How To Lose $850 Million And Not Really Care

from the so-it-goes dept

I started to get sick about all these “insider” or “dot com failure case studies” that have become popular over the past two years, but this one is a bit different. The NY Times Magazine is running a profile of eToys’ founder and CEO, Toby Lenk. It mainly focuses on the fact that he didn’t sell any of his stock (save a little bit near the end to cover a margin call). While he was once worth almost a billion dollar on paper, he came out of the experience with little more than the salary he took home over the four years of running the company. He even convinced the rest of his top execs to “go down with the ship” like he did. He talks about how he just wanted to run a real business – and how things got out of hand once Wall Street got involved. There’s also the bit about how some of the venture capitalists were “hit and run” investors who refused to invest some of their winnings to help keep the company running. For anyone who dreams of taking a company public some day, this would be a must read…

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “How To Lose $850 Million And Not Really Care”

Subscribe: RSS Leave a comment

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...