The "PayPal Mafia" is a group of former PayPal employees and founders who have since founded and/or developed additional technology companies based in Silicon Valley [1] such as Tesla, Inc., LinkedIn, Palantir Technologies, SpaceX, Affirm, Slide, Kiva, YouTube, Yelp, and Yammer. [2] Most of the members attended Stanford University or University of Illinois Urbana-Champaign at some point in their studies.
Originally, PayPal was a money-transfer service offered by a company called Confinity, which was acquired by X.com in 1999. Later, X.com was renamed PayPal and purchased by eBay in 2002. [3] The original PayPal employees had difficulty adjusting to eBay's more traditional corporate culture and within four years all but 12 of the first 50 employees had left. [4] They remained connected as social and business acquaintances, [4] and a number of them worked together to form new companies and venture firms in subsequent years. This group of PayPal alumni became so prolific that the term PayPal Mafia was coined. [3] The term [5] gained even wider exposure when a 2007 article in Fortune magazine used the phrase in its headline and featured a photo of former PayPal employees in gangster attire. [5]
Individuals whom the media refers to as members of the PayPal Mafia include: [5] [4]
The PayPal Mafia is sometimes credited with inspiring the re-emergence of consumer-focused Internet companies after the dot-com bust of 2001. [7] The PayPal Mafia phenomenon has been compared to the founding of Intel in the late 1960s by engineers who had earlier founded Fairchild Semiconductor after leaving Shockley Semiconductor. [3] They are discussed in journalist Sarah Lacy's book Once You're Lucky, Twice You're Good. According to Lacy, the selection process and technical learning at PayPal played a role, but the main factor behind their future success was the confidence they gained there. Their success has been attributed to their youth; the physical, cultural, and economic infrastructure of Silicon Valley; and the diversity of their skill sets. [3] PayPal's founders encouraged tight social bonds among its employees, and many of them continued to trust and support one another after leaving PayPal. [3] An intensely competitive environment and a shared struggle to keep the company solvent despite many setbacks also contributed to a strong and lasting camaraderie among former employees. [3] [8]
Some members of the group, such as Peter Thiel, David O. Sachs and Elon Musk, later expressed libertarian and conservative political views. [9]
The "PayPal Mafia" is a group of former PayPal employees and founders who have since founded and/or developed additional technology companies based in Silicon Valley [1] such as Tesla, Inc., LinkedIn, Palantir Technologies, SpaceX, Affirm, Slide, Kiva, YouTube, Yelp, and Yammer. [2] Most of the members attended Stanford University or University of Illinois Urbana-Champaign at some point in their studies.
Originally, PayPal was a money-transfer service offered by a company called Confinity, which was acquired by X.com in 1999. Later, X.com was renamed PayPal and purchased by eBay in 2002. [3] The original PayPal employees had difficulty adjusting to eBay's more traditional corporate culture and within four years all but 12 of the first 50 employees had left. [4] They remained connected as social and business acquaintances, [4] and a number of them worked together to form new companies and venture firms in subsequent years. This group of PayPal alumni became so prolific that the term PayPal Mafia was coined. [3] The term [5] gained even wider exposure when a 2007 article in Fortune magazine used the phrase in its headline and featured a photo of former PayPal employees in gangster attire. [5]
Individuals whom the media refers to as members of the PayPal Mafia include: [5] [4]
The PayPal Mafia is sometimes credited with inspiring the re-emergence of consumer-focused Internet companies after the dot-com bust of 2001. [7] The PayPal Mafia phenomenon has been compared to the founding of Intel in the late 1960s by engineers who had earlier founded Fairchild Semiconductor after leaving Shockley Semiconductor. [3] They are discussed in journalist Sarah Lacy's book Once You're Lucky, Twice You're Good. According to Lacy, the selection process and technical learning at PayPal played a role, but the main factor behind their future success was the confidence they gained there. Their success has been attributed to their youth; the physical, cultural, and economic infrastructure of Silicon Valley; and the diversity of their skill sets. [3] PayPal's founders encouraged tight social bonds among its employees, and many of them continued to trust and support one another after leaving PayPal. [3] An intensely competitive environment and a shared struggle to keep the company solvent despite many setbacks also contributed to a strong and lasting camaraderie among former employees. [3] [8]
Some members of the group, such as Peter Thiel, David O. Sachs and Elon Musk, later expressed libertarian and conservative political views. [9]