what really happened at paypal

There has always been controversy between what happened at Paypal & why Elon was pushed out.

So apparently Elon was CEO, and he was burning through >$10M/month of their cash in the bank.
Elon took a vacation/late honeymoon/fundraising trip to Australia.
Meanwhile, Max Levchin and Peter Thiel (Confinity cofounders) decided, along with the board, to remove Elon by pulling a "he is deemed incompetent" stunt because Elon supposedly wanted to change technology from Linux to Windows (which was a much better platform at that time) and also did not do much to address the fraud issue. Roloef Botha (CFO) said that the company would not have lasted 6 more months with Elon at its helm.
So while Elon was on a flight, they removed him as CEO, and installed Peter Thiel. Elon effectively left the company's day to day operations by 2001, though he stayed on in an advisory role & as the largest shareholder.

https://books.google.com/books?id=ktm885vGIXEC&pg=PT16&lpg=PT16&dq=Founders+at+Work+levchin&source=bl&ots=vUvPNcTD9k&sig=roQYjpXADuApF1N6rHumu_29RoA&hl=en&sa=X&ei=Ix4eVZmlKIiYNoqDgNgC&ved=0CCgQ6AEwAg#v=onepage&q=Founders%20at%20Work%20levchin&f=false

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