Showing posts with label Foursquare. Show all posts
Showing posts with label Foursquare. Show all posts

Friday, February 05, 2016

Tech Power Couple

The Power Couple of the New York Tech Scene
The two entrepreneurs, who celebrated their second wedding anniversary in October and are expecting their first child in May, have a uniquely modern marriage. In addition to their cozy home life and shared passion for active sports, Ms. Crowley is a client of her husband’s, using Foursquare’s location-tracking technology to market her company. ...... The Crowleys also cut a dash in New York’s tech-social scene, where the most influential people in the room are more likely to be wearing performance fleece than designer suits. ..... Geek mystique gets the Crowleys invited to A-list parties, including the recent James Bond premiere at the Ziegfeld Theater, where they posted an Instagram photo of themselves in black tie. Gossip-column sightings have also placed the Crowleys at events alongside new-media luminaries like Arianna Huffington, the Yahoo chief executive Marissa Mayer and the Hollywood star (and tech gadfly) Ashton Kutcher. ..... “We talk a lot online,” Mr. Crowley said of the couple’s daily interactions. “The pillow talk, so to speak, is more over instant messenger.” ..... “And how we’ve coexisted is, he does this really sweet thing,” she said, “which is, he’ll ask me, ‘Do you want my advice, or do you want me to just listen?’ Because, if I say, ‘I’d love your advice,’ then I’ve asked for it, and I can’t argue.” .... when their baby comes. .... Her husband added, “I can’t imagine it’s any harder than start-up stuff.”

Tuesday, January 05, 2016

Reading Up On FourSquare

Foursquare's Valuation Is Getting Chopped in Half

Once the heir apparent to Facebook and Twitter, the location app is raising a "down" funding round after years of slow growth.
If ever there was a startup that seemed like a can't-miss bet to build the next billion-dollar app, it was Foursquare. From the beginning, it was social, local, and mobile, that holy trinity of totem words parodied on Silicon Valley for being a mandatory part of every pitch deck. Its launch at SxSW in 2009 set the bar for a buzzy debut. It had the backing of blue-chip VC firms like Union Square Ventures and Andreessen Horowitz; a pedigreed founder, Dennis Crowley, who had sold his previous startup to Google; and the love of early-adopter types and journalists, the same constituencies that helped make Slack a breakout hit. ...... Foursquare will take between $20 million and $40 million at a valuation of $250 million, a haircut of more than 50 percent from the one attached to its last round of funding, in December 2013. ...... Down rounds are typically punishing for founders, reducing both the value and the size of their stakes in concert. Frequently, doing one triggers "anti-dilution" mechanisms designed to protect early investors by carving up founders' equity still more. ....... Foursquare's move primes it for an acquisition, with Microsoft, current investor, and Apple being the most likely buyers. ..... grew steadily, and now claims 55 million users, several obstacles prevented it from attaining the kind of mass popularity enjoyed by Instagram or Twitter. ...... Expecting users to "check in" everywhere they went turned out to be asking too much of them, but making check-ins an automatic process raised privacy concerns. ...... while it never escaped its early-adopter niche, Foursquare did manage to amass an enviable trove of location data.

Foursquare's location data is way more powerful than people realize
The technology that makes Crowley’s magic trick possible is a computer brain the company has been building since the early days of the iPhone called Pilgrim. According to Crowley, Pilgrim “is the thing” that separates Foursquare from not just competitors like Yelp but every other app in the App Store. And now he wants it powering every other app on your phone. .......

Foursquare is in a period of crucial transition. Since basically inventing the location check-in concept on mobile phones in 2009, the app has slowly faded into relative obscurity.

...... To date, Foursquare has raised over $120 million dollars in venture capital and reportedly turned down acquisition offers from the likes of Facebook and Yahoo. ..... A feature like Trending this Week, which collects aggregated and anonymized foot traffic data from Foursquare’s users, wouldn’t have been possible without Pilgrim. “We have this real pulse of a city now,” Foursquare head of engineering Andrew Hogue told Tech Insider in a recent interview. "We know where people are going.” ....... Since Pilgrim went online in early 2014, the company has started “finding interesting things to do with the data” it collects, Crowley says. It already licenses data to Twitter, Pinterest, Yahoo, Microsoft, and others to enhance their location features (Foursquare used to power location tagging in Instagram before it was replaced by Facebook’s own tool.) In the last year, Foursquare has started offering business analytics with its foot traffic data, which Crowley describes as “an incredibly lucrative market." ........ banks that give small business loans pay Foursquare to know if a business actually exists and isn’t a scam. .....

