Max Levchin

Maksymilian Rafailovych "Max" LevchinTemplate:Efn (born July 11, 1975) is a software engineer and businessman who was born in the Ukraine. In 1998, he co-founded the company that eventually became PayPal. Levchin made contributions to PayPal's anti-fraud efforts<ref name="fradbisnessweek" /> and was the co-creator of the Gausebeck-Levchin test, one of the first commercial implementations of a CAPTCHA challenge response human test.

He founded or co-founded the companies Slide.com, HVF, and Affirm. He was an early investor in Yelp and was their largest shareholder in 2012. He left a leadership role in Yelp in 2015.<ref name="yelp" />

Levchin was a producer for the movie Thank You for Smoking.

Early life and education

Born in Kyiv, then part of the Ukrainian SSR, to a Ukrainian-Jewish family,<ref>Template:Cite web</ref> Levchin moved to the United States and settled in Chicago in 1991.<ref>Template:Cite news</ref><ref>Hareetz: "One day in Silicon Valley" by Guy Rolnick August 3, 2010 |"Levchin, 32, Jewish of course and born in Kyiv, refused to discuss money."</ref><ref name=NYT1>New York Times: "After Succeeding, Young Tycoons Try, Try Again" By GARY RIVLIN October 28, 2007</ref> In an interview with Emily Chang of Bloomberg, Levchin discussed his overcoming adversity as a child. He had respiratory problems and doctors doubted his chance of living. With guidance from his grandmother and his parents he took up the clarinet to expand his lung capacity.<ref>Template:Cite web</ref> He attended Mather High School, and then the University of Illinois at Urbana-Champaign, where he earned a bachelor's degree in computer science in 1997.

Business career

In the summer of 1995, Levchin and fellow University of Illinois students Luke Nosek and Scott Banister founded SponsorNet New Media.<ref name="CNBC"/>

PayPal

In 1998, Levchin and Peter Thiel founded Fieldlink, a security company that allowed users to store encrypted data on their PalmPilots and other PDA devices for handheld devices to serve as "digital wallets".<ref name="paypalhistory">Template:Cite web</ref> After changing the company name to Confinity, they developed a popular payment product, calling it PayPal and focusing on digital funds transfer by PDA.<ref name="CNBC">Template:Cite web</ref> The company merged with X.com in 2000, and in 2001, the company adopted the name PayPal after its main product.<ref name="paypalhistory"/> PayPal, Inc. went public in February 2002, and in July 2002 was acquired by eBay. Levchin's 2.3% stake in PayPal was worth approximately $34 million at the time of the acquisition.

Levchin is widely known for his contributions to PayPal's anti-fraud efforts and is also the co-creator of the Gausebeck-Levchin test, one of the first commercial implementations of a CAPTCHA.<ref name="fradbisnessweek">Template:Cite web</ref><ref>Template:Cite web</ref>

In 2002, he was named to the MIT Technology Review TR100 as one of the top 100 innovators in the world under the age of 35, as well as Innovator of the Year.<ref name="innovator">Template:Cite magazine</ref>

Levchin is one of a group of roughly twenty founders and former employees of PayPal who have become referred to as the "PayPal Mafia", due to their success in founding and investing in tech companies after leaving PayPal.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

Slide

File:Max Levchin the Guitar Hero.jpg

Max Levchin seen playing Guitar Hero at a conference

In 2004, Levchin founded Slide,<ref>Slide – slideshows, slide shows, photo sharing, image hosting, widgets, MySpace codes, web publishing, music – Slide Template:Webarchive</ref> a personal media-sharing service for social networking sites such as Myspace and Facebook. Slide was sold to Google in August 2010 for $182 million<ref>Google Buys Slide for $182 Million, Getting More Serious about Social Games*. TechCrunch (August 4, 2010). Retrieved on January 14, 2014.</ref> and, on August 25, Levchin joined the company as vice president of engineering.<ref>PayPal and Slide Co-founder Becomes a Google VP of Engineering. Mashable.com (August 26, 2010). Retrieved on January 14, 2014.</ref> On August 26, 2011, Google announced it was shutting down Slide, and that Levchin was leaving the company.<ref>Template:Cite news</ref>

HVF and Affirm

In late 2011, Levchin started a company called HVF (standing for "Hard, Valuable, and Fun") that was intended to explore and fund projects and companies in the area of leveraging data, such as data from analog sensors.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

