The “PayPal Mafia” that ousted Elon Musk as CEO of the peer-to-peer payment company helped save his rocket-launching company SpaceX eight years later.
as CEO of the peer-to-peer payments site also helped save his rocket-launching company SpaceX as it teetered on the brink of bankruptcy, according to a new book.
Musk built up the staff of SpaceX, adding top rocket engineers like Tom Mueller and Hans Koenigsmann and seasoned executives like Gwynne Shotwell. But the company was burning through cash and running out of money after it launched three failed tests of its Falcon 1 from the Pacific atoll of Kwajalein in the Marshall Island, where the US military maintains a base.
After his ouster, Musk made amends with Max Levchin, the PayPal co-founder who also favored removing him from the company.The Founders Fund, a venture capital fund that included ex-PayPal board members Thiel, Ken Howery, and Luke Nosek, came to the rescue with a $20 million investment.
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