i’m very retarded, stupid and poor.
pls stop asking me to be your angel or lp or whatever i absolutely couldn’t care less about wtv world changing crap u do
jane street has some interesting blogs
too bad it would take a week to understand each
https://t.co/Z00MpzUDiU
https://t.co/qMXCn5wO8J
https://t.co/OdSGZzzYSY
https://t.co/kTgOenAhVT
If an Anthropic employee got $500k/year in equity over 4 years in 2024, they are now worth $125M.
At $1M/year equity for 4 years, they are worth about $250M.
The scale and speed of wealth creation are incomprehensible.
$500k/year equity is not a lot for an early-stage startup. I don't think the Bay Area has seen this type of wealth creation in history.
Dot com boom probably feels like a speck of dust.
I was once pitching in a board room at a top 3 VC firm for a $15M Series A.
12 people in the meeting. One of the GPs fully fell asleep. Out cold for 30+ minutes. Nobody acknowledged it. Everyone just kept going.
I kept presenting my Series A slides to an unconscious man in a Herman Miller chair and somehow that was considered normal. That's venture capital.
You might fly across the country to perform for people who may or may not be conscious.
It's a dance.
And sometimes you lead and sometimes you follow and sometimes your partner is unconscious.
If you're raising right now, just know: every founder has a story like this. The process is weird. The power dynamic is weird. You're not crazy for thinking it's weird.
No one talks about it because they want to continue raising. But I'm happy to stick my neck out there.
It is weird.
During a pitch a prominent VC once told us the market size for global logistics was only $6B.
My CFO’s response: “So you’re saying it’s smaller than the market for USB cables?”
Two of our worst VC stories:
1. A Sequoia partner passed on Cloudflare because he didn’t think a woman could lead a security infrastructure company. Seriously. 🙄
2. I got introduced to @pmarca. Meeting got scheduled for a Monday, which should have been a clue. I thought it was just a casual meeting. He thought it was a pitch and brought the whole @a16z partnership team. Hilarity ensued. 🤪 At one point one of them said: “You don’t seem very prepared.” Which was true because I wasn’t. I framed the rejection letter they sent.
I have to say, this is the worse crypto bear I’ve gone through, and I’ve been in crypto since 2013. China banning bitcoin, FTX collapsing, Luna rug, Mt Gox, Gensler, none of it felt as depressing as AI hacking protocols with a simple “drain the contract, make no mistake”. Those who survive this market will be invincible and go on to create a wave of trillion dollar protocols.