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What is the ‘PayPal Mafia’? Richest in the Silicon Valley

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“PayPal Mafia” is a term that was coined for the group of  PayPal’s ex-employees and founders who after leaving PayPal went ahead to develop hugely successful companies such as Tesla Motors, LinkedIn, Palantir Technologies, SpaceX, YouTube, Yelp, and Yammer.

paypal-mafia
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You would think cashing in on PayPal money would be enough but the people who created PayPal all went on to create other hugely successful companies. Three of them went on and created YouTube. One created LinkedIn which was acquired by Microsoft for 26 billion dollars. One of the most successful is Tesla Motors, an electric car manufacturer, founded by ex-CEO of x.com, Elon Musk. The company has a net worth of $48 billion.

Initially, PayPal was a money-transfer service offered by a company called Confinity which was acquired by X.com (founded by Elon Musk) in 1999. Later X.com was renamed PayPal and purchased by eBay in 2002. In the next four years, 12 out of the 50 original employees of the company left their job. This group of PayPal alumni became so successful that it lead to the coining of the term PayPal Mafia which became famous when it appeared on the cover of Fortune magazine in 2007.

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