The drive that pushed Musk to learn programming in three days helped Musk turn his vision of a future driven by technology into a reality. For those who don't know what Musk did before Tesla and SpaceX, his first company was a software venture called Zip2 that provided online "yellow … Navteq gave zip2 the code for free. Almost 200 newspapers by this time are using the platform to develop guides, including a landmark deal with the New York Times which can be seen prominently displayed on the front page. Years later, after becoming a father, he wasn’t happy with how his sons were learning in school. However, it gave Musk the early capital that he needed in order to start future businesses. At the time, InfoSpace was about to go through an upheaval with Jim Voelker taking over from Naveen Jain’s role of CEO (and later suing him under a non-compete agreement after his move to Intelius) and refocusing InfoSpace to just a few core divisions. Elon (middle) with his brother Kimbal (left) and his sister Tosca (right) Credit: Maye Musk Tosca. Zip2 was Elon Musk ’s first company and it sold for $307 million in 1999. Zip2 also sells calendar, email, and other supplementary services to the newspapers. X.com was a victory in terms of the failure surrounding silicon valley following 9/11. Zip2 Zip2 also strengthens its association with yellow pages by using a “Zip2 Yellow Pages” branding, while also adding map and directions capabilities. Zip2 was part of a “yellow pages push” which also later included the acquisition of Switchboard in 2004. Errol has six children; Elon, Kimbal, Tosca, Asha, Alexandra, and Elliot. However, as previously stated, companies did not see an advantage to zip2 yet, so the website's success relied on companies paying to be included on the website. As the majority shareholder, Musk was ousted as CEO amid protracted boardroom squabbling. When Elon first started out, he unsuccessfully applied … at SpaceX? He continued to grow his programming and coding skills. Soon after the sale of Zip2, Musk invested $12 million of his own money into co-founding X.com, which he envisioned as the future of online banking. Elon. In 1995 he had the intention to work for Netscape and went to their offices, but did not dare to speak to anyone out of shyness. It evolved over time to become both a larger and more effective company, and to be largely wrestled out of Elon Musk's hands. He was bullied when he attended public school and found some of the lessons to be completely useless, so he did the bare minimum just to get by. Together with his brother, Elon started the Zip2 project in 1995. It is almost as if he peered into the future. Global Link Information Network was later renamed as Zip2 … When Elon heard that he got $900 he stopped typing code stood up in shock which of course gave him confidence in what he was doing. Out of that amount, Elon Musk's share was $22 million. Elon Musk's relationship with Harris Frick quickly unraveled though. Musk is noted to have a confrontational ant know-it-all personality, which rubbed many in the wrong way. Elon was born in Pretoria, South Africa, in 1971. AltaVista branding can be seen prominently on the front page, marketed as “AltaVista Connections.”. After completing a bachelor’s degree and deferring the Ph.D. for six months, Elon started an internet company — Zip2. Over the next four years, Musk founded PayPal, SpaceX, and Tesla Motors. Zip2 and Onwards. PayPal was acquired by eBay in 2002 for a staggering $1.5 billion; it is worth much more now (Bellis, 2014). In 2021, Musk began tweeting about Dogecoin, becoming its … Elon got Canadian citizenship through his mother. In early 2000, X.com merged with its rival Confinity, and the company was renamed PayPal. He also said the perception is that he's a business and media guy, but he disputes that. © 2020 Copyright: Loop TOS | Privacy Policy | Support | Have a suggestion? Zip2, originally named Global Link, was the first company created by Elon Musk. So, how did Elon Musk become a US citizen? Instead, Musk launched Zip2 Corporation, which made online city guides. Elon Musk becomes a Millionaire All of a sudden in late 1999, The PC maker Compaq computers offered to pay 307 million in cash for zip2. Greg Kouri, a Canadian businessman in his mid-thirties, had met the Musk in Toronto & bought into the early ZIP2 brainstorming. X.com was to be a website for online banking, a scary thought at the time that is now considered to be largely common in an individual's daily life. Zip2’s board accepted the offer and threw a huge party. By 2002, Zip2 has become an orphan brand being passed from internet giant to internet giant. In February 1999, Compaq Computer pays $305 million to acquire Zip2 to strengthen their AltaVista search engine. In