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Stock impact report

How Elon Musk's time at PayPal shaped his approach to overhauling Social Security [Yahoo! Finance]

PayPal Holdings, Inc. (PYPL) 
Last paypal holdings, inc. earnings: 1/29 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: investor.paypal-corp.com
Company Research Source: Yahoo! Finance
His tenure at the digital payments upstart more than two decades ago was marked by a fight against fraud, which he and his then-colleagues considered an existential threat to their enterprise. "Fraud wasn't just a storyline at early PayPal — it was the storyline," said Jimmy Soni, an author of a book about the company that turned into a tech star in the late 1990s and early 2000s. "It represented survival or catastrophe." How Musk and his PayPal cohort tried to deal with financial cheating in that era has clear echoes today as Musk's DOGE team has embarked on a search for fraud across the federal government and in the Social Security system in particular. While available data shows that fraud is a much smaller relative issue in the federal government now than at early PayPal — where losses indisputably represented a sizable piece of the startup's balance sheet — Musk rarely offers commentary these days that doesn't make charges of widespread wrongdoing around the government. Show less Read more
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