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why would you want to be sheltered from such a basic fact of life? Anyway, if it's any consolation, 10m is probably not small change for Sam. His biggest liquid
by majani 11y ago
why would you want to be sheltered from such a basic fact of life? Anyway, if it's any consolation, 10m is probably not small change for Sam. His biggest liquidity event so far was 40m for Loopt, so 10m is definitely a considered investment for him. He probably wrote it in an off the cuff manner to set a precedent for the mentality towards the fund. Basically signaling to other investors not to think about putting money up too much since its such a worthy cause
- vanessa98 11y agoHe got 40M from selling Loopt? Didn't Loopt raise 40M? How does Sam have 10M lying around?
- majani 11y agoAccording to the press releases from the Loopt exit, they had raised 17m at that point, and 9.8m of the acquisition was the golden handcuff for the employees. So sama probably doesn't have 10m just lying around and is probably pulling some financial acrobatics to get it, but he's putting on a brave face by quoting the amount nonchalantly.
- pw 11y agoI wouldn't want to be sheltered from such a fact but being reminded of it is jarring and changes my feeling towards YC.
- travv0 11y agoWhy would this change your feelings toward YC? I don't understand why, in yours eyes, someone's wealth would affect the validity of their contributions.
- pw 11y agoBecause it reminds me YC is yet another institution by wealthy designed to perpetuate their own wealth.
- kzhahou 11y agoThere's an unfair implication there, as YC does want to improve the world (while making great wealth along the way). It'd be more to the point to say that it's a reminder than YC is part of an institution where a small class of people (investors and founders) routinely take home millions, while rank and file employees (even with employee #1, 2, 3...) get to only watch as the CEO and investors play with their Maclarens and spend their millions on whatever they're passionate about.