How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter

Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by marcamillion on Sunday February 27, 2011 @11:22PM (#2270026)

Uhh...am I the only one doing a double take at the fact that Chris Sacca has raised a $1+B fund ?

When did that happen ? How did I miss that ?

That's pretty...errr...frothy...and epic.

I never knew he packed that sorta heat. Congrats to him...but now he has the wonderful task of actually putting so much money to work.

I would love to be getting his 2% right now.

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Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by nostrademons on Sunday February 27, 2011 @11:40PM (#2270058)

Also a double-take on Evan Williams cashing out $100M of his personal shares.

That's a big cash-out for a company that's not even public yet. Max Levchin's share of PayPal, which IPO'd and then was bought for $1.5B, was only estimated at around $40M.

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Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by byrneseyeview on Monday February 28, 2011 @12:28AM (#2270165)

The "Paypal Mafia" people all got <$50mm payouts. That's part of why they advocate for higher founder ownership--so the folks they fund (or work with) won't make the same mistake.

And the cashing-out environment has completely changed. It's harder to go public, but easier to cash out without going public. It's tough to get anything out of the comparison, other than "Boy, things have changed!"

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Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by marcamillion on Monday February 28, 2011 @01:22AM (#2270325)

That one was another one too. This is the type of understated reporting I love from Arrington.

The title spoke about how Sacca owned 10% of Twitter - yet there are so many other 'throw away' gems in there that really make you stop and re-read what you think you just saw.

That's kinda insane that Ev cashed out $100M worth of shares and still is the single largest shareholder.

Good for him!

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Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by trotsky on Sunday February 27, 2011 @11:42PM (#2270060)

I'd be surprised if he got standard management fees on a fund where the "bulk" of the money comes from one contributor and they tell you how much of who to buy.

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Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by jonknee on Sunday February 27, 2011 @11:52PM (#2270085)

I'd be happy with almost any percentage of a billion dollars. Annually.

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Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by marcamillion on Monday February 28, 2011 @01:21AM (#2270318)

Exactly....even if it isn't the normal fee...say it's 10% of the normal fee (which I HIGHLY doubt), that still 0.2% of $1B Annually.

Which is still $2M annually. He hires 10 people at $100K a piece, and office expenses of about $200K if he wants to be ostentatious. That's about $800K annually.

Not bad, not to mention that he gets his 20% of the carry.

Keep in mind that we are talking 10% of the 2% standard rate which I am relatively certain he isn't getting.

Either way, it's not a bad living.

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Re:How Chris Sacca And J.P. Morgan Acquired 10% Of Twitter by SriniK on Monday February 28, 2011 @01:57AM (#2270401)

Indeed a great snowstorm(w\ tons of snow) in Tahoe ha. Following @sacca on twitter, I can tell 2010 year of Tiger was really good him. Happy for him.

This trend highlights again that, there are 3-4 companies that become thunder lizards and money just pours on them. As companies ready to go ipo, underwriters want to get early access and back stage tickets.

EDIT: Morgan Stanley takes facebook and JP Morgan takes twitter. Awesome to see underwriters paying upfront to own quality companies - shows how dry the ipo market is and how desperate underwriters are.

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