December of 1998, Zip2 refocuses and becomes more eCommerce and advertiser focused. Elon Musk did all of the original coding for the website, but he still needed code for navigation so Kimbal called Navteq, which made rudimentary GPS-like devices. Zip2 completes its transition to obscurity and its URL redirects to, The 10 Limiting Beliefs That Are Holding You Back as a Founder, Software Companies May Actually Be More Resilient Than Traditional Companies, What a Completely Automated Sales Process Looks Like, This is What Elon Musk’s First Website Looked Like. Musk received $22 million for … Zip2 was still partway between the two business models in December of 1997, as can be seen on its site at the time. Then he came to the US as a student from Canada. Musk struggled to keep his new business afloat, eventually selling majority control of Zip2 to venture capitalists in exchange for a $3.6 million investment. Global Link Information Network was founded in 1995 by brothers Elon and Kimbal Musk and Greg Kouri in Palo Alto, California with money raised from a small group of angel investors, plus US$6,000 from Kouri. "Starman", a mannequin dressed in a spacesuit, occupies the driver's seat.The car and rocket are products of Tesla and SpaceX, respectively, both companies headed by Elon Musk. Elon Musk and his PayPal played a big part in the development of what has been termed as the "American Express of the twenty-first century" (Wattenberg, n.d.). In 1999 Zip2 was bought by the computer manufacturer Compaq for $307 million, and Musk then founded an online financial services company, X.com, which later became PayPal, which specialized in transferring money online.… Many services can be seen on its front page in 1998 including maps, local reviews (like a Yelp before Yelp), car and home sales, and even community events. Global Link Information Network was founded in 1995 by Elon Musk, his brother Kimbal Musk, and Greg Kouri who provided $6,000 in funding. He had received a scholarship to attend Stanford but after two days, before even attending any classes, he asked to be deferred so he and his brother could start up a software company, Zip2. Zip2 was a company that provided and licensed online city guide software to newspapers.The company was founded in Palo Alto, California as Global Link Information Network in 1995, by brothers Elon and Kimbal Musk and Greg Kouri.Initially, Global Link provided local businesses with an Internet presence. Entrepreneurial Thought Leaders / October 8, 2003 Unfortunately for Elon Musk, X.com would also be wrestled out of his hands for better or worse and named PayPal. By this time the Zip2 brand had lost almost all its recognition amongst consumers. In Ashlee Vance's biography of Elon Musk, it is claimed that the Musks' father, Errol Musk, provided them with US$28,000 during this time, but Elon Musk later denied this. Obviously there are details other people did. Musk’s first company was founded in Palo Alto, California, with his brother Kimbal … Zip2 lets customers and advertisers communicate via fax, an innovation unheard of at the time. It was a digital guide to the city for small businesses, funded with $28,000. The only signs of the brand left are hidden at the bottom in the copyright footer. Elon Musk's inventions, which can be termed as groundbreaking, include Zip2, Model S, Blastar among others. What’s the first thought that comes to mind when you hear the name Elon Musk? In South Africa, Elon Musk made his first business at age 12 when he sold, for $ 500, the source code of a Space Invaders- style video game he had created. This extraordinary man has also co-founded well-known companies such … As a result, Frick left with a large portion of X.com's employee team, effectively desolating the company. Create your own unique website with customizable templates. In 1999, they sold Zip2 for $307 million, and Elon Musk made $22 million. In 1999, the Compaq Computer Corporation bought Zip2 for $307 million. Elon famously dropped out of pursuing a PhD at Stanford in energy physics/material science two days into the program to pursue the opportunity. In order to bring in actual banking, Elon Musk hired Harris Frick, a friend from his time working in the Bank of Nova Scotia. The brand becomes a subsidiary of MyWay.com which is an online portal marketed as a “Yahoo Killer” free of advertisement. Zip2 completes its transition to obscurity and its URL redirects to http://www.infospace.com/info.zip/. Elon Musk can’t get enough of anything: About Hyperloop, SolarCity and Neuralink Elon Musk held largest shares of PayPal until the company was acquired by eBay Musk obtained 7% from the Zip2 sale amounting $10 million, which he invested in co-founding online financial services and e-mail payment company