The virtual economy is starting to supplant the real economy. In 2004 the the virtual economy was equivalent to the economy of Namibia and heading towards that of Jamaica. eBay, Amazon and PayPal are multi billion dollar companies creating tremendous value in the virtual economy. Peter asserts that to truly understand the real value of the virtual economy we need a new frame of reference.
The paradigm that the economy consists entirely of physical things is no longer true. The reality is that we are living in a world where more and more value exists in this virtual world.
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Peter Thiel is Clarium's President and oversees the firm's research, investment, and trading strategies. Before starting Clarium, Mr. Thiel served as Chairman and CEO of PayPal, Inc., an Internet company he co-founded in December 1998 and that was acquired by eBay Inc. for $1.5 billion in October 2002.
Prior to founding PayPal, Mr. Thiel ran Thiel Capital Management LLC, the Menlo Park-based predecessor to Clarium, which started with $1 million under management in the fall of 1996. Mr. Thiel began his financial career as a derivatives trader at CS Financial Products, after he practiced securities law at Sullivan & Cromwell. In addition to managing Clarium, Mr. Thiel is active in a variety of philanthropic and educational pursuits; he sits on the Board of Directors of the Pacific Research Institute and on the Board of Visitors of Stanford Law School.
Mr. Thiel received a B.A. in Philosophy from Stanford University and a J.D. from Stanford Law School.
This program is from the Accelerating Change 2005 series.
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This free podcast is from our Accelerating Change series.