Sony Fund Quotes

When Jeremy Liew and Lightspeed had invested just a few weeks prior, Liew had included terms giving Lightspeed the right of first refusal to invest in Snapchat’s next round of funding, as well as rights to take 50 percent of the next round. Essentially, Lightspeed controlled Snapchat’s next round of funding and made Snapchat unattractive to other investors, who would want to take a larger stake in the Series A round. Evan was furious. He felt betrayed and taken advantage of. Liew had told him these terms were standard. Evan would warn other students about this betrayal for years to come, as he did in a keynote address at a Stanford Women in Business conference in 2013: One of my biggest mistakes as an entrepreneur involved a term sheet. This particular term sheet was our first. And when we talked to the venture capitalists, and we talked to our lawyers, they took refuge in the notion of Standard. When I asked a question because I didn’t understand something, I was reassured that the term was standard, and therefore agreeable. I forgot that the idea of STANDARD is a construct. It simply does not exist. So rather than attempt to further understand the document, I accepted it. It wasn’t until a bit later, when the company had grown and we needed more capital—that I realized I had made a very expensive mistake. He also warned in a 2015 talk at the University of Southern California, “If you hear the words ‘standard terms,’ then figure out actually what the terms are, because they are probably not standard and the person explaining [them] to you probably doesn’t know how they work.” Teo and General Catalyst put Evan in touch with lawyers who would help him escape the blocking structure with a new round of funding. Evan struck a deal with Jeremy Liew to sell Lightspeed a limited number of Snapchat shares at a discount in exchange for removing the onerous terms. Feeling stung by Silicon Valley venture capitalists, Evan then put the deal with General Catalyst on hold and put together a group of angel investors from Los Angeles, including his father, John Spiegel, and the CEO of Sony Entertainment, Michael Lynton.

On a trip to Korea, Thiel’s corporate credit card was declined as he tried to purchase a return ticket home. The investors he had met with were only too happy to furnish a first-class plane ticket—which they did on the spot. “They were excited beyond belief,” Thiel remembered. “The next day, they called up our law firm and asked, ‘What’s the bank account we need to send the money to?’ ” The crazed nature of it all confirmed Thiel’s suspicions about the market. “I remember thinking to myself that it felt like things couldn’t get much crazier, and that we really had to close the money quickly because the window might not last forever,” he said. The final $100 million figure actually disappointed some on the team. Confinity and X.com had secured verbal commitments for double that amount, and some on the team had wanted to hold out for the remaining funding or push for a billion-dollar valuation. Thiel disagreed, urging Selby and others on the financing team to turn handshakes into actual checks, to get term sheets signed, and have deposits confirmed. “Peter kicked everyone’s asses to get that funding round done,” David Sacks remembered. Many Confinity employees—who had seen Thiel at his toughest—rarely remember him this insistent. “If we don’t get this money raised,” Howery recalled Thiel saying, “the whole company could blow up.

Reflecting on it all, David Wallace drew on theology. “There was this feeling of, you know, if we just keep working as hard as we can, we seem to be living a charmed life,” he observed. “We did come to a merger, just in time to get our funding closed before the whole thing crashed.… [in] Christian theology, there’s this sense of human effort versus predestination, and sometimes they get opposed to each other. But the only way that theology really works is when you see it as the two things in conjunction with each other. Things that are predestined include the works.

Thiel’s doomsday predictions also prompted an unusual request. In preparation for a summer 2000 board meeting, Thiel had asked Musk if he could present a proposal. Musk agreed. “Uh, Peter’s got an agenda item he’d like to talk about,” Musk said, handing the reins to Thiel. Thiel began. The markets, he said, weren’t done driving into the red. He prophesied just how dire things would get—for both the company and for the world. Many had seen the bust as a mere short-term correction, but Thiel was convinced the optimists were wrong. In his view, the bubble was bigger than anyone had thought and hadn’t even begun to really burst yet. From X.com’s perspective, the implications of Thiel’s prediction were dire. Its high burn rate meant that it would need to continue fundraising. But if—no, when—the bubble truly burst, the markets would tighten further, and funding would dry up—even for X.com. The company balance sheet could drop to zero with no options left to raise money. Thiel presented a solution: the company should take the $100 million closed in March and transfer it to his hedge fund, Thiel Capital. He would then use that money to short the public markets. “It was beautiful logic,” board member Tim Hurd of MDP remembered. “One of the elements of PayPal was that they were untethered from how people did stuff in the real world.” The board was uniformly aghast. Members Moritz, Malloy, and Hurd all pushed back. “Peter, I totally get it,” Hurd replied. “But we raised money from investors on a business plan. And they have that in their files. And it said, ‘use of proceeds would be for general corporate purposes.’ And to grow the business and so forth. It wasn’t to go speculate on indices. History may prove that you’re right, and it will have been brilliant, but if you’re wrong, we’ll all be sued.” Mike Moritz’s reaction proved particularly memorable. With his theatricality on full display, Moritz “just lost his mind,” a board member remembered, berating Thiel: “Peter, this is really simple: If this board approves that idea, I’m resigning!

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