It was a time when the dotcom era went bust as fast as it went boom. The terrain with which Thiel led PayPal through is profound. Today, they are collectively worth over $20Bn, and went on to build some of the most influential technology companies in the world Youtube, LinkedIn, Tesla, Facebook, Space X, Palantair, Affirm, and many more.Īmong those PayPal mafia members that lent their time to Homerun was Peter Thiel - the first investor and board member, future Youtube founder Chad Hurley - who helped with design, and the esteemed Max Levchin - who coded the website and pricing algorithm.Ī quick digression on PayPal, Peter Thiel and Max Levchin. ![]() The PayPal mafia freshly minted millionaires from the company’s IPO and eBay acquisition, were thinking about their next venture. The sheer quantity of brain power that Rabois had at his disposal at this point is worth noting. Long before Opendoor opened their doors in 2013, they began one morning in 2003 as a small company with a different name - Homerun. The story behind the idea is as good as the idea itself, so let’s back up to the beginning. ![]() If you want to review, here is part 1 and Part 2. There are two main business models, each targeting either side of the home buying transaction, both with the same end-goal: to create an end-to-end digital solution for the home-buying experience. That company is Opendoor ($OPEN), and is the alpha that spawned a breed of companies across the country that represents the iBuyer market. ![]() It began the decade-long journey of creating an on-demand, market-making company that buys (and sells) homes instantly. This simple conversation started the engine of innovation inside Keith’s mind. In Silicon Valley in 2003, a conversation between two members of the PayPal mafia that took place on the heels of PayPal’s $1.5Bn sale to eBay, Peter Thiel (founder/CEO) and Keith Rabois (Executive VP): Thiel: “Start a business in residential real estate.” Rabois: “Why?” Thiel: “It’s the largest asset class in the world that has been completely unaffected by technology.” Rabois: Thinking.
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