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PayPal Holdings, Inc. | |
|---|---|
 | |
| Industry | Financial technology |
| Founded | March 2000 |
| Founder | Ken Howery Max Levchin Luke Nosek Yu Pan Peter Thiel Elon Musk Harris Fricker Christopher Payne Ed Ho |
| Predecessors | Confinity X.com |
PayPal, officially PayPal Holdings, Inc. is a Statesian multinational financial technology company operating an online payments system. It is an imperialist company and has been used to censor anti-war voices and other activists.[1]
History[edit | edit source]
Founding & Acquisition[edit | edit source]
PayPal was originally founded as Confinity by Peter Thiel in 1998 with PayPal being the name of its product. In early 2000, it merged with X.com, founded by Elon Musk who was installed as CEO. Later on the same year, Musk was ousted as CEO and the company changed its name to PayPal.[2]
In February 2002, PayPal went public with an IPO that raised $70.2m.[3] 8 months later, they were acquired by eBay.[4] eBay transactions accounted for 60% of PayPal's business at the time.[5]
Growth & Split[edit | edit source]
During the rest of the 2000s, PayPal expanded into international markets and grew into its own entity outside the purview of eBay, contributing to the split between eBay and PayPal.[6] In 2014, PayPal and eBay announced that they would split.[7] PayPal was driving a large amount of eBay's revenue while eBay was stagnating.
Assistance to imperialism[edit | edit source]
PayPal has banned Palestinians from using its service in Gaza and the West Bank while also providing its service to Israelis. On the other hand, when the 2022 Russo-Ukrainian conflict broke out in Ukraine, PayPal itself started a fundraiser for Ukrainians.[8]
References[edit | edit source]
- ↑ Kevin Reed (2022-05-04). "PayPal shuts accounts of anti-war publications Consortium News and MintPress News" WSWS.
- ↑ Julie Ankenbrandt (2015-10-09). "How Was The Rivalry Between Paypal And X.com Before And After The Merger?" Forbes. Archived from the original on 2015-10-08.
- ↑ "PayPal pulls in $70.2 million in IPO" (2002-02-14). CNET.
- ↑ Joris Evers (2002-10-04). "EBay completes PayPal acquisition" Computer World. Archived from the original on 2023-04-23.
- ↑ “EBay transactions account for about 60% of PayPal’s business”
David Colker (2002-07-09). "EBay to Acquire Online Payment Service PayPal" LA Times. - ↑ Mark Odell (2014-09-30). "Timeline: The rise of PayPal" Financial Times.
- ↑ Roger Cheng (2014-09-30). "eBay, PayPal to split into separate companies in 2015" CNET. Archived from the original on 2021-09-02.
- ↑ Jessica Buxbaum (2022-08-10). "“Under a Virtual Siege” – Activists Demand PayPal Offer its Services to Palestinians" Mintpress News. Archived from the original.