Timestamps
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Intro: (0:00)
PayPal: (0:58)
YouTube: (2:53)
Yelp: (3:59)
Yammer: (4:39)
Linkedin: (5:37)
Tesla: (6:41)
SpaceX: (7:16)
Palantir: (8:04)
Outro: (9:45)
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What do Tesla, Palantir, SpaceX, Yelp, YouTube and LinkedIn all have in frequent? Apart from being fashionable tech firms, they have been all based by workers of one other extremely profitable tech startup: Paypal. The names of those firms are so ubiquitous that it’s difficult to think about our on-line world with out these providers. The 13 members of the mafia collectively type the richest group of males to emerge from Silicon Valley, with a complete web value of billions of {dollars}.
With so many profitable businessmen getting their begin at Paypal, what was so particular concerning the firm that projected these males into unbelievable riches? Let’s take a deep dive into the historical past of the corporate.
… Intro clip …
Paypal initially began out as Confinity, Inc, which was based by 4 males: Ken Howery, Luke Nosek, Max Levchin and Peter Thiel in 1998. Initially centered on safety for telephones and different handhelds, Confinity switched its enterprise mannequin to a digital pockets attributable to lack of success. The Paypal app was launched in 1999.
Paypal gained some speedy success on eBay, providing a handy option to switch cash between sellers and consumers, however they weren’t with out their competitors. X.com, one of many world’s first on-line banks, was additionally vying for market share of the web fee ecosystem. The corporate was based by Elon Musk and his mentor Greg Kouri, and Musk was the CEO. X.com and Confinity have been locked in a fierce battle for brand spanking new prospects. To draw new customers, Confinity began providing a $10 signup bonus and a $10 referral bonus, which was rapidly leapfrogged by X.com’s $20 signup bonus and a $20 referral bonus.
Each firms quickly realized that in the event that they stored up their aggressive enterprise ways, they’d each be run out of enterprise attributable to a restricted provide of funds for the bonuses. Seeing the writing on the wall, they opened a dialog, and shortly got here to an settlement for a merger, with the brand new firm maintaining the identify X.com. Since Musk was the most important shareholder after the merger, he was appointed because the CEO. However Musk’s time period because the CEO was brief lived. After asserting that X.com would cease all of it’s different operations to give attention to Paypal in October 2000, Musk was changed by Peter Thiel.
The corporate was additionally renamed Paypal in 2001, earlier than going public in 2002. The IPO was a hit, producing over $61 million. The IPO of PayPal generated a lot curiosity that they have been quickly acquired by eBay later that 12 months.
Now that we all know just a little bit concerning the historical past of PayPal, let’s check out among the most well-known manufacturers in tech at present, and study their founders, lots of whom received their begin at PayPal.
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