![]() ![]() Another fintech challenger, X.com, acquired the emerging company. The founders were Max Levchin, Peter Thiel, and Luke Nosek. The business was established in December 1998 to provide secure software for handheld devices. Russel Simmons: Former PayPal engineer who co-founded Yelp Inc. Originally PayPal was a money transfer service offered by a company called Confinity. In October 2002, eBay acquired PayPal for approximately 1.5 billion at a share price. Reid Hoffman: a former executive vice president who later founded LinkedIn and was an early investor in Facebook. PayPal was formed in 1998 as Confinity by Ken Howery, Luke Nosek, Max Levchin, Peter Thiel, Yu Pan. Steve Chen: Former PayPal engineer who co-founded YouTube. Roelof Botha: Former PayPal CEO who later become a partner of venture capital firm Sequoia Capital. Musk later become a co-founder of Tesla Inc, he then founded SpaceX, Neuralink, and The Boring Company.ĭavid O.Sacks: Former PayPal COO who later founded Geni.Com and Yammer. Later founded Palantir and was an early Facebook investor.Įlon Musk: The founder of X.com which later merged with PayPal. In 2015 PayPal was spun off into an independent company, but it continued to be used by eBay.Peter Thiel: PayPal founder, and the former CEO who is sometimes referred to as the “Don” of the PayPal Mafia. Fees are collected by eBay on certain transactions and are determined based on the amount of the transaction, the nature of the transaction, and the currency type of the transaction. The company offers users the ability to link their PayPal accounts to their own bank accounts, making transfers and payments more efficient than money orders or checks. Paypal was the product of a merger between X.com and Confinity, and it allowed users to make payments on purchased goods or exchange money between accounts in a secure online transaction.Īfter watching PayPal become the premier choice of Internet auction shoppers, online marketplace giant eBay acquired PayPal for $1.5 billion in October 2002. It was heavily used by the Internet auction company eBay, which owned PayPal from 2002 to 2015. PayPal, American e-commerce company formed in March 2000 that specializes in Internet money transfers. As of 2022, PayPal has an estimated net worth of more than 45 billion. You see, back in those days, sending money. SpaceNext50 Britannica presents SpaceNext50, From the race to the Moon to space stewardship, we explore a wide range of subjects that feed our curiosity about space! And it was in 1998, Peter Thiel and Max Levchin decided to develop technology to allow person to person payments via the use of PDAs, namely Palm Pilots.Learn about the major environmental problems facing our planet and what can be done about them! Saving Earth Britannica Presents Earth’s To-Do List for the 21st Century.Britannica Beyond We’ve created a new place where questions are at the center of learning.100 Women Britannica celebrates the centennial of the Nineteenth Amendment, highlighting suffragists and history-making politicians. ![]()
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