What role does he play in PayPal Mafia? He is certainly the most recognisable in the media. Of course, Elon Musk is on the tongues of scandals, but to call him a rotten apple? I wouldn’t say. As a concept for action this may have come later. Most of them are programmers and it was only after they monetised their capital that they realised that with a consistent application of such a cooperative paradigm they could conquer any industry together. They are certainly intelligent people and they understood game theory. It seems to me that they would certainly have had a much harder time.ĭo you think this was a deliberate strategy? Was everyone waiting for PayPal to be monetised to start something of their own? The brands created by PayPal Mafia members have created their own markets and the question is whether this would have been possible if their founders had not been members of this informal group. Its members simply do not compete with one another. The PayPal Mafia is in fact the embodiment of this idea. What is more, he is not making this thesis from the position of a communist but precisely from that of a capitalist. In today’s world, this is a very controversial opinion. In it, he challenges the clichéd free market paradigm that competition is by definition good. His book ‘Zero to One’ is incredibly inspiring, and in a way it is revolutionary. He was also one of the first people to invest in Facebook. He is currently CEO of Clarium Capital, a global macro hedge fund, and one of the managers of The Founders Fund, a $275m venture capital fund. Is there any member of the PayPal Mafia that you value more than others? In big business like this, nothing happens by chance. In my opinion, it’s the result of collective thinking. I wouldn’t be surprised at all if the whole group was behind every move Musk or Thiel made. This means that Elon Musk consulted with members of the PayPal Mafia before taking over Twitter last year? Bringing to fruition the conclusion derived from game theory that it pays to collaborate in the long term. They support and advise him or her in it. Meanwhile, at PayPal Mafia, they collaborate on every new venture of every single member of the group. That is to say, entrepreneurs who operate in one industry understand that it is important to cooperate since the services are complementary, but they don’t really see the point in cooperating with people from other industries or other market sectors. This is hard to understand in Europe because we have an individualistic paradigm. The secret of PayPal Mafia is cooperation. Based on the fact that they know and like one another, they fully cooperate. They share a friendship and a common history of working for PayPal. What’s more, they know they can trust one another. Maciej Gnyszka: They are people who look at the world in a similar way and trust one another. I spoke to businessman Maciej Gnyszka, author of the course “PayPal Mafia – what does the example of the founders of PayPal, Tesla, Google and other big companies teach us?”, about the phenomenon of this group.Įryk Kielak: What makes PayPal Mafia unique? It is headed by Elon Musk and Peter Thiel, who is referred to as the ‘don’ of this mafia. They formed an informal group in Silicon Valley to offer advice and expertise to each other. What’s most interesting, however, is that even after selling the startup, they didn’t stop working together. For example, Steve Chen and Chad Hurley, became co-founders of YouTube, Reid Hoffman founded LinkedIn and Yishan Wong became CEO of Reddit. PayPal’s creators made good use of this money and invested further. In 2002, the success of this startup was monetised and PayPal was sold to eBay for $1.5bn. Recall that it revolutionized online payments and was the first to use CAPTCHA, a type of technique used as a security feature on websites to allow data filled in only by a human. “PayPal Mafia” is a journalistic term that has been stuck to PayPal’s founders. YouTube, Twitter, Airbnb, Linkedin… shall I go on and on? The story of all these apps has its origins in PayPal and its “mafia”. What if I told you that most of the apps you have on your phone are in the hands of one group of people? You would probably consider me a proponent of conspiracy theories.
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