PayPal Founder Finds Lighting Is Hard to Catch 3 Times

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    NEWSLETTERS

    Peter Thiel speaking. Photo: Francisco on Flickr

    The man who offered to pay 20 students $100,000 to skip college might want to get some schooling himself.

    PayPay co-founder and self made billionaire Peter Thiel's Clarium Capital Management LLC declined for a third year in a row and its assests are down 90 percent from their peak.

    Thiel founded the group in San Francisco in 2002 and at its peak it managed $7.2 billion . 

    But the young entrepreneur has a long enough track record of success to turn his fund around. At the ripe old age of 31, Thiel sold PayPal to Meg Whitman's eBay for $1.5 billion and he later invested in Facebook when people were still on Friendster.

    In October last year, the 42-year-old billionaire, made headlines by promising to spend his money on 20 kids who promised to quit school to pursue their dreams.

    Thiel called it his "stopping out of school" program because he believes higher education does not properly trains would-be dreamers for entrepreneurial success.

    The odd thing is, Thiel is not a high school dropout or even a college dropout. Hell he isn't even a grad school dropout. He has a B.A. in Philosophy from Stanford, where he also earned his J.D.

    He was once a teacher at the Stanford Law School as well, which may have given him some insight into the system.