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this post was submitted on 25 Jul 2023
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Technology
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@Lockpro @ajsadauskas @technology oh, it isn’t unique, but X.com has been in Elon’s head since 1993 when he worked for the Bank of Nova Scotia for a summer job assistant to the VP Strategic planning. It was’nt BNS’s plan, but Elon’s to put every banking function online. A few years later #Xcom was operating in SiValley, but Elon’s Board lost confidence in his grand design, and removed him as CEO. ../2
@Lockpro @ajsadauskas @technology
Instead they focussed on payments only, which was the plan of a failing startup that merged with X.com a few months earlier - it was operating down the hall from X.coms small 2nd floor office. The name of that startup ended up replacing X.com’s — PayPal.
In 2003 PayPal was sold to EBay and Elon’s share of the sold company funded his investment in two new startups, Tesla, and SpaceX. His share after tax was USD $300M.