Later in 1999, Musk co-founded X.com, an online financial services and e-mail payment company
X.com was one of the first federally insured online banks, and over 200,000 customers joined in its initial months of operation.
Even though Musk founded the company, investors regarded him as inexperienced and replaced him with Intuit CEO Bill Harris by the end of the year.
In 2000, X.com merged with online bank Confinity to avoid competition as Confinity's money-transfer service PayPal was more popular than X.com's service.
Musk then returned as CEO of the merged company.
His preference for Microsoft over Unix-based software caused a rift among the company's employees, and led Peter Thiel, Confinity's founder, to resign.
With the company suffering from compounding technological issues and the lack of a cohesive business model, the board ousted Musk and replaced him with Thiel in September 2000.
Under Thiel, the company focused on the money-transfer service and was renamed PayPal in 2001
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