We’ve talked before about the problems in the early days of PayPal, which was then called X. Elon Musk, in his infinite wisdom, decided customer acquisition was the most important thing, and as a result, PayPal had to deal with rampant fraud. Don’t just take my word for it — here’s Peter Thiel, describing those days:
We had decided to give credit cards to absolutely anybody who wanted them. You got a up to $10,000 credit limit. Elon had told the woman who was rolling the service out that he wanted a million people to be using the new credit card by the end of the year. Fortunately, it was about two levels down from the front page, and so not that many people were able to discover this. Some people did; they wrote us back and said, “This…
