4 ms·
> Affirm wasn’t originally built for pants loans, or at least that’s not the founding folklore: Peter Thiel was tired of driving a carless Max Levchin around af
by MrFoof 4y ago
> Affirm wasn’t originally built for pants loans, or at least that’s not the founding folklore: Peter Thiel was tired of driving a carless Max Levchin around after they’d sold PayPal, the story goes, but Levchin couldn’t qualify for financing on his own.
Imagine selling PayPal *which you basically co-founded*, but not being able to purchase a car outright.
I’m baffled on this one, and want to know more about that entire situation.
- darawk 4y agoWiki says his stake was worth 34 million at the time of the acquisition: https://en.wikipedia.org/wiki/Max_Levchin#PayPal https://en.wikipedia.org/wiki/Max_Levchin#PayPal So I wonder what was going on there. Maybe some kind of vesting issue?
- deleted 4y ago[deleted]
- paxys 4y agoIt's probably one of those made up founding stories. Max Levchin was worth $50M+ at that time. He could afford a car.
- 93po 4y agoThe only situation I can imagine was he was spending money faster than he brought it in, and at some point was missing payments which ruined his credit and he had to wait for more vesting to happen to get more cash flow