PayPal Holdings Inc (NASDAQ:PYPL) released its first-quarter earnings last week, surpassing expectations on the top and bottom line. Since then, the online payment giant’s stock has popped and now sits comfortably at an all-time high.
PayPal has certainly come a long way, but even in its earliest days, PayPal was a revolutionary platform.
So how did PayPal make its way to the top of the online payments world? Let’s take a look at some fun facts about the company and its innovative history to find out.
1: $10 Payments Helped Led PayPal to an IPO
PayPal took off like a rocket from humble beginnings by using referrals and small payments of $20, $10, and eventually $5 when users signed up. The company grew at an almost 10% daily rate early on. From March 2000 to the summer 2000, PayPal’s user base jumped from 1 million to 5 million.
PayPal went public on Feb. 15, 2002 after the company quickly gained traction in the online consumer world.
2: eBay Bought PayPal Very Early
EBay Inc (NASDAQ:EBAY) announced in July 2002 that it would acquire PayPal for $1.5 billion. At the time, the move gave the company’s founders the money and the free time to eventually reshape much of the technology world we know today.
3: PayPal’s Founders Transformed Silicon Valley
Ken Howery, Luke Nosek, Max Levchin, Peter Thiel, and Elon Musk founded PayPal in December 1998, when Confinity Inc. and X.com merged to form one online payment platform.
Thiel, along with Howery and Nosek started the venture capital firm Founders Fund in 2005. Thiel’s firm was the first company to help fund Facebook Inc (NASDAQ:FB). The Founders Fund also invested in LinkedIn, Yelp, Spotify, AirBnb, and SpaceX.
Musk helped found Tesla Inc (NASDAQ:TSLA) in 2003. Since then, the electric car company has transformed into one of the most valuable automotive companies in the world, and Musk has added SpaceX and other tech-based ventures to his portfolio (also read: Tesla (TSLA) Stock Up Nearly 4% After Elon Musk’s TED Talk).
4: PayPal Employees Changed Online Video Forever
When Chad Hurley, Steve Chen, and Jawed Karim, didn’t know where to share a 19-second video clip of Karim at the San Diego Zoo, the three men started YouTube. On Feb. 14, 2005, Hurley, Chen, and Karim, three early PayPal employees, activated the domain name that changed the Internet forever.