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PayPal Holdings, a U.S. online payment system company in most countries that support online remittances, acts as an electronic alternative to traditional paper methods such as cheques and money orders. The company acts as a payment processor for online sellers, auction sites and many other commercial users. It charges a fee for interest such as one-click transactions and password memory. established in 1998 as an inventory, PayPal was an IPO in 2002. It became a wholly owned subsidiary of Ebay later that year, valued at $1.5 billion. In 2015, eBay spun PayPal eBay shareholders. The company ranked 204th on the 2019 Fortune 500 of the largest companies in the United States in terms of revenue. PayPal was originally created by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Confinity, a company that developed security software for mobile devices. However, there has been no success in this business model, so it has shifted its focus to a digital portfolio. The first version of the electronic payments system was launched PayPal on March 1999.In, 2000, and Confinity merged with, an online banking company founded by Elon Musk. Musk expressed optimism about the future success of the evolving money transfer business. Musk and Bill Harris, president and CEO of at the time, disagreed about the potential future success of the money transfer business, and Harris left the company in May 2000. In October of that year, Musk decided that would end its other online banking operations and focus on PayPal. In the same month, Elon Musk was replaced by Peter Thiel as CEO of, which was renamed PayPal in 2001 and in 2002. The IPO PayPal listed under the PYPL index at $13 per share generated more than $61 million.