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I’m astounded he amassed $500+ million even before this. Loopt can’t have earned him more than one digit, are YC partners paid this well?
by ricardobeat 2y ago
I’m astounded he amassed $500+ million even before this. Loopt can’t have earned him more than one digit, are YC partners paid this well?
- esafak 2y agoAs opposed to partners in other VCs? Successful VCs make good money, thanks to performance fees; say, 20% of the profit. edit: I don't know the specifics of Altman's case.
- JumpCrisscross 2y ago> thanks to performance fees Based on public reporting, Altman's wealth came from his family office piggybacking alongside YC versus his share of carry in YC's funds.
- brcmthrowaway 2y agoWhat does this mean for dummies? Altman family was already rich?
- JumpCrisscross 2y ago> What does this mean for dummies? He sold Loopt for $40mm and then invested his share of that into start-ups like Stripe. (That investment alone should have taken him past $100mm.)
- brcmthrowaway 2y agoOh wow, wish I had just 1% of his wealth
- neural_thing 2y agoIf you read the WSJ article, his second investment was $15,000 for 2% of Stripe
- neilv 2y agoNice. A tiny fraction of the opportunity cost of working as a founding engineer, people come to you to be vetted, and you can shotgun-approach it. Most of us are in the wrong business.
- gwern 2y agoNot just being partner, but what sounds like some extraordinary generosity by Paul Graham, new in the WSJ article cited by OP: > Hydrazine bought out a portion of startup shares owned by Graham, a transaction that gave Altman stakes in some of the hottest companies backed by Y Combinator. The sale hasn’t been previously reported. https://archive.is/x2hx4#selection-2672.0-2672.1 https://archive.is/x2hx4#selection-2672.0-2672.1 Depending on what companies and how much, that could have been an extraordinary windfall.