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Elon Musk is technically a “founder” of Tesla, as per a court settlement. He deserves credit for Tesla’s succes, but it is true that he isn’t behind Tesla’s main innovation.

While I’m no fan of Elon Musk, I care more about the truth than smearing him, which is not the case for a lot of his haters. One of their go-to lies they like to repeat is that he is not a “founder” of Tesla.

It’s something they use to try to discredit his achievements: “He isn’t a founder or inventor. He just buys ideas from others.”

While there’s some truth to it, it’s not the whole truth. I felt like it would be essential to set the record straight.

The early story of Tesla

Tesla was officially incorporated on July 1, 2003, by Martin Eberhard and Marc Tarpenning with the goal of building an electric vehicle manufacturer that is also a technology company – an idea that is still core to Tesla today.

In investment materials, Eberhard and Tarpenning’s early Tesla stated a goal to develop core technologies related to “the battery, the computer software, and the proprietary motor.” These are still Tesla’s core technologies today.

Martin Eberhard on the left and Marc Tarpenning on the right

But Tesla’s most important innovation was the use and packaging of cylindrical li-ion battery cells, previously mainly used in consumer electronic products, like laptops, in large battery packs for electric vehicles.

That was really a game changer and it’s an idea that precede Elon Musk’s involvement with Tesla.

While incorporated in 2003, Eberhard and Tarpenning had been working on the idea for a while. They had previously founded NuvoMedia where the two founders built of an early handheld device, the Rocketbook, an ebook reader, back in 1996.

They sold the company in 2000, but before that, they were working on the next-generation of their ebook and in sourcing the batteries, they noted some impressive improvements in the capacity and cost of li-ion battery cells.

The two engineers had serious concerns about climate change and oil import. They did the math and concluded that powering transportation with batteries using renewable energy would have a significant impact on reducing emissions and climate change.

Tesla didn’t invent electric cars. They had been around for 100 years by the time the company was founded, but they required making compromises compared to fossil fuel-powered vehicles, which prevented them for gaining in popularity.

That was Tesla’s difference-maker: making cars with the latest li-ion battery cells developed for consumer electronics, resulting in electric vehicles without compromises.

This core idea were reflected in Eberhard’s guiding principles for Tesla:

1) An electric car should not be a compromise. With the right technology choices, it is possible to build electric cars that are actually better cars than their competition.

2) Battery technology is key to a successful electric car. Lithium ion batteries are not only suitable of automotive use; they are game-changing, making decent driving range a reality.

3) If designed right, electric cars can appeal to even the most serious car enthusiast, as electric drive is capable of seriously outperforming internal combustion engines.

That has been the basis of Tesla’s success. The idea of leveraging the incredible progress with li-ion batteries in the 1990s to deliver electric vehicles with no compromise.

Tesla Roadster battery module and pack

This was Tesla’s core innovation. It sounds simple, but it took incredible work. No battery manufacturer wanted to build li-ion cells for EVs, so Tesla had to buy off-the-shelves cells meant for laptops and package thousands of these cylindrical cells into battery modules and packs that could be viable in a car. It’s an idea that had never been done before.

And an idea is worth nothing without execution.

Tesla couldn’t have happened without Elon Musk

Musk claims that his interest in electric vehicles predates Tesla. There’s no reason not to believe him, but there’s no evidence that he had anything to do with the abovementioned concept.

In fact, before his foray into Silicon Valley’s internet startup boom, Musk went to Stanford University to study supercapacitors, which he claims he did with the hope of using them in electric vehicles. This would suggest that he thought supercapacitors would be the future of EVs rather than Li-ion batteries.

Musk and Tesla got together through a company called AC Propulsion.

AC Propulsion pioneered the resurgence of electric vehicles and built the tZero electric sports car in the 1990s.

First, it used lead-acid batteries like its predecessors, but the company converted it to lithium-ion battery cells in the early 2000s. It’s not clear who had the idea first or if it was parallel thinking, but we do know that AC Propulsion and Eberhard were in contact during the conversion.

Eberhard tried to convince AC Propulsion to commercialize the new tZero, but the company refused because it focused on another product. That’s when Eberhard and Tarpenning decided to launch Tesla.

How did Musk come into the picture?

Musk, who was working on SpaceX at the time, was contacted by JB Straubel, a young electrical engineer with a longstanding interest in electric vehicles, including building his own Porsche EV in his garage.

