PayPal is an international e-commerce business that allows users to make payments and money transfers online. PayPal formed after the Internet financial services company X.com acquired Confinity in March 2000. Confinity, founded in 1998 by Max Levchin, Peter Thiel, Luke Nosek and Ken Howery, launched in 1999 a money transfer service called PayPal. When X.com acquired Confinity, X.com founder Elon Musk decided to focus on the PayPal money service; the company was renamed PayPal in 2001. PayPal, which became the payment method used by most eBay users, was acquired by eBay in October 2002.