The company that would become PayPal Holdings first entered the electronic payments space in 1999, a year after being founded as Confinity. Confinity merged with Elon Musk's x.com in 2000 and was renamed PayPal the following year. The company went public in 2002 shortly before its acquisition by eBay, through which it became "the site's official payments provider." Today, PayPal processes more than 35,000 transactions every minute. In the last year, PayPal has processed some $1.2 trillion in total payment volume (TPV). On its website, the company claims to have grown to 416 million active consumer and merchant accounts and employs 27,700 employees.