![]() ![]() But the cost required to purchase loans from banking partners along with provisioning for credit losses equaled more than half of its revenue, leading to an operating loss of $107.8 million for the year. Revenue almost doubled in the year that ended in June to $509.5 million. The service lets consumers pay back the loans over three, six or 12 months. The company has grown rapidly in recent years, partnering with online retailers by letting them offer loans at the time of checkout. The project was initially part of Levchin's incubator, HVF, before spinning out as an independent entity in 2012. EBay bought it for $1.5 billion two years later.Īffirm marked Levchin's return to financial technology. In 2000, Musk's X.com merged with Confinity, and the combined entity was named PayPal. Hoffman, who co-founded LinkedIn in 2002, is worth about $2 billion, after selling the professional networking company to Microsoft for $27 billion in 2016. Thiel, who turned most of his attention to investing, made over $1 billion from an early check he wrote to Facebook, where he's still a director, and now has an estimated net worth of $6.6 billion. Musk, who started SpaceX, is by far the wealthiest of the crew with a fortune currently valued at $175 billion, primarily from his stake in Tesla, which he's led since 2008. The term "PayPal mafia" started gaining traction about 15 years ago as early employees from the payments company went on to start YouTube, LinkedIn, Yelp, Palantir and SpaceX. He was the first investor in Yelp, co-founded by fellow ex-PayPal executive Jeremy Stoppelman, and was chairman until 2015, while also spending three years on Yahoo's board. A few years after leaving PayPal, following the company's sale to eBay in 2002, he started social application company Slide, then sold it to Google in 2010 for a reported $182 million. Levchin, 45, has made a lot of money in the past, if not as much as some of his former colleagues. At $38 a share, Affirm would be valued at $9.2 billion. Those shares are locked up for the next few months, so the actual value of Levchin's stake will depend on the market's reaction and Affirm's performance as a public company. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower After PayPal he joined Founders Fund for a brief while before launching 500 StartUps which was an early stage venture fund.Best Debt Consolidation Loans for Bad Credit Became a partner at Clarium Capital Management joining Peter Thiel. Jack Selby: Served as the Vice President of Corporate and International Development at PayPal.Russel Simmons: Was an Engineer at PayPal.He was also an early start-up investor at Square where he served as COO. ![]() After PayPal joined LinkedIn as its Vice President.
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