
X.com was the name of Musk's early 2000s payments company that eventually became PayPal. "Buying Twitter is an accelerant to creating X," Musk said following his reinstated deal to take Twitter private. This month, Musk said he plans to turn Twitter into a so-called "everything app" similar to WeChat, a wildly popular app in China that combines messaging, payment and social media elements. Web3 is the idea a blockchain-based decentralized, third-generation version of the internet will eventually replace the Silicon Valley-centric web 2.0 that's dominated by the likes of Facebook's Meta, Google GOOG, Microsoft and Amazon AMZN. "At this rate, web3 adoption will happen more because of the reckless actions of web2 companies." Was Elon Musk, and not Max Levchin or Peter Thiel, the real reason behind. "PayPal censoring speech and blocking payments is the best thing that has happened for the adoption of crypto payments with stablecoins," prominent crypto investor Santiago Roel Santos tweeted. The PayPal Mafia (in their own words) on: Culture Management Hiring Strategy. and Europe, are exploring the development of their own digital dollar and digital euro CBDCs. However, in China, the development of a digital yuan, a so-called central bank digital currency (CBDC), has sparked fears the government will be able to dictate what people can spend their money on.
#PAYPAL MAFIA ELON FREE#
"This is why it is so vital that state and federal legislatures pass laws that prohibit discrimination by tech companies and protect free speech."īitcoin BTC and crypto proponents have long argued allowing companies to run payments system risks giving them too much power over people and how they spend their money. "Paypal reserves the right to take your money if you post a message that Paypal decides is "misinformation," Carr posted to Twitter. The policy was described as "Orwellian" by the Republican commissioner of the Federal Communications Commission, Brendan Carr. "Agreed," Musk responded to Marcus, while Sacks, now a venture capitalist and cohost of the All In podcast, told PayPal users to "get your money out of PayPal right now." A private company now gets to decide to take your money if you say something they disagree with. "But PayPal's new AUP goes against everything I believe in. "It’s hard for me to openly criticize a company I used to love and gave so much to," Marcus, who now runs "bitcoin-focused" company Lightspark after failing to get Facebook's digital currency off the ground, posted to Twitter. However, the company’s change of direction only happened after members of the so-called PayPal mafia, former PayPal president David Marcus, founding chief operations officer David Sacks and cofounder Elon Musk, publically criticized the policy while the bitcoin and crypto community pointed to it as evidence of the need for decentralized, digital payment alternatives. We’re sorry for the confusion this has caused." Our teams are working to correct our policy pages. "PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. Other than those mentioned, there are dozens of other achievements that have been credited to the members of the "PayPal Mafia."Ĭollectively, they are often praised for helping with the growth of internet-based companies after the massive drop in their stocks in 2001 (often referred to as the "dot-com bust")."An AUP (acceptable use policy) notice recently went out in error that included incorrect information," a PayPal spokesperson told reporters.

Jawed Karim, Steve Chen, and Chad Hurley, after leaving PayPal, became the co-founders of YouTube, one of the most successful online video platforms in 2005.Elon Musk went on to co-found Tesla Inc, and SpaceX, the likes of which the global industry had never seen.The achievements of the "Mafia Members" include –

The members of the group are some of the richest people in the tech industry and their innovations and ideas have allowed the tech industry to make strides beyond anyone's imagination