In September, Foursquare accurately predicted Apple would sell 13 million iPhones during the iPhone 6S opening weekend based on its foot traffic data around Apple stores.

....... “We had all these people from financial institutions saying, ‘What data do you have that we don’t have?’” Crowley says. The answer is Pilgrim. ...... “We have this superpower,” he tells me from across a conference room table in Foursquare’s New York City headquarters. "We have this awesome thing that we built, and it only lives in two apps — Foursquare and Swarm." ...... It’s an engine that runs in the background and records every time a phone with Foursquare or Swarm installed stops moving. When it stops moving, Pilgrim tries to figure out where exactly you are, if you’ve been there before, or if there’s anything going on in the area you might be interested in, like a happy hour at an oyster bar. It has to decide if you're stopped at a traffic light, walking down the street, or entering a coffee shop. Pilgrim makes these decisions millions of times per day. ..........

The biggest misconception, he says, that still exists about Foursquare is that it’s reliant on manual check-ins. Pilgrim has made it possible to check in without taking your phone out of your pocket. And Foursquare knows more about where its users are going than ever before.

........ "Can you make a game that’s different if you’re playing it in a coffee shop versus if you’re playing it in a bookstore or a bus station?” Crowley asks. "Can your exercise app be different if you went to a burger place for dinner yesterday or if you’ve been going to salad places for the last three weeks? Can the app that you use to hail a car be different if it can recognize that you’re in an unfamiliar city?" ........ Crowley says that it's this hyper-contextualized, location-aware approach that makes Foursquare different from competitors like Yelp, which still feels very much like a digital phonebook. ..... With Pilgrim, Crowley thinks Foursquare has technology that’s applicable in nearly any app. ..... "If we fast forward five years into the future, this is how apps talk to you,” he says. "The app will recognize when it’s time to tell you something about the world and it will wake up and tell you that.”

Foursquare has an amazing 'superpower' called Pilgrim that could finally let it take over your phone
Foursquare accurately predicted iPhone sales by analyzing foot traffic to Apple stores around the country.

Foursquare’s Value Will Be Cut by More Than Half in a New Funding Round
Foursquare is close to finalizing a funding round that will value the company at about $250 million — less than half of what investors thought the company was worth two years ago. .... at least one new investor will participate in this round; previous investors include DFJ Growth, Microsoft, Silver Lake Partners, Spark Capital, Union Square Ventures and Andreessen Horowitz. ........

In 2013, Foursquare raised $35 million in a round that valued the company at about $650 million.

..... a “down round,” which will reduce the value of stakes held by previous investors, as well as employees with equity. ...... last summer Crowley said the company had 50 million active users. ..... Crowley has also spent the past few years talking up the company’s data assets, accumulated via its users’ travels. That data could theoretically be valuable to a big platform company like Microsoft, which has already invested in Foursquare, or Twitter, which is already using Foursquare to power its location function. And if Foursquare forges ahead as a standalone company, it will try using that data to build up new revenue streams.
7 tech giants most likely to buy Foursquare

With word that Foursquare is reportedly raising another down round of financing, it seems logical to bet that the company is reaching some kind of end game.

..... We can assume its attempt to monetize all its location data hasn’t progressed very well, so profitability is likely a fantasy. And its IPO dreams probably died long ago. ..... Foursquare “has also talked to potential buyers” and that a deal might happen in place of a new round. ...... Microsoft uses Foursquare to power some of its location features. Microsoft has to be right at the top of any acquisition talks. ...... in the case of Google, there’s a bit of a delicious twist. Foursquare founder Dennis Crowley sold his previous location-based startup, Dodgeball, to Google in 2005. Google shut it down in 2009, and Foursquare was, in part, an attempt to show Google what an opportunity it had bungled. ....... If Facebook did make a play, it would really be for the employees. ...... The main debate around Mayer is how long she will be sticking around. And as for Yahoo, many investors would like to see it sold for parts. Even if Mayer wanted Foursquare, it seems unlikely the board would let her spend any more money on an acquisition that might create a little buzz but do nothing to enhance the bottom line. ...... Back in October, Apple Maps started pulling in Foursquare data. ... Buying Foursquare for less than $500 million would seem reasonable for a company that shelled out $3 billion to buy Beats. ...... Amazon buying Foursquare would probably make about as much sense as Jeff Bezos buying a newspaper. ...... Twitter probably has the shallowest pockets of the group.

