Mailchimp just sold to Intuit for $12B.

The Atlanta-based email marketing firm has taken no VC money.

Even more impressive, its CEO and co-founder Ben Chestnut has the cleanest “Experience” section in the history of Linkedin:
Built it for 21 years!!

💎🙌 should be renamed to 🌰 🙌
Great nugget from @alexrkonrad.

In 2015-16, Mailchimp valued at $2B by a NY PE firm.

Chestnut left that number on peice of paper in his safe for his wife to use (and shop Mailchimp) if anything happened to him.

Deal was being floated for $10B just 2 weeks ago.

Guessing this is what happened.


Intuit Exec 1: Hey have you heard back from Mailchimp on $10B

Intuit Exec 2: No, should we up it? He has 🌰🙌 and might hold.

Intuit Exec 1: Yes, $12B.
Finally, read this great thread from Jesse on the Mailchimp story
I have no horse in the Mailchimp race, but someone from the region sent me this regarding the “Mailchimp gave no equity to employees” uproar.

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More from @TrungTPhan

12 Sep
This is Lex Greensill.

He founded Greensill Capital to disrupt "supply-chain finance", a $500B industry supporting global trade.

A year ago, Greensill was headed for a $30B+ IPO. Now, it's worth $0 (oh, and Softbank was a big backer).

Here's the story 🧵
1/ First, what is supply chain finance (SCF)?

Let's say you supply widgets to a car company. Typically, you give CarCo 90-120 days to pay its invoice for the widgets.

Waiting for the money sucks, though. You have working capital needs that the CarCo money could help cover.
2/ Let's say your invoice to CarCo is $1000.

A bank or finance firm will offer you this SCF deal:

1⃣ Advance you $990
2⃣ Take on the credit risk of CarCo's bill owing
3⃣ At 90-120 days, the bank/financier collects $1000 from CarCo and profits $10
Read 25 tweets
11 Sep
When a startup claims it has “AI” or “ML” and then you take a look at the actual tech
Or as @elonmusk would say:

“I discourage the use of machine learning because it’s very difficult: 99.9% of the time, you do not need it.”

Read 6 tweets
9 Sep
You've def heard of "The Hero's Journey", the narrative structure dating back to Homer's Odyssey in ~7th century BC.

A great way to learn the framework is comparing scene-by-scene images from 2 modern classics of the story type: "Star Wars" and "The Matrix". #TheMatrix

0/ The "Hero's Journey" was coined by Joseph Campbell, an American literary prof.

He studied ancient myths and found many shared a similar character arc (AKA the "monomyth").

It follows 12 stages, with a hero venturing from an "ordinary world" to a "special world" and back.
1/ Ordinary world

The hero's normal life before the adventure begins:

◻️ Luke Skywalker lives on a farm in Tatooine
◻️ Neo is a corporate slave in The Matrix
Read 18 tweets
6 Sep
As you know, Elizabeth Holmes is on trial for defrauding investors and patients.

Her blood-testing startup Theranos raised $700m+ and reached a $10B valuation before imploding.

Why exactly did Theranos technology (nanotainer, Edison, miniLab) fail, though?

Here's a breakdown🧵
1/ Elizabeth Holmes dropped out of Stanford at 19 and founded Theranos in 2003.

One of Theranos' founding myths is that Holmes had a "traumatic fear" of needles and blood.

Her idea: create a system that could run all medical tests on a single drop of blood (via a finger prick).
2/ You're def familiar with the more common blood test method she tried to disrupt.

Known as venipuncture, a phlebotomist draws "whole blood" -- aka blood with none of the components (plasma, platelets) removed -- from a vein.

Then, these samples are sent to a lab for testing.
Read 24 tweets
4 Sep
Watching a 90 minute Elizabeth Holmes Theranos presentation from 2016 to make a thread for y’all 😂
Not gonna lie, she’s pretty convincing
The Theranos 2006 Pitch Deck.

Someone needs to make an NFT of this product slide:
Read 4 tweets
4 Sep
A 2013 Elon email to employees on why he wants to keep SpaceX private
For more recent SpaceX stuff, check this:
Read 4 tweets

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