A few days later
I boarded a flight to the U.S. with Dimon.
I had wanted to bring Chu Min-jeong along, but I couldn't convince her to get on the plane.
"I never expected you to come to the U.S. with me, boss. Now that we're here, can you finally tell me who we're meeting?"
"There's a company that is absolutely essential for the growth of Fintech Bank."
"You flew all the way to the U.S. just to acquire a company? If that's the case, couldn't David handle it for you?"
"I need to meet its CEO in person."
"What's the company's name?"
"PayPal. You've heard of it, right? It's a company that provides a simple payment service."
"Oh! Yes, I've heard of it."
PayPal was significant enough to warrant a trip across the world.
Of course, it wasn't a company that would generate enormous profits like Amazon or Google.
But it was crucial that I establish a connection with its founders.
"Isn't PayPal the perfect service to pair with Fintech Bank? If news spreads that SAVE Investments and Fintech Bank are jointly acquiring PayPal, it will create a strong reaction in Silicon Valley."
"But as far as I know, PayPal's financials aren't great. It has been accumulating deficits, and there are rumors that the founders are actively looking for buyers."
That was another reason I had to rush to the U.S.
In 2002, PayPal would be acquired by eBay.
I needed to snatch it up before that happened.
"For now, it may be operating at a loss, but as IT technology advances, PayPal's revenue will naturally grow. Plus, acquiring PayPal will allow us to secure a large amount of deposits."
"So, PayPal is essential for securing more 'ammunition.'"
"Let's discuss the rest with the founders in person. And while we're here, let's take a look at the building that will serve as Fintech Bank's headquarters."
We headed to Silicon Valley.
While we were still in Korea, David had already acquired a centrally located building in Silicon Valley to serve as Fintech Bank's headquarters.
"David must have spent a lot of money. This is a pretty large space for a new bank to start with."
"The location is great, and the building itself is exactly what I wanted. I'm really curious how David managed to find such a place."
"David's network is deeply embedded in the real estate market as well."
It was a beautiful building, but we couldn't admire it for long.
Renovation work was in full swing to convert it into a functioning bank, and the air was thick with dust as desks and office supplies were being moved in.
"Our meeting is about to start. Let's head over. David worked hard to set this up, so we can't be late."
"I'll drive us there."
***
PayPal's office wasn't far.
Since it was also in Silicon Valley, it only took about an hour by car to reach our destination.
As soon as we stepped out of the vehicle, a familiar face waved us over enthusiastically.
"Boss! Over here!"
"Judging by your expression, things must be going well."
"They were quite welcoming when we expressed our interest in acquiring PayPal. But eBay has already made an offer."
"A deal is always more exciting when there's competition. Let's head inside."
Without hesitation, we strode into the PayPal headquarters.
With David on my left and Dimon on my right, walking as if they were escorting me, what was there to fear?
"It's a pleasure to meet you. Thank you for the warm welcome."
As I stepped into the conference room, the founders of PayPal were already gathered.
Their faces were unfamiliar, but the name that defined them was one I had heard countless times.
The PayPal Mafia.
After selling PayPal, these individuals went on to launch successful ventures in various industries.
Their influence on the startup world was so profound that they earned the nickname PayPal Mafia.
"Thank you for showing interest in PayPal. I'm Peter Thiel, the CEO of PayPal."
"You were the CEO of Confinity, weren't you? I've heard a lot about you."
PayPal was originally formed from the merger of two companies.
One of them was Confinity, and Peter Thiel had been its CEO.
He was an exceptional individual—one whose name I remembered even before meeting him.
In the future, he would become renowned as the head of a hedge fund and a big data analytics company.
"It's an honor that you know my name. It's also an honor to meet the head of SAVE Investments, which is making waves on Wall Street."
"But it seems PayPal has a new CEO?"
"There was a bit of a misunderstanding, so I've temporarily stepped down."
"I see. Would it be alright if I introduced myself to the others as well?"
"Of course. Let me introduce you to PayPal's co-founders, Chad Hurley and Steve Chen."
"It's a pleasure to meet you. I've been looking forward to this."
I grasped their hands, smiling perhaps a bit too warmly.
There was a reason for that.
Chad Hurley and Steve Chen would go on to use the money from PayPal's sale to create YouTube.
The founders of YouTube.
How could I possibly miss an opportunity to build a connection with them?
"Let's move on from introductions and get straight to the acquisition discussion."
"I've heard that eBay is also interested in buying PayPal. A great company like this shouldn't slip through my fingers. I'll acquire all shares for $2 billion."
"Could we have a moment to discuss this privately?"
"Of course. We'll just be over here, enjoying our coffee."
I moved to an adjacent meeting room with David and Dimon.
The room's soundproofing wasn't great—I could hear murmured voices from the other side.
I pretended not to notice and casually sipped my coffee.
"Boss! I think you went overboard with the price. Even if eBay is aggressive, they won't go beyond $1.5 billion. But you just offered half a billion dollars more."
"If half a billion dollars is what it takes to win them over, then it's not an excessive amount."
"Are these people really worth that much? Sure, they're brilliant—they built PayPal, after all—but $500 million could be used as lobbying funds to turn dozens of politicians into our allies."
David had dropped all traces of his usual playfulness.
He was clearly pointing out that I had thrown away half a billion dollars far too easily.
