Notices by John Bull (garius@mastodon.me.uk), page 7

Over the phone, Thiel and Levkin reveal the PayPal V2 and financial issues to Malloy, Moritz and Hurd, who had no idea about them. They're sympathetic to Elon as founder and visionary, but horrified this was all done without board approval and at the mass-resignation letter. /20

With Elon out of the country, he can't work his in person magic. He insists over the phone that the financial superstore is the big win. All this is in service of that.

It doesn't work. Malloy, Moritz and Hurd side with Thiel and Levkin. Elon is out as CEO before he can fly back /21

@LizEllisPhD he is, by all accounts, an INCREDIBLY charismatic man in person (or at least was at the time) AS LONG AS he's talking about something he's passionate in.

He sells visions well to techies and to investors.

@zwol tbh the opposite was more likely.

PayPal had better market share at the time in the email payment market, but Thiel knew that X had more financial runway (i.e. investor funding).

So both he and Levkin knew that X could burn cash longer than they could.

And Thiel was worried because he'd realised the dot com crash was coming and that would limit future funding options.

Hence whyt when Harris tentatively pitched the merger at him, he seized the chance.

To understand Musk's renewed obsession with X and focus on financial services, you REALLY need to understand the X/Confinity merger that became PayPal.

And, particularly, the Peter Thiel-led coup that kicked Musk out as CEO/Chief Strategist.

Here's how that happened. 1/🧵 #history #technology

ADDENDUM ON SOURCING:

Both Musk and Thiel have spoken on the record about this incident a number of times, although they obviously put a positive spin on it.

You can hear Elon telling his version here.

https://www.youtube.com/watch?v=mOI8GWoMF4M

I'll do a thread tomorrow on the X dot com/Paypal merger because I think it's really important to understand how that went down to know why Musk is STILL salty about how X died (and about Peter Thiel) now.

But in the meantime, here is a quick, but telling, story called:

That Time Elon Totalled his McLaren F1 While Trying to Show Off in Front of Peter Thiel /1 🧵 #history #technology

It's the year 2000.

X and PayPal are fighting over the pay-by-email market. Both are burning cash through user signup offers so fast that a merger becomes inevitable (I'll cover all this in tomorrow's thread).

Musk (X) is REALLY not happy about this merger. He wants to WIN the war between the companies.

Thiel (PayPal) is happy. He HAS won from his perspective. He wants a merger into a super-company as that's where he sees the profit. /2

Indeed Thiel had seen the writing on the wall, as did Bill Harris (formerly of Intuit) who had become X's CEO after Elon (its biggest investor) stepped back to the CTO role.

This merger is Thiel and Harris' baby and they have created to save both companies and make lots of money, and ensure a final good funding round before the Dot Com bubble bursts.

Elon HATES it. But he has no choice. Harris has bullied Elon into it by threatening to quit otherwise. No Harris and investors panic. /3

Musk and Thiel have a growing dislike of each other, even at this point. But Thiel knows they need to prep for the meeting and have got t work together.

So fine. Let's do this in the supercar we're apparently going to this meeting in. Whatever.

Except as they drive, all the can do is talk awkwardly about the car /5

Anyway. Elon (a lover of cars) has a BEAUTIFUL McLaren F1. One of only 7 legal to drive in the US at the time. He regularly drives it to work.

And today, Musk and Thiel are to meet Mike Moritz of Sequoia and sell him on the merger, alongside Harris.

So Musk offers to pick Thiel up. Thiel agrees as X and Paypal have offices close together.

Elon turns up in the McLaren F1. /4

And, as they're driving up Sand Hill Road in Menlo Park awkwardly talking about the damn car, Thiel ends up half-heartedly saying:

"So what can this thing do?"

"Watch this." Says Elon and does the WORST THING you can do in an McLaren F1.

He slams down the accelerator and tries to changes lane. /6

McLaren F1's are not normal cars. They are lethal works of art. They are racing cars DISGUISED as barely-legal street cars.

They lack all of the regular things - such as driving aids and traction control - designed to stop average people from fucking themselves up while driving them.

McLaren F1s are built on the presumption that you understand risk and driving, and that they assume you will not be an idiot. /7

Anyway. Musk IMMEDIATELY realises his mistake but it is too late.

The McLaren lurches forward like the predator it is, WHILE ALSO moving sideways, almost slamming Musk and Thiel into the back of another car.

Musk desperately yanks the wheel back, oversteers, hits an embankment and sends the car flying through the air, before crashing violently back to earth. /8

SOMEHOW despite the fact neither Musk nor Thiel are wearing seatbelts, they exit the car uninjured.

Thiel silently walks back to the road, flags down a lift and heads off to the merger meeting.

Elon turns up a bit later.

Neither man tells Moritz or Harris why they are late. /9

And that is how Musk wrecked his (uninsured - did I mention that?) McLaren F1.

The car sat in his garage as a wreck for a few years then he sold it on to another car lover who sent it back to McLaren for restoration.

And if you've ever wondered why the inability of a billionaire villain to safely drive a supercar is a key plot point in Glass Onion...

...well, now you know. /END

I feel like if cats saw a tuna in the wild, they'd be a bit more appreciative of how lucky they are to get it

One thing I've noticed is that people who say "we'll cross that bridge when we come to it" in meetings, tend to be the most surprised when they come to the bridge.

If Putin needs advice on how to stop an armed column advancing on his capital, he could ask the Ukrainians.

"Never laugh at someone for being interested in something you find weird or boring. That just means you don't know enough about it yet."

Something my (now sadly deceased) mum said to me when I was a teen.

Always stuck with me.

Truer now, in the era of social media, than ever.