Foursquare CEO Crowley: “We Do Location Better Than Anybody Else”

Company has evolved from a social "check-in" app to a location intelligence platform for enterprises.
Foursquare has come a long way from its early days as a social “check-in” app. Along the way, the company repositioned its app as a Yelp competitor; now the company is substantially focused on

“place insights” and “location intelligence” for enterprises

. ....... Earlier this year, Foursquare introduced its advertising platform, “Pinpoint.” Foursquare works directly with advertisers and makes media buys through exchanges (on both the desktop and mobile) and then measures offline actions (e.g., store visits) after ad exposures. This model is radically different from selling ads to local restaurants and bars — even check-in ads to brands — which is where the company began. ...... banks can use the data to determine business credit-worthiness based on foot traffic patterns. ..... Foursquare’s data is much more accurate than its competitors’ because the company has first-party data from 50+ million global users, whereas most of the location data many of Foursquare’s mobile marketing “location intelligence” platform competitors rely on comes from ad calls, which are often inaccurate. ...... “Everyone is drafting off someone else’s data,” except Foursquare. ..... the company disregards and discards “about 80 percent of the location data” it sees from exchanges because of inaccuracy and poor quality. ..... Crowley asserts that many mobile marketing companies are unable to disambiguate business locations in malls or areas of high population density (e.g., urban centers). “We’ve spent years figuring out where people are; and we can do this quickly at a high degree of precision and speed.”
Foursquare Raising Round To Capitalize On Data Business
The current investment environment has led many startups to pack on the pounds to prepare for leaner days potentially ahead. At this juncture, the rewards of getting the money you need to grow outweigh the optics of a decrease in valuation. ..... the fact that Foursquare — once one of New York’s hottest startups — is raising another financing round at a lower valuation than its previous one is significant. Down rounds tend to show both a more conservative interest in the company’s core business, and potentially slowing growth for the startup.

Foursquare, essentially, has to find a new way to impress investors with strong growth — which requires some rejiggering.

........ This isn’t the first “down round” for Foursquare. The team raised capital at a reported $650 million valuation in 2013, beneath the $760 million price tag it had in 2012. In total, the company has raised $162 million in venture financing and debt. ...... For the most part, the split appears to have been unsuccessful. ...... its Pinpoint mobile advertising service ...... it has more than 55 million people registered for its service, with more than 2 million businesses claiming locations. It has more than 170 employees based in New York, San Francisco and London ...... If it wants to spin up the data side of its business into a full-fledged empire, it’s going to take cash to craft sales teams, build products and, yes, pave runway enough to get it flying. ....... over 40% of its total revenue comes from powering other platforms’ location services. ...... Foursquare’s data contributing to the Bing platform’s location and context layers on both Windows 8 and Windows Phone. ...... any company that wants to translate GPS coordinates into an actual venue could pay Foursquare for its data. ...... Foursquare’s data could power hyperlocal advertising or marketing pointing to businesses just a few feet away. Search results, news feeds, and more could be personalized through an understanding of location. ....... As Foursquare spent its time splitting its app in two, other social networks replaced Foursquare, by making it easier to share what you’re doing in the moment. Foursquare originally powered Instagram’s location engine, but Facebook eventually made the shift to handling that itself, with locations essentially ending up a feature — not a separate application. It also removed its playful Mayor feature, and later had to re-add it to appease its user base in June this year. .......

All this distills down to a missed opportunity for Foursquare, which found itself experimenting with new kinds of social networking tools while new networks slowly chipped away at its user base. While the company was certainly experimenting, it apparently was not enough as the app slowly lost popularity. So, inevitably, Foursquare had to find a new way to show the company is valuable and get financing to grow — even if it has to shave off its valuation in the process.

