All corrections
en.wikipedia.org/wiki/Luke_Nosek
1 correction found
1
Claim
before merging with X.com to create the PayPal service
Correction
Confinity had already created and launched PayPal before the X.com merger. The merger combined X.com with the company that had already developed PayPal.
Full reasoning
This reverses the sequence of events.
Primary PayPal filings show that Confinity had already developed and launched PayPal before the March 2000 merger with X.com:
- PayPal’s 2001 annual report says “We launched our product in October 1999” and also states “In March 2000, we merged with Confinity, Inc., the creator of PayPal.”
- PayPal’s prospectus likewise says “On March 30, 2000, X.com merged with Confinity, Inc., (a development stage company) which developed the PayPal product.”
So the merger did not create the PayPal service. Rather, Confinity created PayPal, and then X.com merged with Confinity.
2 sources
- PayPal, Inc. 2001 Annual Report on Form 10-K
We launched our product in October 1999... In March 2000, we merged with Confinity, Inc., the creator of PayPal.
- PayPal Prospectus
On March 30, 2000, X.com merged with Confinity, Inc., (a development stage company) which developed the PayPal product.