What? It's a whole lot easier to swing for the fences when you're already a millionaire.
Selling 5% of your total shares for $3,000,000 sets you up well for life. Not great, but well. At 4% interest that's $120k/year. After that, it's gravy.
Selling 5% of your total shares for $3,000,000 sets you up well for life. Not great, but well. At 4% interest that's $120k/year. After that, it's gravy.
I'm not saying twitter is a failure by any means, but none of the people that built the company are still there ( Jack Dorsey started square so maybe he is that small percentage of people that can juggle two amazing startups ). When all the founders cash out early, it just makes it questionable.
On Wallstreet they call this "fuck you money".
Total off topic.
Instead of selling though, they're raising more money, taking some out themselves, and setting their sights on an even higher level of success.
Makes sense to me.
Their product is an inferior version of hotel rooms.
There is a high possibility that they are bankrupt some day.
What the founders are doing makes perfect sense to me, maybe there will never be an IPO or Exit.
Maybe studying economics diseased my brain, but i can't see why competitiveness doesn't matter any more.
I am utterly fascinated with the capital markets and many aspects of finance. The returns reflect a true understanding of the markets. And yes, for the record, tech startups are in many ways less stressful than finance startups :)
As far as "altruism" is concerned, the value-add to society is wholly artificial: if our financial systems weren't structured to force retirement and pension funds to invest in the capital markets, I highly doubt anyone would say they were doing something good for the world.