And he wasn't wrong.
$500 million— over 600 billion won in Korean currency—was enough to acquire an entire corporation.
Spending that much just to form connections?
There was no way anyone would take that lightly.
"When have I ever made a bad investment? I'm confident that spending $500 million now will return $50 billion in the future. No politician can make me that kind of money."
"…Boss, you really had a plan all along, huh? Here I was, talking nonsense in front of the master of investments."
David smirked, regaining his usual playful demeanor.
While we were deep in conversation, the PayPal founders concluded their discussion.
We returned to the conference room and resumed the acquisition negotiations.
"We accept your offer. We will sell PayPal for $2 billion."
"Ah, and I have one more proposal to make."
"An additional condition? You can't conduct negotiations like this—it's not fair."
"It's unrelated to the PayPal acquisition. In fact, it's a very beneficial offer for you."
The PayPal founders looked slightly irritated.
And understandably so.
Just as the deal was wrapping up, I had suddenly introduced an additional proposal.
I needed to continue before their frustration grew any further.
"I want to continue our partnership. I assume you'll use the funds from this sale to start new ventures. Am I right?"
"If we come across a good idea, we might start another company. But for now, we don't have any concrete plans. We've been so focused on PayPal that we haven't had time to think beyond it."
It seemed they all felt the same way.
They had poured everything into PayPal, and now, they were ready for a break.
But we all knew who they really were.
Once they got bored of resting, they would return—this time with groundbreaking ideas that would shake the world.
"You might not start a company right away, but when you do, I want to be your first investor—no matter what the idea is."
"You're saying you'll invest before we even have an idea?"
"Yes. Depending on the project, I promise to invest anywhere between $100 million and $1 billion."
"We had no idea you thought so highly of us."
People crave recognition.
And in Silicon Valley, securing investors wasn't just about funding—it was a testament to one's ability.
Being offered a massive investment before even starting?
That was the ultimate validation.
"I'd also like to make the same deal with another founder who isn't present here today."
"That's not something we can arrange for you… but we can try to convince him. We're having dinner together tonight, so we'll bring it up."
"Could I join you for that dinner?"
"He's a very blunt person. You might hear some harsh words. Will you be okay with that?"
"I've been cursed at more times than I can count. Don't worry about me."
"In that case, we'll set up the dinner meeting."
I turned my gaze.
Looking at the future founders of YouTube, I made my final proposal.
"Will you accept my offer?"
"This is an offer from SAVE Investments. How could we possibly refuse? If we come up with a new business idea, you'll be the first person we call."
"And I promise, I'll be ready."
With that, I had established a connection with the future founders of YouTube.
Now, there was just one last person left to bring into my circle.
***
A high-end French Restaurant.
To meet the final PayPal co-founder, I had rented out the entire place.
David and I sat at the center table, waiting.
Before long, Peter arrived—accompanied by the man we had been waiting for.
"I heard you acquired PayPal. Congratulations. You've bought a company with limitless growth potential. The fools who got scared of mounting losses ended up selling it for pennies."
"It wasn't exactly pennies. I paid $500 million more than eBay's offer."
"You acquired a $20 billion company for $2 billion. That's still pennies."
He didn't hold back.
Even before introductions, his words were sharp.
But I didn't let my smile falter. I kept my composure, responding with the utmost politeness.
"Shall we start with a handshake? I'm Min-jae, CEO of SAVE Investments."
"Former PayPal CEO, Elon Musk."
Elon Musk.
The man who would pioneer the electric vehicle industry.
The man who would redefine space exploration.
And the man I needed to make my future business plans a reality.
"Let's set PayPal aside for now. How about we talk about something else? Energy? Electric vehicles? Maybe even space?"
"…Sounds like a conversation that requires whiskey."
I had his attention.
He was furious about PayPal being sold against his will.
But the topics I had just mentioned?
Those were his true passions—things he had been fascinated by since his college days.
And so, with a glass of whiskey in hand, he had no choice but to take a seat.
TL/n -
In 2002, the CEO of PayPal was Peter Thiel. He co-founded the company and served as its CEO until PayPal was acquired by eBay for $1.5 billion in October 2002. After the acquisition, Elon Musk, Reid Hoffman, and other key executives moved on to different ventures, while PayPal continued to operate under eBay's ownership.
*
The PayPal Mafia refers to a group of former PayPal executives and employees who went on to become highly successful entrepreneurs and investors, shaping Silicon Valley and the tech industry. Many of them co-founded or played key roles in major companies after PayPal's sale to eBay in 2002.
Key Members of the PayPal Mafia:
1. Elon Musk – Co-founded Tesla, SpaceX, Neuralink, and The Boring Company
2. Peter Thiel – Co-founded Palantir and was an early investor in Facebook
3. Reid Hoffman – Co-founded LinkedIn
4. Max Levchin – Co-founded Affirm and Slide
5. David Sacks – Co-founded Yammer (sold to Microsoft) and invested in tech startups
6. Roelof Botha – Became a prominent investor at Sequoia Capital
7. Steve Chen, Chad Hurley, Jawed Karim – Co-founded YouTube
8. Jeremy Stoppelman & Russel Simmons – Co-founded Yelp
These individuals played a massive role in shaping modern tech startups, and their influence is still felt across industries like finance, AI, social media, and space exploration.