11/12/2023 0 Comments Elon musk paypal operating systemThe board ousted Musk as CEO and replaced him with Thiel in September 2000, according to author Ashlee Vance's 2015 book, "Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future." Thiel formally renamed the combined company PayPal in 2001. Thiel and PayPal co-founder Max Levchin orchestrated a coup against Musk when he was on his first vacation in years. "Focus groups showed that the name X.com, on the contrary, conjured up visions of a seedy site you would not talk about in polite company." "PayPal had become a trusted brand name, like a good pal who is helping you get paid," Isaacson wrote. "X had conducted a series of focus groups showing customers disliked the brand name, because it reminded them of porn," Chafkin wrote.Īuthor Walter Isaacson echoed that account in excerpts he shared this week of his upcoming biography on Musk due out in September. Subscribe to The Post Most newsletter for the most important and interesting stories from The Washington Post.īut there was a problem that was too glaring for some customers: X.com sounded like it was an adult website. After Thiel resigned following a rift over Musk pushing for the PayPal system to go on a Microsoft platform instead of Unix-based software, Musk wanted to broaden the company's ambitions as more than just a money-transfer service by making the letter X more prominent in its branding and phasing out the PayPal name altogether, according to Max Chafkin, author of the 2021 book, "The Contrarian: Peter Thiel and Silicon Valley's Pursuit of Power." In 2000, Musk had become CEO after the merger of his X.com and Confinity, the venture-backed company co-founded by Peter Thiel that owned the PayPal program that was a more popular money-transfer service than the one offered by Musk. Elon Musk yearned for a technological overhaul of the company that ran PayPal, and he wanted that change to start with the letter X - even if some thought it reminded them of pornography.
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