X.com

X.com was an online bank started by Elon Musk in November, 1999. It was one of the world's first online banks. Its deposits were insured with FDIC. It had a partnership with Barclays. In March, 2000, X.com merged with Confinity, its fiercest competitor, the new company being called X.com. Musk was its biggest shareholder and was appointed as its CEO. Also started in 1999, Confinity's product PayPal enabled users having Palm Pilots to send money to each other through its infrared ports. Subsequently PayPal developed to allow users to send money using emails and the web. In September, 2000 Musk was replaced by Peter Thiel who was the co-founder of Confinity. In June, 2001, X.com was renamed PayPal.

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