Fresh out of school, Straubel was working on high-altitude hydrogen-powered electric aircraft at the time—something that was of interest to Musk, so they got together. The conversion eventually pivoted to electric vehicles, and Straubel, being deeply connected in this small world, made Musk aware of AC Propulsion.

They test-drove the tZero with lithium-ion batteries, and Musk was sold. Like Eberhard, he tried to convince AC Propulsion to commercialize the product. Tom Gage, AC Propulsion’s CEO, again refused, but since they were thinking the same way, he connected Musk to Eberhard, who had just launched Tesla with Tarpenning, along with Ian Wright, who had joined the two engineers.

A few months later, in February 2004, Musk led Tesla’s series A investment round, with $6.5 million of the $7.5 million coming from his pockets.

Eberhard became CEO, and JB Straubel, who, despite his young age, had the most experience building electric cars, joined as Chief Technology Officer.

Musk was busy with SpaceX, but he was more active within Tesla than simply being an investor and board member.

As Tesla was working on the Roadster, Musk led several other rounds of financing, providing a large part of the funding himself.

Things turned for the worse in 2007. Tesla was having issues bringing the Roadster to production within its budget. The move to use the Lotus Elise chassis proved to be a mistake, and by the end, the Tesla Roadster had only shared 6% of its parts with the Elise, as most of it had to be reworked.

In the summer of 2007, the board, led by Musk, asked Eberhard to step down. Several interim CEOs followed before Musk took over himself in 2008.

Eberhard fully left the company, and in 2009, he sued both Tesla and Musk for ousting him. Both sides accused each other of being behind Tesla’s problems, and Eberhard claimed Musk was “rewriting history” as if he had founded Tesla himself.

Ultimately, a judge dismissed part of Ebarhard’s lawsuit, and then both parties settled and agreed that five people could call themselves co-founders at Tesla: Eberhard, Tarpenning, Wright, Musk, and Straubel.

Electrek’s Take

Now, in a civil case like this, the outcome is not necessarily the most just. Generally, those with the most money and the best lawyers win.

So, I’m not going to claim that there’s no value in questioning whether or not Elon is truly a Tesla founder. I get that there’s nuance here, but all parties involved have settled the matter. My main point is that it doesn’t really matter.

Tesla’s core idea was to create an electric vehicle without compromise by leveraging improvements in lithium-ion battery cell technology. However, all evidence points toward Musk’s not being involved with this core idea.

With that said, we need to give credit where credit is due. He recognized it as a good idea and put more money into making it happen than any was willing to do at the time.

Therefore, you could make the argument that Tesla wouldn’t have happened with Musk – making the founder argument moot.

After that, you also have to give some credit to Musk for Tesla’s success. He has been the CEO since 2008 and the company accomplished incredible things under his leadership. They succeeded in making EVs mainstream and pushed the industry to transition to battery-electric vehicles.

To this day, it is Musk’s original ‘Tesla Secret Master Plan’ in 2006 that convinced me Tesla would be the company to bring EVs into the mainstream. The plan made sense, and it was executed under his leadership. He took the original idea, fleshed it out, financed it, and then led the team that made it happen.

The last point is important because that’s where I start to agree with Musk’s naysayers again. Musk’s fans like to claim that he is some sort of engineering genius. Jamie Dimon just called him “our Einstein”. While I can admit that Elon is smart and has an above-average understanding of many physics and engineering principles, comparing him to one of the most impactful theoretical physicists of all time is pure madness.

While Musk has made technical contributions to Tesla, I think they are often overblown by his fanbase and Tesla’s team doesn’t get enough credit. JB Straubel, Tesla’s longtime Chief Technology Officer until 2019, and his teams should get the vast majority of the credit for the technical contributions and advancements to battery technology and power electronics that made Tesla successful.

There are too many to name them all, but I have been reporting on Tesla for more than a decade. Through my reporting, sources have praised people like Straubel, Drew Baglino, Kurt Kelty, Colin Campbell, Peter Rawlinson, Charles Kuehmann, Alan Clarke, Dan Priestley, Lars Moravy, David Zhang, Evan Small, and Franz von Holzhausen for their contributions to Tesla.

