The company was incorporated as Tesla Motors, Inc. on July 1, 2003, by Martin Eberhard and Marc Tarpenning.[8] Eberhard and Tarpenning served as CEO and CFO, respectively.[9] Eberhard said he wanted to build “a car manufacturer that is also a technology company”, with its core technologies as “the battery, the computer software, and the proprietary motor”.[10] Ian Wright was Tesla’s third employee, joining a few months later.[8] In February 2004, the company raised $7.5 million in series A funding, including $6.5 million from Elon Musk, who had received $100 million from the sale of his interest in PayPal two years earlier. Musk became the chairman of the board of directors and the largest shareholder of Tesla.[8][11][9] J. B. Straubel joined Tesla in May 2004 as Chief Technical Officer.[8] A lawsuit settlement agreed to by Eberhard and Tesla in September 2009 allows all five – Eberhard, Tarpenning, Wright, Musk, and Straubel – to call themselves co-founders.[12]