. >> you were the ceo at square, a member of the paypal mafia. a long time company operator. how does that differ from what you are doing now? i know you did a lot of angel investing before becoming an official vp. what is different about your job now? >> the biggest friends is it is not your baby. >> you have a lot of babies. >> you have a lot of babies, but they are not yours. when you see people on the street using your product, it's incredibly rewarding. all of the sacrifices rewarded when you see normal people that have no idea you have involvement with the company using your projects. in are running a team company, mentoring people, mixing dna. it's a lot like being the general manager of a sports team. as a venture capitalist, you are just editing at the senior level. on the other side, if you are intellectually curious, it's awesome. it's like reading the world book encyclopedia everyday will stop you just read a different volume every day. databases toom rockets to photo sharing back to rockets or automotive or engines will stop it is incredible. >> you nearly took a

also former paypal mafia. what do you think of that? desperate? >> i don't know. hard to tell. buying up instagram was brilliant. absolutely one of the best business decisions i've seen in my entire life. whatsapp is a more complicated decision. i don't know if i would have made the same decision. it will take a couple of years to figure that out. >> what do you think of the fact that facebook seems to be buying versus building innovation? >> i think long-term that is scary. cisco has played this strategy well and it can be done. >> you could argue not well. you could argue there hasn't been actual return to investors -- they've minted stock to give out and have bought back shares to keep the flow lower, but there has not in a tremendous return in the past five years. >> a similar thing could be leveled at salesforce. i think that is true, but there i think that is true, but there is some precedent by growing by acquisition but it's almost always better to grow by innovation. it is scary when you depend on acquisition too much. google had a very eclectic but insig

you're a ceo at square february and number of the paypal mafia, and in, slide, long-time company operators. how does that differ from what you're doing now as an investor echo you did some angel that thing on the side before becoming this bp, what is your job now? >> it is not your baby, so the psychological reward the quick you have a lot of babies. >> yes but, but they are not yours. streetpeople in the use your product that is incredibly rewarding. all of the sacrifice is rewarded when easy normal people that you have no idea that shown involvement in the company using your products. you not really constructing a team, when you're running a avenue your leading a team within a company, your mentoring people, mixing dna. being a general manager every sports team. as an undercover most of you just editing a little bit at the senior level, and it is a different process. on the other side if you're in talks, it is awesome. it feels like reading the world book of backup media every day -- world book encyclopedia everyday. maybe 24050 people a week or doing different things from databases to r

we will discuss the paypal mafia, next. ♪ >> i'm emily chang. this is "bloomberg was." -- west." re talking about paypal is cory johnson and max levchin. carl icahn has a new proposal for paypal. he is calling for an ipo. ebay says that the company should stay together. it is great to have you both here. i'm curious to hear your thoughts. max, would you think about this new idea? >> as i mentioned, i learned this from you in the break. i am making up my mind as i go. but that is why we love you. >> i thought, this is not a bad idea at all. you have the commercial part that is instrumental to paypal success. separation between paypal and ebay commercially is a terrible idea will not best idea. splitting a portion out and giving them a trackable seemstion to innovate pretty good. icahnd say that carl pulls a good one out. >> some people think they should separate. what do you think? >> it is plausible that they will work separately in the short term. the strategic product planning takes years to go to fruition. it is probably worth more in the long term combined. to if they arewn st