In short, yes, it’s OK to say Elon Musk co-founded Tesla. Yes, he had a critical role in the company’s survival and success, but I also think it’s fair to say that he wasn’t behind Tesla’s main innovation, and the company’s top talents don’t get nearly enough credit for delivering on the mission.

The mission to accelerate the world’s transition to sustainable energy is a beautiful one and it is what attracted much of the top talent at Tesla.

Unfortunately, Musk’s leadership over the last few years has steered Tesla away from that mission, which is my main worry about the company.

Regardless, I wanted to set the record straight on his contribution before he completely destroys his own reputation and credibility.

 

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Anker SOLIX power stations up to 55% off, EcoFlow WAVE 3 AC and GLACIER coolers from $807, Greenworks, EGO batteries, more

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April 29, 2025

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Anker SOLIX power stations up to 55% off, EcoFlow WAVE 3 AC and GLACIER coolers from 7, Greenworks, EGO batteries, more

Today’s Green Deals is jam-packed with amazing deals, starting with Anker’s SOLIX Mother’s Day Sale that is taking up to 55% off another massive lineup of power station offers, complete with limited flash sales and some free gear on select purchases – all starting from $70. We’re also looking back in on EcoFlow’s Spring-to-Summer Sale to spotlight the launch deals we’re seeing on the brand’s new WAVE 3 Portable AC/Heater and the multiple sizes of GLACIER Classic Electric Coolers that are getting bonus savings and start from $807. We also spotted three of Greenworks’ cordless electric riding mowers (CrossoverT, CrossoverZ, and MaximusZ) getting up to $1,000 taken off their tags, as well as EGO’s 56V 2.5Ah and 5.0Ah batteries starting from $110. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s latest EcoFlow sale offers, the new low prices on Lectric’s XP 3.0 e-bikes, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save up to 55% on a massive lineup of power station deals during Anker’s SOLIX Mother’s Day sale starting from $70

Anker has launched its Mother’s Day sale running through May 11, with up to 55% being taken off its massive lineup of power stations and solar generators, as well as some multi-day flash sale offers and extra savings in the form of free gear on select purchases. A notable inclusion for campers is the brand’s F2000 Portable Solar Generator bundle that comes along with a 400W solar panel for $1,599 shipped, and also matching in price over at Amazon. Coming down off its usual $2,898 price tag, we’ve seen discounts in 2025 mostly dropping costs between $1,899 and $1,599, with today’s deal only beaten out by the discount from Christmas sales that dropped things $100 lower. You’re looking at the best price we’ve otherwise tracked, which saves you $1,299 while also equipping you with a reliable means of backup power for trips and emergencies.

As mentioned before, there are some benefits you can take advantage of during this event, with three different gift offers accompanying select purchases. When you buy a C1000 and EverFrost 2 40L bundle, you’ll get a free Tritan water bottle, while any of the C300 bundles come along with a free car charging cable, and purchases of either the F3800 or F3800 Plus score you a free protective cover.

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A solid mid-tier option for keeping devices and appliances running, Anker’s SOLIX F2000 power station provides a 2,048Wh LiFePO4 capacity that can deliver up to 2,400W of output on average with the ability to surge to 3,600W for larger appliance needs. Its 12 output ports give you a versatile range of coverage, including a TT-30 port to connect to your RV while out on the road and beyond. You can regain 80% of its battery in 1.4 hours by plugging it into a standard wall outlet, with it also boasting a 1,000W max solar input that would yield the same amount in 2.5 hours (and a little over 5 hours for the included 400W panel). There’s also the option to connect it to your car’s auxiliary port, as well as the usual array of smart controls available through its companion app.

Anker SOLIX Mother’s Day Sale flash offers (ending May 2):

Anker Mother’s Day Sale SOLIX F2000 deals:

Anker Mother’s Day Sale SOLIX C1000 deals:

Anker Mother’s Day Sale SOLIX C800 deals:

Anker Mother’s Day Sale SOLIX C200 & C300 deals:

Standard F3800 power station/solar generator offers:

Standard F3800 home backup bundles:

F3800 Plus power station/solar generator offers:

F3800 Plus home backup bundles:

Anker Mother’s Day Sale SOLIX accessory deals:

You can browse the entire lineup of Anker’s SOLIX Mother’s Day sale on the landing page here.

