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I don't understand why anybody would ignore a >$100mio offer if he's not already a millionaire. The difference between not being a millionaire and being one is
by erikb 9y ago
I don't understand why anybody would ignore a >$100mio offer if he's not already a millionaire. The difference between not being a millionaire and being one is too huge to ignore, even if the company is undervalued by the offer.
- booleandilemma 9y agoPeople can be really greedy.
- ronack 9y ago"not already a millionaire" When your company is where Snapchat was at the time there's a good chance you've already taken millions off the table as part of a round. Even if not, when your company has achieved that level of growth, you can feel fairly confident that you will walk away fairly wealthy in the end, and it's more interesting to continue running your own company than it is to be rolled into someone else's.
- erikb 9y agoThe first reason makes sense to me. Maybe they are already, because there are other ways to take money (or money like values) out of your company besides selling it.
- surfmike 9y agoIt's ballsy for sure. If you have a company on a massive trajectory however, smart investors could convince you that you'll be worth more if you pass on the offer. Mark did the same thing. Evan Spiegel passed on a 3B offer for Snapchat, and he owns 14% of the company. Today despite the drop, Snapchat is still worth $18B and Evan is worth 4B. And he also gets to stay CEO and control the product, which is a huge benefit of staying independent. Citation: http://www.businessinsider.com/snap-stock-price-evan-spiegel-net-worth-q1-2017-5 http://www.businessinsider.com/snap-stock-price-evan-spiegel...
- na85 9y agoPersonal animosity towards Zuckerberg and his monstrosity?