called X.com. Harris Frick wanted to become Chief Executive Officer, but was rejected by Musk. X.com began as an idea of Elon Musk, with his own financial backing. At age 12, having mastered BASIC, Musk sold the code for his PC game Blastar to a PC magazine for approximately $500. Newspapers lose their prominent display on the frontpage, and businesses and eCommerce take their spot. A snippet from an Elon Musk interview: Does Elon Musk do some very technical work (code, design, etc.) Elon Musk: PayPal and SpaceX In 1995 he founded Zip2 , a company that provided maps and business directories to online newspapers. For most people, that would be the high point of a lifetime, but Musk looks back on the experience with frustration and disappointment. Elon Musk has never been a fan of school. - Quora He claims to spend about 80% of his time on engineering and design. He later clarified that his dad provided around 10% of US$200,000 as part of a later funding round. In 1997, Zip2 begins a transition from being a directory for businesses to being a city guide platform for newspapers. Rejection from Netscape and Ousted at ZIP2. It evolved over time to become both a larger and more effective company, and to be largely wrestled out of Elon Musk's hands. In 2000, the Zip2 brand starts a descent into obscurity. With more than half of that money he co-founded the X.com online banking … In March of 2001, still under MyWay.com, Zip2 is stripped of all Zip2 branding. Elon Musk, SpaceX. Vince Sollito, the former chief of communications at PayPal said, "He comes from the school of thought in the public relations world that you let no inaccuracy go uncorrected." Compaq acquired Zip2 for $307 million in cash in February 1999. At this time, Zip2 starts generating additional revenue through an advertising network. He sold the company in 1999 for over $300 million. In 1998, Zip2 completes its transition to being a platform for newspaper’s efforts to develop their own city guides. Our work is supported by affiliate commissions. However, it gave Musk the early capital that he needed in order to start future businesses.X.com became the offshoot of Elon Musk's imagination. At 38, Elon Musk has been a co-founder of PayPal, which he and his partners sold to eBay for $1.5 billion; and rocket builder SpaceX, which aims to … Years before Tesla and even PayPal, Musk's first company was called Zip2. Global Link Information Network was founded in 1995 by Elon Musk, his brother Kimbal Musk, and Greg Kouri who provided $6,000 in funding. Zip2 Corporation. Elon Musk is a South African-born billionaire genius based in America. — Elon Musk (@elonmusk) April 28, 2021 Some of that dramatic rise was thanks to Elon Musk. Now its original URL is under the InfoSpace umbrella, while small vestiges of the brand remain with MyWay.com. Elon Musk got 22 million dollars out of this deal. Zip2, originally named Global Link, was the first company created by Elon Musk. History of Zip2. Musk had become a millionaire at the age of twenty-eight. Musk went on to finish school, and then received two bachelor degrees. How many kids does Errol Musk have? Zip2 gets a UI makeover while keeping many of the same functionalities. Elon famously dropped out of pursuing a PhD at Stanford in energy physics/material science two days into the program to pursue the opportunity. Maye and Errol's only daughter together Tosca was born in South Africa in 1974. However, Elon Musk, ended up losing control as CEO like he had with zip2. Musk started by writing some small software over the summer and eventually started talking to some publishing companies who developed interest. Elon Musk's Tesla Roadster is an electric sports car that served as the dummy payload for the February 2018 Falcon Heavy test flight and became an artificial satellite of the Sun. In 1996, Zip2 starts pulling data from American Business Information Inc. (ABI) and starts a self-comparison to yellow pages that will continue throughout its lifespan as a brand. Musk's attempts to become CEO, a position held by its Chairman Rich Sorkin, were thwarted by the board. Self-made billionaire Elon Musk and his brother, Kimbal, couldn't afford an apartment when they founded web software company Zip2, in 1995. Global Link Information Network was later renamed as Zip2 and served as a directory for local businesses. Elon Musk sent Bitcoin reeling on Wednesday, after he announced that Tesla would stop accepting it for car purchases — even though the company continues to hold the digital coin on its books. (Vance, 91) Actually, X.com being renamed as PayPal was a direct testament to the fact that Musk control, having been renamed PayPal the month Musk reached his thirtieth birthday. 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