EcoFlow WAVE 3 AC/Heater

EcoFlow launches WAVE 3 AC/Heater and GLACIER Classic electric coolers at up to 49% off starting from $807

EcoFlow has launched its newest portable AC/heater and electric cooler units, which are joining the lineup of power station deals we’re seeing as part of the brand’s Spring-to-Summer Sale, but will be outlasting the sale through May 25 – plus, there’s even bonus savings and free gear to be had! Things start at the base WAVE 3 Portable Air Conditioner and Heater for $806.55 shipped, after using the promo code EFWGAFF5 at checkout for an additional 5% off. This new unit will carry a $1,299 price tag once the launch savings have ended, with the combined 38% markdown we’re seeing striking $492 off the going rate to set the bar for discounts down the road. Head below to learn more about this new device and check out its many bundle deals that we’ve collected together for you.

As a bonus, you’ll also be getting some free gear along with both the AC and the cooler, with the WAVE 3 coming along with a free 110W solar panel while the GLACIER coolers are getting a free Power Hat. These offers are only slated to continue through May 2, however, with the extra savings code lasting through May 25.

EcoFlow’s WAVE 3 provides similar performance to its previous-generation model, but with some notable upgrades, like the space coverage from the previous 108 square feet to 120 to 180 square feet. Whether you’re looking to utilize it for camping in a tent, car, RV, or other enclosed space, it’s 1,800W cooling output (6,100 BTU power) is claimed by the brand to drop temperatures by 15 degrees in 15 minutes, with the 2,000W heating output (6,800 BTU power) providing a similar speed of warming a space by 17 degrees in 15 minutes. It comes with an expanded list of smart controls through its companion app, with new features like the PetCare mode that automatically starts cooling once temperatures reach 77 degrees to protect your fur-babies from heatstroke, while also sending you notifications. There are also notifications for when its water drain needs attention, as well as offering a dehumidification mode and a sleep mode that drops operating noise to 44dB so you can sleep while it runs.

Like its predecessor, the standalone WAVE 3 can be powered by simply plugging it into an outlet or power station, or you can get up to 8 hours of wireless action with its add-on LiFePO4 battery (bundles below). Of course, once its battery is attached, there are some alternative ways to keep it juiced up and going, like utilizing up to its 400W max solar input to refill the battery in up to 3 hours, which can also be split between solar and an AC outlet to cut that time to 75 minutes. You can also connect it to your car with the brand’s 800W alternator, charging to regain a full battery after a little more than one hour of charging, while connecting it to your car’s auxiliary port takes longer, at 10 hours.

***Note: The 5% promo coupon has not been factored into the prices below; make sure to enter the code EFWGAFF5 at checkout to score the maximum savings where applicable!

EcoFlow’s WAVE 3 AC/Heater bundles:

EcoFlow GLACIER CLASSIC deals:

Be sure to also check out EcoFlow’s full Spring-to-Summer Sale power station lineup, which are getting up to 52% discounts on top of bonus savings in the form of an alternate sitewide 5% off code – with these deals only lasting through May 7.

Greenworks 60V CrossoverZ 42-inch Cordless Zero Turn Riding Lawn Mower

Cover up to 1.5 acres on Greenworks’ 60V CrossoverZ zero turn cordless electric riding mower at $3,800

Amazon is offering the Greenworks CrossoverZ 60V 42-inch Zero Turn Cordless Electric Riding Mower with four 8.0Ah batteries and two dual-port chargers for $3,799.99 shipped, and also matching the price directly from the brand’s website. Normally fetching $4,800 when it’s not on sale, discounts have been more stagnant than we saw last year, with it spending most of the time since October keeping to its full price and occasionally dropping down to $3,800 at best. Today’s deal is no different as the 21% markdown here cuts $1,000 off the tag and returns costs to the best price we’ve tracked since fall Prime Day. Head below to learn more and check out the other riding mowers seeing discounts.

One of Greenworks’ most highly-rated lawn care solutions, you’ll get a fully comprehensive mowing experience aboard the CrossoverZ, with this 60V package able to tackle up to 1.5 acres on a single charge of the included batteries. It’s been given a TRUBRUSHLESS motor housed within a 42-inch reinforced 12-gauge steel cutting deck, providing the equivalent output of a 24-horsepower gas motor that can easily handle inclines up to 15 degrees. The whole thing comes with an IPX4 waterproof design, ensuring it can handle sudden weather shifts when you’re in the middle of a job.