In early 2012, the financial technology company Affirm was spun out of HVF, with the goal of building the next-generation credit network. Affirm was created by Levchin, Palantir Technologies co-founder Nathan Gettings, and Jeff Kaditz of First Data. The company is based in San Francisco.<ref>Template:Cite web</ref>

In 2013, HVF launched Glow, a fertility app that helps couples conceive naturally.<ref>Template:Cite web</ref><ref>Template:Cite news</ref> After Affirm had its initial public offering, Levchin's stake was estimated at about $2.5 billion.<ref>Template:Cite news</ref>

Board memberships and investments

Levchin was a key early investor in Yelp, an online social networking and review service that started in 2004. He was the company's largest shareholder, owning more than 7 million shares as of 2012.<ref name="yelp">Who Got Rich This Week: Chief Yelper Levchin, An Ohio Barrel Heiress And More. Forbes (March 30, 2012). Retrieved on January 14, 2014.</ref> Levchin served as chairman of Yelp's board of directors from its founding,<ref>Corporate Governance – Biography | Investor Relations | Yelp. Yelp-ir.com. Retrieved on January 14, 2014.</ref> until July 2015.<ref>Template:Cite web</ref> An angel investor in Mixpanel, its founder Suhail Doshi credits Levchin for Mixpanel's survival and subsequent success.<ref>Template:Cite web</ref>

Levchin is an investor in Evernote. He served on the company's board of directors from August 7, 2006, to 2016.<ref>Template:Cite news</ref>

In December 2012, Levchin joined Yahoo's board of directors,<ref>Template:Cite news</ref> and remained until December 2015.<ref>Template:Cite web</ref>

In 2015, Levchin was appointed to the U.S. Consumer Financial Protection Bureau (CFPB) advisory board for a three-year term, making him the first executive from Silicon Valley to be appointed to the board.<ref>Template:Cite web</ref> In 2021, Levchin, after his experience on the advisory board at the CFPB, called for the necessity for the tech industry to engage more with regulators.<ref>Template:Cite news</ref>

As of 2021 Levchin had an estimated net worth of US$3 billion.<ref name="Forbes">Template:Cite web</ref>

In the media

Levchin appeared as a speaker at the 2007 Startup School organized by Y Combinator, where he described his own journey as an entrepreneur and the mistakes he made and lessons he learned.<ref>Template:Cite web</ref> Levchin was also featured in "Brilliant Issue" of Portfolio by Condé Nast Publications.<ref>Template:Cite web</ref> In 2022 Levchin was interviewed in an NPR podcast called "How I Built This" where he spoke about his early life and business endeavors including his role in PayPal.

Politics

Levchin was listed as one of the contributors to FWD.us, a Silicon Valley–based lobbying group spearheaded by Mark Zuckerberg and Joe Green.<ref>Template:Cite web</ref> The group is intended to concentrate on immigration liberalization for high-skilled immigrants to the United States, improvements to education, and facilitating technological breakthroughs with broad public benefits.<ref>Template:Cite web</ref> Levchin also narrated his personal experience as an immigrant in a video released by the group.<ref>Template:Cite web</ref>

In 2013, amidst the controversy over mass surveillance and NSA espionage activities, Levchin defended the NSA in opposition to views of many other tech entrepreneurs. According to him, the agency was designed to protect the US from terrorism, so even if it oversteps its bounds, the public should support it.<ref>The NSA Isn’t Evil, It’s Trying To Protect Us, Says PayPal’s Max Levchin. TechCrunch, September 10, 2013.</ref>

Other activity

Levchin arranged and financed the Levchin Prize which since 2016 rewards advancements in cryptography with a real-world impact.<ref>Template:Cite web</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>

Personal life

In 2008, Levchin married his longtime girlfriend, Nellie Minkova.<ref name=NYT1 /><ref>Upstart Business Journal: "Mid-day Bytes: AOL, Max Levchin's Wedding, PacketVideo Triumphs" by Andrea Chalupa September 29, 2008</ref> He has two children. He lived in San Francisco from 2007 to 2019.<ref>Template:Cite web</ref> In 2019, he listed his home in San Francisco for $7.25 million, which he originally purchased in 2007 for $5.3 million.<ref>Template:Cite web</ref>

Further reading

• After Succeeding, Young Tycoons Try, Try Again — New York Times profile on Levchin

External links

• Personal Website