5 ms·

Why did you sell?

• sama 15y ago
  We realized that to be really successful, we needed to be about finance and payments as well as location--I think the most interesting things will happen when those two come together. We talked to a number of companies and were most excited about the team and vision at Green Dot.
  • sgrove 15y ago
    When did you realize that? Was it a slow change, or was there an epiphany? And was it a company-wide realization, or was there a champion behind it?
    • sama 15y ago
      slow change i'd say, and lots of discussion about it although i was probably the strongest champion.
• suking 15y ago
  sequoia made them.
  • sama 15y ago
    not true at all.
    • suking 15y ago
      * ready to sell business because it wasn't going anywhere, sequoia knew greendot well and got them to get a return on the $ put in so it wasn't a total buss. Hence the huge (relative to the sale) incentive for founders to stick around since they got nothing from the sale. is my guess.
      • apu 15y ago
        Not sure if you figured this out, but sama = Sam Altman = ceo of Loopt. I think sama's words on this situation carry a little more weight than your guess.
        • suking 15y ago
          Oh - so he's going to tell the truth then? I guarantee he has confidentiality agreements about all of that - so I don't believe anything he says for a second. Loopt was a total bust for VC returns.
          • deleted 15y ago
            [deleted]
    • anon808 15y ago
      if it was true, would you admit to it?