On: OpenAI's board has fired Sam Altman

[paulddraper]

wat

the guy founded and was CEO of a company at 19 that sold for $43m

[csomar → paulddraper]

> As CEO, Altman raised more than $30 million in venture capital for the company; however, Loopt failed to gain traction with enough users.

It is easy to sell a company for $43 if you raised at least $43. Granted, we don't know the total amount raised but it certainly it's not the big success you are describing. That and I already mentioned that he is good in corporate sales.

[plingamp → csomar]

According to Crunchbase, Loopt raised $39.1M.

[grumple → plingamp]

How many years did it take to go from 39 million to 43 million in value? Would've been better off in bonds, perhaps.

This isn't a success story, it's a redistribution of wealth from investors to the founders.

[hamburglar → grumple]

Ah, the much-sought-after 1.1X return that VCs really salivate over.

[paulddraper → csomar]

> he is good in corporate sales

Which is a big part of being a great CEO

[csomar → paulddraper]

It is a big part of start-up culture and getting seed liquidity. It doesn't make you a great long-term CEO, however.

[croes → paulddraper]

A CEO should lead a company not sell it.

[gardenhedge → csomar]

> It is easy to sell a company for $43 if you raised at least $43

I'm curious - how is this easy?

[comte7092 → paulddraper]

Ah yes the legendary social networking giant loopt

[epolanski → paulddraper]

Loopt was not a successful company, it sold for more or less the same capital it raised.