You’ll sit comfortably with the high-back padded seat that supports your back, all while the mower gets your lawn to desired heights ranging from 1-1/2 inches to 4-1/2 inches. This deal includes two dual-port turbo chargers which can have batteries refilled and ready to go in just 90 minutes. A quick tip from the brand – you can use two batteries to run the mower while charging the other two simultaneously, and switching them out when needed for more continuous mowing. If you have any additional 60V batteries from the brand, you’ll also have to option to throw them into the mix for extended performance too.

Other Greenworks riding mower discounts:

  • CrossoverT Pro 80V 42-inch Electric Lawn Tractor: $3,999 (Reg. $4,500)
    • Comes with four 5.0Ah batteries and plug-in charger
  • CrossoverZ 80V 42-inch Zero Turn Mower: $3,999 (Reg. $5,000)
    • Comes with four 5.0Ah batteries and plug-in charger
  • MaximusZ 80V 60-inch Zero Turn Mower: $7,500 (Reg. $8,500)
    • Comes with two 16.0Ah batteries, four 8.0Ah batteries, and wall charger
EGO 56V 2.5Ah ARC battery

Stock up on EGO 2.5Ah and 5.0Ah batteries for your lawn care arsenal while they’re up to $80 off starting from $110

EGO Power+ fans are getting a great opportunity to build up their battery collection as Amazon is now offering significant discounts on two varying sizes of batteries, starting with the brand’s 56V 2.5Ah ARC Battery at $109.99 shipped. Normally carrying a $180 price tag, it’s been more recently seen with discounts that keep it bouncing between $160 and $130. This is the second time we’re seeing it drop this low in 2025, with the $70 markdown here only beaten out by its $99 low that we haven’t seen for some time.

EGO is one of the most popular electric tool brands on the market, especially for lawn care needs. Its 56V ARC batteries are well known as interchangeable models between its ecosystem of equipment, which allows you to power most of its tools all with the same batteries. While the 2.5Ah batteries are the smallest of them, it still provides plenty of power to tackle many jobs around homes, with it even sporting a fuel gauge indicator light to keep you aware of its remaining battery level as you work. Right now, you can also find its larger 5.0Ah counterpart coming with a charger discounted at Amazon for $249.31 shipped, down from $329.

Best Spring EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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BYD just broke a record for premium EV deliveries in this booming market

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40 mins ago

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April 29, 2025

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BYD just broke a record for premium EV deliveries in this booming market

BYD-record-premium-EV-deliveries

BYD secured a new record for the most premium EV deliveries in a single day in India. After launching its new midsize electric SUV, the Sealion 7, BYD has officially entered the India Book of Records.

BYD sets new record for premium EV deliveries in India

Less than a month after opening orders for the new Sealion 7 in January, BYD India announced the new electric SUV had secured over 1,000 bookings.

Now, it’s officially in the India Book of Records. EVM Southcoast BYD delivered the highest number of premium EVs in a single day after handing over 51 Sealion 7 models.

The Sealion 7 is available in two versions: Premium and Performance, with all-wheel drive (AWD) and rear-wheel drive (RWD) options. The entry-level Premium model starts at ₹48.9 lakh ($57,500), while the Performance variant costs ₹54.9 lakh ($64,500).

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Powered by an 82.56 kWh BYD Blade battery, the Performance variant offers up to 542 km (337 miles) driving range while the Premium model can travel up to 567 km (352 miles) on a single charge (NEDC).

BYD-record-premium-EV-deliveries
BYD Sealion 7 delivery event in India (Source: BYD)

The Sealion 7 is 4,830 mm long, with a wheelbase of 2,930 mm, which is about the same size as the new Tesla Model Y, at 4,790 mm in length.

Designed by Wolfgang Egger, a former Lamborghini and Audi designer, the electric SUV features sleek character lines and an aerodynamic profile.

Inside, the Sealion 7 features a 15.6″ rotating touchscreen at the center of a minimalistic setup. Other interior highlights include a heads-up display, panoramic sunroof, premium Nappa leather seats, and an immersive audio system.

