In 1995, Musk, his brother Kimbal, and Greg Kouri founded web software company Zip2 with funds from angel investors.[20] They housed the venture at a small rented office in Palo Alto.[44] The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.[45] Musk says that before the company became successful, he could not afford an apartment and instead rented an office and slept on the couch and showered at the YMCA, and shared one computer with his brother. When he and Kimbal could not agree on business decisions, they settled their differences through wrestling.[46] According to Musk, "The website was up during the day and I was coding it at night, seven days a week, all the time."[44] The Musk brothers obtained contracts with The New York Times and the Chicago Tribune,[47] and persuaded the board of directors to abandon plans for a merger with CitySearch.[48] Musk's attempts to become CEO, a position held by its Chairman Rich Sorkin,[49] were thwarted by the board.[50] Compaq acquired Zip2 for $307 million in cash in February 1999,[51][52] and Musk received $22 million for his 7-percent share.[53][54] |
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