Hey I am on Medialย โขย 7m
Loopt did raise around $39 million in venture funding before it was sold. However, even in smaller exits like that, founders usually keep a small percentage of equity, unless they are completely diluted (which wasnโt the case with Sam). It's likely that Sam still held a few percent of Loopt at the time of sale which would have been enough to personally make a few million dollars after the acquisition as per my understanding. Founders almost always reserve some equity unless they raise multiple big rounds and get fully diluted, and Loopt wasnโt a multi-billion-dollar venture-backed company where that usually happens. So while investors got most of the exit value, Sam still walked away with a meaningful personal payout - enough to kickstart his investing career.
Hey I am on Medialย โขย 7m
Many people have asked me if Sam Altman owns 0% of OpenAI, how could he afford to invest and fund projects the way he does? 1) Note on Early Exit: โจSam co-founded a startup called Loopt in college. It wasnโt a massive success, but it sold for $43.4
See MoreFiguring Outย โขย 10m
Sam Altman's First Startup! So before founding OpenAI and leading Y Combinator, Sam Altman founded Loopt! Loopt was a location-based social media app launched by @sama in 2005. It was very similar to any other social media platform, like it had ch
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Student| Passionate ...ย โขย 10m
Sam Altman started coding at the age of 8. Born in 1985, Chicago, attended John Burroughs School and later to Stanford Univ, dropped out in 2005. Continued to pursue his passion for tech and entrepreneurship, founded Loopt (location based social netw
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Busy in creating typ...ย โขย 1y
๐ค On another day, Someone asked me the difference between Founders vs Venture Capitalist? He challenged me to say it in 1 Sentence ๐ฅ "Founders also raise funds & Investors also raise funds.. What's the BIG difference bro?" Then I said this:
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A startup is seeking a Seed investment. The startup is valued at $5 million pre-money and is looking to raise $650,000 in this round. After this round, the startup plans to raise an additional $2.5 million in a series A round at a post-money valuatio
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