Variant Driving Range
(NEDC)		 Starting Price
BYD Sealion 7 Premium 542 km (337 miles) ₹48.9 lakh ($57,500)
BYD Sealion 7 Performance 567 km (352 miles) ₹54.9 lakh ($64,500)
BYD Sealion 7 driving range and price by trim in India (Source: BYD)

BYD said the accomplishment “isn’t just a delivery milestone” but a “bold step toward a cleaner, greener, and more sustainable India.”

Electrek’s Take

The Sealion 7 joins a growing number of vehicles BYD sells in India, including the Seal sedan, Atto 3 SUV, and eMAX 7.

Nearly 100,000 electric vehicles were sold in India last year, up 20% from the 82,688 sold in 2023. However, with new models arriving from Maruti Suzuki, Hyundai, BYD, and others, analysts expect significant growth in 2025.

According to S&P Global Mobility, EV production in India is expected to surge 140% to around 301,400 units. That’s about 6% of the roughly 5.16 million vehicles expected to be made in India this year.

And India is just one market BYD is rapidly expanding in. After overseas vehicle sales doubled in the first three months of 2025, BYD’s growth is poised to accelerate this year. BYD’s sales in Europe are expected to double in 2025, while other regions, such as Southeast Asia and Central and South America, are likely to see higher sales with the introduction of new models and the start of local production.

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Shift4 shares surge 11% on earnings beat as fintech stocks climb on results and upgrades

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54 mins ago

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April 29, 2025

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Shift4 shares surge 11% on earnings beat as fintech stocks climb on results and upgrades

Jared Isaacman, CEO of Shift4 Payments, at the New York Stock Exchange on June 3, 2021.

Source: NYSE

Fintech stocks were in focus Tuesday as fresh earnings reports and analyst notes drove sharp reactions across the sector.

Shift4 Payments and Upstart Holdings surged following upbeat news, while PayPal shares were slightly higher despite delivering a strong earnings beat.

Shift4 shares rose more than 10% after the company reported better-than-expected first-quarter results and raised its full-year guidance.

Shift4 reported adjusted earnings of $1.07 per share, above the LSEG expectation of 71 cents per share. Sales in the first quarter of $848 million were below the consensus estimate of $868 million.

The payments firm, which has been pushing into new verticals such as stadiums, gaming and travel, projected adjusted EBITDA of $853 million for 2025, up from $843 million. End-to-end payment volume hit $45 billion for the quarter, topping StreetAccount’s consensus estimate of $43 billion.

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Shift4 Payments one day stock chart

Upstart Holdings rallied after Bank of America upgraded the stock to neutral from underperform, setting a $53 price target. The firm cited a more balanced risk-reward outlook, supported by improving business fundamentals and a more reasonable valuation, following a 45% decline in Upstart shares since mid-February.

Analysts pointed to encouraging signs of recovery, particularly Upstart’s increasingly diversified loan portfolio, which is expected to provide more stable volumes. Over the past 18 months, Upstart has added prime loans, HELOCs, small-dollar loans, and has enhanced its auto loan product, expanding its addressable market beyond subprime borrowers and reducing its reliance on riskier credit segments.

Shares of Upstart have traded sharply higher after each of the last three earnings reports, as improvements in funding and loan volumes have boosted investor confidence. Still, nearly 28% of Upstart’s shares are currently shorted, according to Bloomberg.

Upstart reports first-quarter earnings on May 6 with an artificial intelligence-focused Investor Day scheduled for May 14.

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PayPal, meanwhile, delivered a mixed headline quarter. Shares were 1.5% higher after reporting an earnings beat and revenue that fell slightly short of the Street’s estimate.

One bright spot was Venmo, as revenue rose 20% year over year, reflecting early progress in the company’s effort to better monetize the platform.

While it has long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals such as Zelle and Square Cash has intensified.

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PayPal shares move higher after reporting earnings

Venmo’s total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products such as Pay with Venmo at online checkout, Venmo debit cards and instant transfers, but not from peer-to-peer payments.

Analysts at Mizuho said on Tuesday that while the stock reaction was initially negative, they expect it to rebound. They noted that branded total payment volume rose 6% year over year excluding leap day effects — a better result than expected — and that PayPal reiterated its full-year total payment volume growth target despite macroeconomic uncertainty, signaling underlying strength.

However, Mizuho flagged that keeping full-year earnings per share guidance unchanged despite a lower tax rate could remain a drag on sentiment.

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PayPal CEO Alex Chriss: Huge opportunity to deliver to consumers and help small business

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