įollowing the sale of Zip2, Musk co-founded X.com – digital financial services and email payment company. However, he dropped out after two days to work on his new business – Zip2- which provided yellow pages and maps to online newspapers. ![]() program in material sciences at Stanford. In 1995, he applied to and was accepted to the Ph.D. He later transferred to the University of Pennsylvania and graduated with a B.S. After completing his primary studies in South Africa, he moved to Canada to pursue his undergraduate studies at the Queen’s University in Kingston, Ontario. Musk was born in Pretoria, South Africa to a Canadian mother and a British father on June 28, 1971. ![]()
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