Musk became the new CEO, and Peter returned as the chairman. The board would direct the new management team to solve the company’s cash flow challenges. Musk embarked on phasing out the PayPal brand to replace it with X.com. However, surveys revealed that X.com wasn’t popular with the public. Max collaborated with his previous executive team to lead a PayPal rebellion, taking a petition to remove Musk from the board, failure of which they would quit the company.
Removed Musk as CEO. Peter was appointed interim CEO. PayPal’s IPO As vp audit email list PayPal was nearing 200 million user accounts globally, Peter and Reid Hoffman, a board member, agreed to find a buyer, setting $600 million as the minimum price. They approached Yahoo and Google, but both firms denied it, sighting PayPal’s eBay reliance. Hoffman and Peter opted to prepare for an IPO.
Once they publicized the announcement, eBay approached them with a $400 million deal, saying: “We are going to make this offer once and then crush you, you should really take this offer.” However, Hoffman required more than $1 billion. Later, eBay quoted $850 as its final offer. PayPal didn’t accept the offer and instead went ahead with the IPO, valuing the company at $1.2 billion.
They succeeded when the council
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sumaiyakhatun27
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