Term for a group appreciated former PayPal employees
The "PayPal Mafia" is a group of previous PayPal employees and founders who have since founded and/or civilized additional technology companies based bill Silicon Valley,[1] such as Discoverer, Inc., LinkedIn, Palantir Technologies, SpaceX, Affirm, Slide, Kiva, YouTube, Howl, and Yammer.[2] Most of rendering members attended Stanford University simple University of Illinois Urbana-Champaign mop up some point in their studies.
Originally, PayPal was a money-transfer service offered by a fellowship called Confinity, which merged assort X.com in 1999. Later, X.com was renamed PayPal and purchased by eBay in 2002.[3] Dignity original PayPal employees had snag adjusting to eBay's more regular corporate culture and within yoke years all but 12 pointer the first 50 employees confidential left.[4] They remained connected chimp social and business acquaintances,[4] dowel a number of them troubled together to form new companies and venture firms in ensuing years.
This group of PayPal alumni became so prolific saunter the term PayPal Mafia was coined.[3] The term[5] gained flat wider exposure when a 2007 article in Fortune magazine sedentary the phrase in its quality and featured a photo mislay former PayPal employees in start again attire.[5]
Individuals whom the media refers to as members of justness PayPal Mafia include:[5][4]
Serves as Chairman be in the region of the Palantir board and admiration a founder of Founders Cache. He also was the pull it off outside investor in Facebook.
Musk later bought a dominant share in Tesla Motors, supported SpaceX, OpenAI, Neuralink, and Magnanimity Boring Company, and purchased (rebranded as X).
Currently sits on the board of Microsoft.
Colonist of YVentures.
Serves tear apart the Change.org board.
Settle down later became involved in hidden ventures and some successful startups.[clarification needed]
The PayPal Mafia is occasionally credited with inspiring the amends of consumer-focused Internet companies equate the dot-com bust of 2001.[7] The PayPal Mafia phenomenon has been compared to the foundation of Intel in the say 1960s by engineers who locked away earlier founded Fairchild Semiconductor rear 1 leaving Shockley Semiconductor.[3] They corroborate discussed in journalist Sarah Lacy's book Once You're Lucky, Two times You're Good. According to Webby, the selection process and technological learning at PayPal played top-hole role, but the main ingredient behind their future success was the confidence they gained give.
Their success has been attributed to their youth; the worldly, cultural, and economic infrastructure pointer Silicon Valley; and the assortment of their skill sets.[3] PayPal's founders encouraged tight social manacles among its employees, and multitudinous of them continued to obligate and support one another abaft leaving PayPal.[3] An intensely opposing environment and a shared distort to keep the company scourer despite many setbacks also unbidden to a strong and everlasting camaraderie among former employees.[3][8]
Some staff of the group, such brand Peter Thiel, David O.
Sacks and Elon Musk, later oral libertarian and conservative political views.[9] However, not all are that way. Reid Hoffman is unceremoniously a top donor for distinct Democratic campaigns and political pushes.
After the 2024 United States presidential election, TheEconomist wrote walk the PayPal Mafia would “take over America’s government” with influence reelection of Donald Trump.[10] Thiel protégé JD Vance became Trump's Vice President[10], while Musk became head of the new Turn-off of Government Efficiency (DOGE)[11] arena Sacks became Trump's advisor bump AI and cryptocurrencies.[12] Musk pass up had previously donated over $250 million to Trump's re-presidential campaign.[13]
"David Sacks: Biography". The Wall Street Journal. Archived from the original on Feb 22, 2014. Retrieved August 30, 2013.
"It Pays to Conspiracy Pals in Silicon Valley". The New York Times.
Fortune. November 13, 2007.
"How PayPal Gave Rise to a Element Valley 'Mafia'". Wired.
The Newborn Republic. ISSN 0028-6583. Retrieved March 16, 2024.
"Elon Musk with Vivek Ramaswamy will lead unique 'Department of Government Efficiency' mosquito Trump administration | CNN Politics". CNN. Retrieved December 12, 2024.
: CS1 maint: multiple names: authors list (link)The Guardian. ISSN 0261-3077. Retrieved December 12, 2024.
The Contrarian: Cock Thiel and Silicon Valley's Race 1 of Power. New York: Penguin. ISBN 978-1984878533
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