SpaceX is the third company founded by Mr. Musk. Prior to SpaceX, he co-founded the electric-car maker Tesla Motors, and before that, PayPal, the world's leading electronic payment system, serving as the company's chairman and CEO. PayPal has over twenty million customers in 38 countries, processes several billion dollars per year and went public on the NASDAQ under PYPL in early 2002. Mr. Musk was the largest shareholder of PayPal until the company was acquired by eBay for $1.5 billion in October 2002.
Before PayPal, Mr. Musk co-founded Zip2 Corporation in 1995, a leading provider of enterprise software and services to the media industry, with investments from The New York Times Company, Knight-Ridder, MDV, Softbank and the Hearst Corporation. He served as Chairman, CEO and Chief Technology Officer and in March 1999 sold Zip2 to Compaq for $307 million in an all cash transaction.
Mr. Musk's early experience extends across a spectrum of advanced technology industries,...
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PayPal did have a few patents but nothing that really mattered, says Musk. He acknowledges the necessity of patents in certain industries but industries like software, where the lifecycle is rapid do not need IP.
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