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Chapter 526 A group of people came to compete for the runner-up
People have different ideas at different times. Aaron Swartz has long passed the time of youth and frivolity. Wikipedia is indeed what he has always wanted to do, but the premise is that he can eat!
The identity of PayPal president has brought enough changes to Aaron Swartz. Regardless of how the American banking industry thinks of PayPal, when you see Aaron Swartz, the president of PayPal, you have to give it some points face.

Going out now, as long as Aaron Swartz takes out his business card, no matter those so-called celebrities or congressmen, they will treat him as a "big man". After all, he is the head of PayPal with a valuation of more than tens of billions of dollars people!
If it were Wikipedia, of course it would be influential, but Aaron Swartz knew it was impossible to be sought after with his toes.

Everyone knows that PayPay will hit the market soon, and Aaron Swartz's value will also soar at that time, so now, Swartz does not want to leave PayPal!
On Aaron Swartz's side, PayPal started secretly contacting Prosperity Bank, preparing to start acquiring the other party, even the bank license.

And in Silicon Valley, the concept of electronic payment is also very hot. After PayPal was launched, several major payment software followed suit. His works have also begun to be approached by various venture capitalists in Silicon Valley.

"We need to promote a larger bonus system, let more users pay with dotBank, and introduce more new features!"

In a long and narrow office at No. 394 Silicon Valley Avenue, the founder of dotBank is talking to several partners and executives in a high-pitched tone.

The director of dotBank's finance, was full of enthusiasm and said to his own boss who made dotBank surpass PayPal, "Boss, it's unfortunate to tell you such news, we don't have enough money!"

"Now attracting a new user, the cost to dotBank is almost 11 dollars, and the cost of attracting new users through this user is as high as 21 dollars, and X.com is competing with us!"

The financial director said helplessly that dotBank now claims to have 500 million users, but in fact it only has more than one-third, and the users are basically bought with money, and the cost is much higher than that of PayPal.

As dotBank advertises, as long as the user registers an account, it will reward ten dollars, plus the one dollar in the account itself, that is, to pull a head, dotBank needs to spend eleven dollars, and this new user, if If you can invite your friends to register, you will get another $21, which is equivalent to increasing the cost to $[-]!

The cost is really scary. Although PayPal was the first to register and get people to send dollars, but a new PayPal user actually only gets a few dollars, and more coupons, like on Xueleshan Online. The coupons for buying games online, eBay, Amazon coupons, etc., have shared the cost, and increased the revenue of Xueleshan, ebay, and Amazon. In fact, the cost is not too high. The cost of a new user is [-] US knife or so.

Moreover, in Bangzi, Siam, Lao Maozi and other places, there are fewer US dollars issued, and bonuses are issued according to local salaries. The average cost has even been reduced to one US dollar, which is absolutely worthwhile for PayPal. Yes, if you can get [-] million users with [-] million US dollars, then Goldman Sachs is probably willing to pay for PayPal...

But dotBank payment is completely reckless. It has no overseas market, so it can only stay in America and grab users from PayPal with high prices. A new user costs 21 dollars, which can burn more money than PayPal.

Hearing that there was not enough money in the account to burn, the founder of dotBank didn't care, "The vision, the vision determines everything!"

"The future belongs to the era of electronic payment. If people in Wall Street and Silicon Valley don't want to see only one PayPal payment in the future, they must support us. PayPal's valuation has exceeded 100 billion U.S. dollars and got a billion dollars from Goldman Sachs. US dollars, dotBank will also start financing!"

The founder of dotBank said confidently, "In the past few days, Sequoia, KPCB Venture Capital, AOL, Yahoo and other companies have called me, and they want to invest in dotBank!"

Hearing this, the atmosphere in dotBank's office suddenly became lively. What they were most afraid of was that they would not have enough money to burn. But now it seems that Silicon Valley's venture capitalists and Internet companies are obviously very interested in dotBank payment. interest.

"dotBank has started a new round of financing. Our goal is to get $[-] million in venture capital. Guys, I want to make dotBank's users surpass PayPal!"

