All-In with Chamath, Jason, Sacks & Friedberg
00:51:51 · Will Ahmed, Jason Calacanis
[00:51:51] S0: I mean, obviously, I agree. [00:51:52] S1: I'll tell you what's going on in background. Your your marketing department's probably getting shaken down. They're probably like, hey. You know, we'd love to have Whoop involved. It'd be terrible if something happened to an athlete wearing 1.2 ounces. But if you were to put a logo behind them for $10,000,000, well, we might have a different opinion. [00:52:10] S0: You know all the ins and outs. [00:52:12] S1: Alright. But it's not my first time at this rodeo. I know they shake down when I hear it. [00:52:18] S0: How how are how are things for you in in early stage venture? Are you are you starting to lead these billion dollar seed rounds, or you're you're staying true to the the accelerator model? [00:52:29] S1: You know, it's... Nobody wants to do year zero work. So I am leaned into that. [00:52:36] S0: Great. But
00:52:36 · Will Ahmed, Jason Calacanis
[00:52:36] S0: Great. But [00:52:37] S1: then, you know, at the end, we we have the syndicate and we have 4,000 members of it. And we would syndicate our early stage c deals. Hey. If you wanna get involved in this, you know, J. Cal's putting in a 100 k. You might wanna put in 5 k. They kept asking me, can you get me into zipline? Can you get me into WHOOP? Can you get me into SpaceX, Anthropic, whatever it is. So we started a late stage practice that we just started this year at the syndicate. Thanks for asking. And Great. We did we did zipline. We did icon homes, the three d printed homes. These are all billion dollar companies, $5,000,000,000 companies in vast space. So when I know the founder, the CFO gives its approval... Because you have to deal with this. Right? People doing off the books transactions and SPVs and buying out early employees and other, you know, early investors. You have to deal with some of this SPV madness? [00:53:20] S0: I'll say this. It's complicated when your business is failing, and it's complicated when your business is winning. So it's always complicated. [00:53:28] S1: I think just... My advice to everybody with these SPVs off the books, whatever, is just build a relationship with the CFO of the company and just get their blessing for it and let them know what you're doing. And if they really don't want you to do it, then you're gonna have to accept that. Right? Like, it's their company. I I don't like this idea of going behind the back of the company and
00:53:28 · Jason Calacanis, Will Ahmed
[00:53:28] S1: I think just... My advice to everybody with these SPVs off the books, whatever, is just build a relationship with the CFO of the company and just get their blessing for it and let them know what you're doing. And if they really don't want you to do it, then you're gonna have to accept that. Right? Like, it's their company. I I don't like this idea of going behind the back of the company and [00:53:48] S0: The the other thing to be wary of are these secondary brokers who Mhmm. They claim they've got shares from someone at a price [00:53:56] S1: Yes. [00:53:57] S0: And they go around saying that, but they're really just trying to create a market. And so [00:54:01] S1: Happens to me all the time. Yeah. Because I literally... Like, I'm on the board of a company that's worth a couple billion dollars, and they come to me and I say, okay. Great. Who who is it with? Because I gotta... On I'm the board of the company. Gotta talk to the CFO, and, you know, I can help coordinate with you and then crickets. And I'm like, they're fishing. It's always a fishing expedition. This thing didn't really exist ten, fifteen years ago. Like, the only time I ever saw it was Facebook. And then Uber, when Masayoshi san came in, he he was like, hey, guys. I need you to sell some of these or I'm gonna invest in Lyft. And we were like, okay. I gave him 10% of my shares at the time. I was like, sure. I'll take a little 10% off the top just to keep Masa from investing. [00:54:40] S0: Know? What run what a run that business is sad, but congrats.
00:54:40 · Will Ahmed, Jason Calacanis
[00:54:40] S0: Know? What run what a run that business is sad, but congrats. [00:54:44] S1: And I mean, right now, like, trading at an all time low PE and they're surging and they have, yeah, it's really weird to watch what's happening, like the anti AI trade, DoorDash, Uber, Figma, you know, all the... A lot of these companies getting taken to the woodshed a bit. And some of them are just, like, not impacted by it, but AI is gonna change everything. Lots of great investment opportunities. We'll see you all next time on the All In interview program. Go get a Whoop. Get yourself a Whoop. Perfect Christmas gift. [00:55:15] S0: Thank you, David. [00:55:16] S1: You doing it, Will. Love the product.