Yelp, Facebook IPOs Poised to Bolster ‘PayPal Mafia’ Fortunes
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The fortunes of the so-called PayPal Mafia are poised to grow.
Jeremy Stoppelman and Max Levchin own about $200 million in Yelp Inc. shares heading into the company’s initial public offering, setting up the latest payday for PayPal Inc.’s former executives. Stoppelman, co-founder and chief executive officer of Yelp, owns 11.1 percent of the company, while Levchin, the chairman, has 13.5 percent. The user-generated review site announced plans last week to sell shares for $12 to $14 apiece in an IPO, valuing Yelp at as much as $838 million.