Not only is dotBank chanting the slogan of surpassing PayPal, but the same is true for several other electronic payment platforms that follow suit, such as Billpoint payment, PayMe, X.com payment, etc., which are stimulated by PayPal, are constantly recruiting, from investment Get money from people, and prepare to start a new round of burning money to attract more users to enter the market.

In the X.com payment office, the Musk brothers are also discussing. The office is full of smoke. As workaholics, coffee, tobacco and alcohol are essential things in their daily life.

"The current user scale of X.com payment is 410 million, and there is still a big gap with PayPal, but this part of the gap is mainly in overseas markets. In America, PayPal users, compared with X.com payment, It's about 800 million to 900 million higher!"

Compared with dotBank's office, the X.com office is much more luxurious. At the moment, the Musk brothers are also discussing the electronic payment industry with several executives. By selling Zip2, Musk got a lot of money. The American knife also made the promotion of X.com much smoother than that of dotBank.

"It's not impossible to surpass," Musk looked at those reports, seeming very confident, "X.com pays now the cost of acquiring new users is higher than PayPal, but we have a chance to surpass each other!"

What Musk means is to burn money. Now relying on burning money, let’s catch up with PayPal in America first.

Hearing that it is more expensive than burning money, Greg Kerry, the investor who invested in Zip2 before and made Zip2 go through the most difficult early stage, and is still the first investor of X.com, frowned.

Greg Kerry is a small real estate developer in Canada. He is not from the background of Internet technology, but his experience is much richer than that of Musk. Just like the role of Jim Clark for Anderson, Greg Kerry is basically the same for Musk. above.

Greg Kerry has rich experience and is mature and prudent. During the Zip2 period, coordinating internal relations can also suppress Musk and others, and make Musk listen to his opinions. Otherwise, with Musk's temper, Zip2 has long been involved. It's a mess.

"Musk, I need to remind you that PayPal's benefactors are more expensive than all of us here, combined!"

"Now we have no way out!"

He hasn’t achieved fame yet, but Musk’s temper and character are the same as those of later generations. He doesn’t look back when he touches the south wall, just like playing rockets. If he doesn’t burn all his money, there is no federal court to pull things. , he will never turn back.

"X.com payment, in order to add more users in the shortest time, we need to increase the subsidy amount, attract more users to use X.com payment, and increase the interest of wealth management products on the platform!"

Greg Kerry could only sigh helplessly when he looked at Musk who was going to fight to the end and compete with Song Yang in the electronic payment industry. He will never give up until he burns all the money he earned from Zip2.

But want to burn money compared with Song Yang?

Greg Kerry always felt a little trembling in his heart. It wasn't that he couldn't trust Musk, but that he felt that the gap was too big. There were different opinions on how much Song Yang's current worth was, but it was dozens or even more than Musk. Hundreds of times, there is no problem at all, let alone hooked up with Wall Street now.

"Perhaps, X.com payment also needs to find a new partner!"

Musk's brother, Kamba Musk, said at this time, "PayPal has started to cooperate with Goldman Sachs and Deutsche Bank, Wells Fargo is negotiating with Billpoint Payment, dotBank Payment is cooperating with Yahoo, Sequoia Investment, etc., Chicago's first The bank also announced that it will launch its own electronic payment platform, and X.com payment also needs a new partner!"

Kamba Musk said this to Greg Kerry. It was not convenient for Musk to say it. He was responsible for saying it. He just told Kerry that the money he invested was not enough. X.com For payment, you need to find a new big benefactor, just like PayPal chose Goldman Sachs, dotBank flirts with Yahoo, and X.com also needs to find a big boss.

Greg Kerry didn't have much opinion on this, and nodded without thinking too much.

Upon seeing this, Musk said directly, "I will visit Confinity's investor Bill Gross and ask him to invest in X payment."

The popularity of the Internet is constantly rising. New industries like electronic payment are about to be beaten to death. New payment platforms that keep popping up all want to pull PayPal down...

(End of this chapter)