3 ms·

TLDR: Because it was either that or shutting down (either completely, or with such a massive downsize that it would have been effectively the same thing). I'd

by basseq 10y ago

TLDR: Because it was either that or shutting down (either completely, or with such a massive downsize that it would have been effectively the same thing). I'd be interested to know what he did get out of the deal. Sold for "south of $40M" and with the statement, "He’s not leaving Pebble as a wealthy man."

blunte 10y ago
Wealthy relative to startups, or relative to the real world?
- cbo100 10y ago
  relative to how much debt he had to pay off? $40MM wouldn't be much buffer for a product that was about to go into manufacturing and distribution I would have thought? I.e. all the costs of design, development and planning are sunk. And they didn't get to the stage of selling them to recoup any of that.
  - the_duke 10y ago
    My guess is most/all of that money went into paying off suppliers and debt.
  - derekp7 10y ago
    But he isn't personally responsible for that debt. As CEO, he could have drawn enough salary to build a decent sized nest egg, where he isn't immediately looking for a job.
bitmapbrother 10y ago
Also mentioned in the article is that Pebble is still responsible for their own debts.