Who is Peter Thiel, the billionaire investor and PayPal cofounder who says he had $50 million in Silicon Valley Bank when it collapsed?
After working as a securities lawyer for seven months, Thiel became a derivatives trader at Credit Suisse and made enough money to launch PayPal with Max Levchin.PayPal later merged with Elon Musk's payment company, X.com, before selling to eBay for $1.5 billion in 2002.The same year PayPal was founded, Thiel coauthored a controversial book with David Sachs titled "The Diversity Myth" that challenged what he called political correctness in education.
The "PayPal Mafia," including Keith Rabois, Elon Musk, David Sacks, and Reid Hoffman, went on to become wealthy angel investors.Thiel's stake in PayPal netted him about $55 million, which he used to launch a hedge fund, Clarium Capital. It lost 90% of its assets by 2011.In 2004, Thiel and Alexander Karp cofounded Palantir, which can sift through photos, videos and other data to detect criminality.
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