What did Zip2 Corporation do?

Zip2 was a company that provided and licensed online city guide software to newspapers. Initially, Global Link provided local businesses with an Internet presence, but later began to assist newspapers in designing online city guides before being purchased by Compaq Computer in 1999.

What did Elon Musk do after Zip2?

PayPal. In 1999, Elon and Kimbal Musk used the money from their sale of Zip2 to found X.com, an online financial services/payments company. An X.com acquisition the following year led to the creation of PayPal as it is known today.

How Elon Musk started his first company?

Zip2. In 1995, Musk, Kimbal, and Greg Kouri founded web software company Zip2 with funds from angel investors. They housed the venture at a small rented office in Palo Alto. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.

Where is Zip2 now?

By 2002, Zip2 has become an orphan brand being passed from internet giant to internet giant. Now its original URL is under the InfoSpace umbrella, while small vestiges of the brand remain with MyWay.com.

Who invested in Zip2?

The company expanded its listing by convincing businesses to pay for inclusion, and, after about a year, in early 1996, Mohr Davidow Ventures agreed to invest some $3 million in Zip2 in exchange for majority ownership.

Why did Compaq buy Zip2?

In an effort to make its Internet search engine, Altavista, more competitive with rivals like Yahoo, Lycos and Excite, the Compaq Computer Corporation announced yesterday that it had acquired the Zip2 Corporation, a privately held company that helps newspapers develop city directory-type Web sites.

How did Elon Musk create Zip2?

In 1995, after acquiring a disc containing a business directory, Musk persuaded Navteq, a provider of electronic navigable maps, to give him free mapping software. He then wrote the code necessary to put the two databases—business listing and map—together.

Where did Elon Musk get the money for Zip2?

Musk and his younger brother, Kimbal Musk, founded the company in Palo Alto, California in 1995 and eventually sold it to Compaq for roughly $300 million in 1999. Musk used the money from that sale to found X.com, the online financial services service that merged with Confinity in 2000 and later became PayPal.

Who created Zip2?

Elon Musk
Kimbal Musk
Zip2/Founders
Zip2, former American technology company (1995–99) that was the first enterprise founded by Elon Musk. It provided a searchable business directory that could be described as an Internet version of the yellow pages telephone directory with maps included.

How did Elon Musk fund Zip2?

Key Highlights. After dropping out of Stanford in 1995, Musk started Zip2 with his brother Kimbal using $28,000 borrowed from their father. In 1999 it sold to Compaq for $307 million, with Musk earning $22 million.

How much did Elon Musk sell his first company for?

Zip2 was Elon Musk ‘s first company and it sold for $307 million in 1999. 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 might be the only person in the world whose biggest failure in life made him a millionaire.

How much is Zip2 worth?

purchased Zip2 for $307 million, and Zip2 became a unit of the search engine AltaVista, which Compaq had recently acquired.

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