From Bloomberg: The fortunes of the so-called PayPal Mafia are poised to grow. Jeremy Stoppelman and Max Levchin own about $200 million in Yelp Inc. shares heading into the company’s initial public offering, setting up the latest payday for PayPal Inc.’s former executives. Stoppelman, co-founder and chief executive officer of Yelp (YELP), owns 11.1 percent of the company, while Levchin, the chairman, has 13.5 percent. The user-generated review site announced plans last week to sell shares for $12 to $14 apiece in an IPO, valuing Yelp at as much as $838 million.
The Yelp executives join Facebook Inc. investors Peter Thiel and Reid Hoffman and Space Exploration Technologies Corp. founder Elon Musk on a short list of ex-PayPal employees poised to generate big-time riches from pending IPOs. PayPal, which developed an online payment system, was purchased by EBay Inc. (EBAY) for $1.5 billion in 2002, making many of its early employees rich and eager to pursue new endeavors….
Find out more at http://www.bloomberg.com/news/2012-02-21/paypal-alumni-poised-for-another-boost-in-riches-with-yelp-facebook-ipos.html
No comments:
Post a Comment