ELON IS COMING FOR PAYPAL. THE BANKS ARE NEXT
In case you missed it, Elon Musk has some unfinished business with PayPal.
I have more than a passing interest in this. I worked for Peter Thiel when he was CEO of PayPal, before and after the IPO, until we both left after the merger with eBay.
We were an insurgency out to change the world, and we did.
We asked people to trust a bunch of kids in Silicon Valley — our average age was 23 — with their money. And they did. In the company’s first two and a half years, in fact, around 25 million of them did.
In the process, we enabled the creation of over two million small businesses, small firms that used us instead of a then-stupidly expensive credit card merchant account. Despite that, our fraud rate was just one-third of Visa’s and MasterCard’s.
But we had bigger ambitions than that, ambitions that weren’t fully achieved before the sale.
Coming off the Mexican and Argentine currency devaluations, Peter was particularly interested in giving normal people around the world a free or near-free offshore bank account to protect themselves from their own governments. Crypto has partially achieved that now; stablecoins will be even bigger. But none of that existed yet.
Elon had his own take on things.

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