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>where is the money going? $1.8m leasing a jet from the CEO and $300k on catering from a restaurant owned by the CEO and his brother is part of it, according t

>where is the money going? $1.8m leasing a jet from the CEO and $300k on catering from a restaurant owned by the CEO and his brother is part of it, according to FT Alphaville (free, but registration required): https://ftalphaville.ft.com/2018/06/05/1528193040000/What-is-a--Domo--/ https://ftalphaville.ft.com/2018/06/05/1528193040000/What-is...

vinceguidry 8y ago
Did you even look at those numbers? That's a drop in the bucket compared to $800MM. Very curious myself as to how that breaks down.
- toomuchtodo 8y ago
  The issue is not the amounts, but the flagrant self-dealing.
  - vinceguidry 8y ago
    Sure, but that stuff is ubiquitous in the biz world, it's just not usually done so flagrantly as you say. So it's not as interesting to me as the GP's question, how in the holy heck can a brand new company run through $800MM in 3 years? If this is routine, then shit, I'm wasting my life.
    - cookiecaper 8y ago
      Josh James got immediate and easy buy-in from investors because he founded Omniture, a $1B+ exit. So you'd probably need at least one successful exit to get this much leash. Presumably, investors will start to watch much more closely if he can't make good on Domo.
- soVeryTired 8y ago
  > Did you even look at those numbers? Please give me the benefit of the doubt as per the forum guidelines. $1.8 million dollars on a private jet isn't exactly a standard expense for a tech startup. The profligacy is compounded by the fact that the CEO also apparently owns the jet, which suggests a conflict of interest in the lease. Smells like plundering and bad governance to me.
- mikestew 8y ago
  Did you even look at those numbers? One might safely assume that parent did just that, given the detail of what they posted. How do people pulling down six figures a year (in somewhere other than SV) not have any money at the end of the month? One $4 latte and NewEgg impulse buy at a time. I get the impression that you're looking for the big ticket item(s). Maybe there isn't one. Maybe it's just one $1.8MM jet rental at a time. $1.8MM for jets + $600K for catering = $2.4MM. Do that about 350 more times and there's your $800MM. And I'm dead serious about the 350 number. I'll bet they pay too much for payroll because "only the best and brightest", the in-house gym with state-of-the-art equipment didn't come cheap, the $100K espresso machine, and on and on...
  - vinceguidry 8y ago
    Man, if people really are going to be this blasé about it, I guess it really is a routine occurrence.
    - mikestew 8y ago
      I don't know if I'd say I'm blasé about it, but incredulous I'm not. Now, this is one of the more egregious examples, probably why it's in the LA Times. And $800 MM is a number that would take some effort to blow on stupid shit. So if one were to ask, "how on earth did they manage to spend...", as you did, I might not be able to give you an exact accounting, but I can make some educated guesses along with being not at all shocked by their spending.

vinceguidry 8y ago

Did you even look at those numbers? That's a drop in the bucket compared to $800MM. Very curious myself as to how that breaks down.

toomuchtodo 8y ago
The issue is not the amounts, but the flagrant self-dealing.
- vinceguidry 8y ago
  Sure, but that stuff is ubiquitous in the biz world, it's just not usually done so flagrantly as you say. So it's not as interesting to me as the GP's question, how in the holy heck can a brand new company run through $800MM in 3 years? If this is routine, then shit, I'm wasting my life.
  - cookiecaper 8y ago
    Josh James got immediate and easy buy-in from investors because he founded Omniture, a $1B+ exit. So you'd probably need at least one successful exit to get this much leash. Presumably, investors will start to watch much more closely if he can't make good on Domo.
soVeryTired 8y ago
> Did you even look at those numbers? Please give me the benefit of the doubt as per the forum guidelines. $1.8 million dollars on a private jet isn't exactly a standard expense for a tech startup. The profligacy is compounded by the fact that the CEO also apparently owns the jet, which suggests a conflict of interest in the lease. Smells like plundering and bad governance to me.
mikestew 8y ago
Did you even look at those numbers? One might safely assume that parent did just that, given the detail of what they posted. How do people pulling down six figures a year (in somewhere other than SV) not have any money at the end of the month? One $4 latte and NewEgg impulse buy at a time. I get the impression that you're looking for the big ticket item(s). Maybe there isn't one. Maybe it's just one $1.8MM jet rental at a time. $1.8MM for jets + $600K for catering = $2.4MM. Do that about 350 more times and there's your $800MM. And I'm dead serious about the 350 number. I'll bet they pay too much for payroll because "only the best and brightest", the in-house gym with state-of-the-art equipment didn't come cheap, the $100K espresso machine, and on and on...
- vinceguidry 8y ago
  Man, if people really are going to be this blasé about it, I guess it really is a routine occurrence.
  - mikestew 8y ago
    I don't know if I'd say I'm blasé about it, but incredulous I'm not. Now, this is one of the more egregious examples, probably why it's in the LA Times. And $800 MM is a number that would take some effort to blow on stupid shit. So if one were to ask, "how on earth did they manage to spend...", as you did, I might not be able to give you an exact accounting, but I can make some educated guesses along with being not at all shocked by their spending.