This Guy (Max Levchin from University of Illinois Champaign)
pitched an idea for a mobile device money transfer service to this guy (Peter Thiel)
Peter said cool, let’s do this. Then they buy X.com who was founded by some dude named Elon Musk.
They decide to name the company:
The company goes public in 2002 and this company buys them:
Then this is where shit get’s interesting. The Paypal employees hated the ebay corporate structure. Within 4 years half of the first 200 employees quit.
This guy gets fired at Paypal (according to wikipedia):
Yes, Fired. He made a shit ton of money anyway, and started two companies:
The first one is ya know, just some sort of car that only runs on electric
Just whatever. Then he decide’s that he needs to do more. So he creates another company that makes spaceships
Just spaceships, no big deal. NASA SHMASA. They also break some records about being the only company to return a spaceship from low earth orbit. Boring shit, really. Then they attached the thing to the International Space Station. Nothing you can’t see on Youtube. Anyway, this guy
￼decides he ain’t done yet either. Invests an early $500,000 in this company:
for 10.2% of the company. He got ripped off if you ask me, but whatever. What’s a billion when you got Millions.
These guys (2 Paypal engineers & designer)
said “we’re bored with our lives, let’s create some new shit”. They quit and create this company:
Which then gets bought out by this company
￼Russel Simmons (left),
who was one of the first paypal engineers has a conversation with a dinner that Max held.
What do they talk about? Out of all the shit in the world to talk about, they talk about how hard it is to find a dentist. What else are they going to talk about? So Russell creates this company with another person with some funding from Max
￼It’s just a site full of pissed off people ranting about food. The executive vice president of Paypal, Reid Hoffman
says screw this, I’m going to do something new. Starts this company
The former, COO David O. Sacks decides to join in on the party. So he creates
￼Yishan Wong, engineering manager at Paypal. He’s just another dude that can code. Nothing special.
He now becomes the CEO of a website which I’m totally not addicted to
Product Manager Premal Shah becomes founding president of
￼and finally Former Marketing Director Dave Mcclure
￼￼In the meantime,
BRB, starting company.
My main source of information: Wikipedia Paypal Mafia