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Justin Kan

@justinkan

28 Jan

SEC should investigate the following:

1. Did Citadel’s hedge funds (Citadel Global Equities and Citadel Wellington) hold any short positions in stocks heavily owned by Robinhood users? And did they increase them in the past few days?

2. Subpoena all emails and phone calls between Citadel Securities and Robinhood

3. Subpoena all emails and phone calls between the Wall Street banks and Robinhood (Robinhood gives its shares to Wall Street banks to lend out to hedge fund clients to short through prime brokerage).

Read 13 tweets

Justin Kan

@justinkan

20 Jan

@JamesClear

Habits can be brutal. I’ve spent the majority of life battling bad ones: including wrestling with alcohol addition for 20+ years.

I learned how to hack habits with help from @JamesClear’s book Atomic Habits. Here’s a summary of what worked for me:

Habit-building is science. Think from first principles.

Rule #1: make it obvious. To change behavior, put up cues in your environment as a constant reminder.

I built a home gym (with great effort), now I can’t escape from daily exercises.

Rule #2: make it attractive. You want to sugarcoat the pain.

I put my phone, with Twitter and other social media apps in my gym (yes, gym hour now 💦). It’s punishing, but works because the incentive is very compelling.

The more tweets I send, the longer I stay!

Read 8 tweets

Justin Kan

@justinkan

19 Jan

I just gave a talk to the W2021 YC batch. It's my favorite startup audience to talk to. Here are some of the highlights:

Finding product market fit is the critical thing to do in a startup.

Everything else: demo day, what investors you get, how much you raise, what press covers you -- it is all window dressing.

Many founders don’t want to talk to their customers because it makes them vulnerable, because it's hard work, because it's scary. Creating a tight feedback loop with customers is the one thing that will help you discover PMF.

Read 22 tweets

Justin Kan

@justinkan

8 Jan

Most of my life I wanted to connect deeply with the people around me but didn’t know how. I was a painfully shy extrovert as a kid.

Here's what I've learned about how to build meaningful relationships with others.

First: what didn't work.

I thought becoming successful would attract people to connect with me.

It turns out the types of interactions people want to have with you because of fame and money are not often conducive to deep relationships.

Eventually, I realized what I'd been doing for the first 35 years wasn't working.

After a lot of soul searching and self work, here are the things I found:

Read 7 tweets

Justin Kan

@justinkan

6 Jan

10 months ago we shut down Atrium after raising $75m in venture capital. Anyone hearing that knows I made tons of mistakes along the way. Someone asked me today what my biggest lessons learned were. Here they are:

Start with the mission
.

It is very hard to write the mission after the fact. You should start with a clear reason to exist and filter early hires for believers.

Start remote. SFBA is over for startups: the cost of housing and rent gives you much worse operating leverage. Many talented people choose jobs they want to be flexible re: location. Remote is better at this time in the market.

I wrote that before COVID, now it's extra true.

Read 16 tweets

Justin Kan

@justinkan

3 Dec 20

@mattieuga

I talked to my friend @mattieuga from @altopharmacy on @the_quest_pod this week.

Here's how he built a unicorn digital pharmacy serving tens of thousands with 800 employees and raised $350m after starting out of my living room 5 years ago:

[A thread]

I met Matt & Jamie in 2015 when they were engineers at Facebook. They wanted to start a co, but wanted the assurance of raising $ before quitting their day jobs.

I asked them how anyone would believe in the founders if they didn't believe in themselves. They quit FB the next day

After a few weeks delivering prescriptions from my living room, Matt decided they needed to own a pharmacy to build something better. So he started walking into pharmacies in SF and asking if he could buy them.

He actually found one: AG Pharmacy in the Mission.

Read 9 tweets

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