"The so-called 'PayPal Mafia' gathered in San Francisco for a photo shoot, having recently sold PayPal to eBay for $1.5 billion and scattered into dozens of enterprises worth a total of roughly $30 billion."
"The mafia went on to build or fund Facebook, LinkedIn, YouTube, Yelp, Tesla, SpaceX, Palantir, Affirm, and a meaningful slice of the venture capital industry that then bankrolled mostly everything else in Silicon Valley."
"PayPal has suffered as they've been losing their share to Apple Pay, Google Pay and Shop Pay over the years, with growth decelerating from 6% all the way down to 1% year-over-year."
Nineteen years after the PayPal Mafia's rise, the group has created or funded major companies like Facebook and Tesla. Despite their success, PayPal faces challenges, reporting $8.4 billion in revenue but a 10% stock drop. New CEO Enrique Lores announced a strategic reorganization and a focus on AI, yet competition from Apple Pay and Google Pay has led to a drastic decline in growth, from 6% to 1% year-over-year.
Read at Fortune
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