3 ms·

>After near bankruptcy He declared chapter 11 bankruptcy 4 times. Edit: his businesses filed 4 times

• Retric 10y ago
  His companies declared bankruptcy, but he personally did not. I recall some clip where he references walking with his son past a homeless guy and say "that guy has a billion dollars more than I do." referencing his at the time negative net worth. However, he continued to service or refinance that debt without declaring bankruptcy. PS: This is actually fairly common with real estate fortunes. They are based on leverage so dips can erase fortunes, but if they keep making payments they can get past that and end up positive.
• MichaelGG 10y ago
  He filed for chapter 11 as an individual? I don't think that's correct, is it?
• ams6110 10y ago
  Here, failure and bankruptcy is normally celebrated as part of the process of building successful companies.
  • Retric 10y ago
    That seems more true of small companies than large ones. Pet's.com style failure tends to be ridiculed, but failure at the early stages is viewed as reasonable experimentation. IMO Theranos, get's all kind of hate in part because it scaled without a real product.