Former FourSquare COO Evan Cohen Checks Into Lyft As New Director Of East Coast Operations
Cohen left his position as chief operations officer at Foursquare in June of 2014. He was one of a number of executives to exit the company over the past year and a half and did so shortly after Foursquare split its product asunder and launched the check-in app Swarm. ...... Cohen brings more than 20 years of operations experience to Lyft, according to a company blog post out today. He was the VP of strategy and operations for the social networking site Bebo (and then AOL after the acquisition) prior to his position at Foursquare. ...... Lyft recently announced it had a projected $1 billion gross run rate and said it was growing by 20 percent month-over-month – including a reported “triple market share” growth in New York City.
Foursquare dives deeper into data with new ad platform
When Foursquare decided to split its apps a year ago, followers of the location-based service scratched their collective heads. ...... A year later, with revenue growing at triple-digit growth, the privately held company knows it made the "absolutely right decision," Crowley says. ...... The split was necessitated by Pilgrim, technology introduced in August 2013 that makes it possible to "check-in" to a location without taking a smartphone out of one's pocket. The functionality was made possible when 6-year-old Foursquare passed 6 billion check-ins, allowing Foursquare software to determine the exact shapes of more than 60 million venues. ...... Pinpoint, a social-advertising platform unfurled in April 2015, took things even more forward. The platform combines Foursquare's location-intelligence technology tracking 7 billion check-ins and 55 million customers with GPS information from apps and publishers to sketch an accurate digital portrait of consumer behavior — from how often they frequent a store to affinity for certain brands. Samsung, Coors, AT&T, Jaquar Land Rover and FedEx are among Foursquare's business partners. ..... Pinpoint is available through both of Foursquare's apps, as well as 100 million other mobile users in the U.S. with non-Foursquare apps. ....... "Foursquare was ahead of its time (with location-based services), but Yelp and others came along and stole its thunder," says Hyoun Park, chief research officer at Blue Hill Research. "It has found a new niche with the combination of location and data analytics." ...... Foursquare used such an approach to accurately predict initial sales of iPhone 6S and 6S Plus, as well as revenue from Black Friday and all-day breakfast sales at a select McDonald's.

Wednesday, December 30, 2015

FourSquare: What Has Become Of You

English: Dennis Crowley in Foursquare's New Yo...
English: Dennis Crowley in Foursquare's New York office, USA. (Photo credit: Wikipedia)
 English: Naveen Selvadurai, co-founder of the ...
English: Naveen Selvadurai, co-founder of the social networking site Foursquare, delivering a briefing on "How Companies and Small Business are Using Social Media and Mobile Platforms to Bolster Business". (Photo credit: Wikipedia)
I just read about FourSquare yesterday after a long gap. It popped up somewhere because it seems to have had a major haircut. Dennis The Person was not exactly known for haircuts. It is having to raise money at a seriously lower valuation, and it is even seeking to sell itself. It did not have to be this way. At one point it refused to be sold at a billion. I believe Yahoo came knocking.

Location is almost as central to the mobile lifestyle as the search box was to the web when it emerged. At some point I guess FourSquare stopped growing. Granted location has become much more crowded. But there is something to be said of the first mover advantage.

Location is multi-dimensional. FourSquare has hardly gone into the more interesting dimensions. Hardly.

I never have doubted Dennis Crowley was by and large the dominant person behind the idea. He is more the guy who discovered the location space. Naveen was a sidekick. And I have actually spent more in person time with Dennis than Naveen (primarily one long dinner). I have spent more in person time with Crowley's now wife than Naveen. She and I both moved to NYC from the same state! Believe it or not. I guess the Indian thing can be stretched a little too much. One thing that struck me a few years after I moved to NYC was, I was not meeting swarms of Indians I expected to meet. I guess I was going to events strictly following my interests, as opposed to going to Indian evens, and so I was only meeting a few here and there.

Dennis is this charismatic, visionary guy. The cheerleader who gets the big picture. The glue who keeps the team together. The face that the media can hang onto. As in, he does not mind attention. He does not crave it, but he does not mind it. He has that down to earth thing down. Almost like a suave politician.

FourSquare was supposed to put New York City on the map. The tech map.

I am on record at this blog saying Naveen parting ways with FourSquare was a mistake. Not because he was equal to Dennis in contribution, I never thought that. But it's a DNA thing. Sometimes later round VCs can mess up a bit. You don't mess something up just because it's delicate. DNA is delicate. Don't put your fork to it.

You can argue it's the market, it's not Dennis, it's not FourSquare. But the market always swings. Always. We all know that.

FourSquare needs to add a layer to the location space. And rejuvenate itself. I don't know why, but I believe I could help. The new layer has to feel like a new dimension, a dimension that none of the copycats have gone into.

Sunday, January 19, 2014

Raising Money For A Tech Startup

Image representing Jeff Bezos as depicted in C...
Image via CrunchBase
(written for Vishwa Sandesh)

Raising money for a tech startup is a Silicon Valley thing, by now done all over the world. You have a great idea, a basic product, and you go raise money. Jeff Bezos of jotted down his idea on a paper napkin. Based on that he raised money.

Google is a great company. But if you had bought Google shares when it went public at $80 per share, your money would have grown only 10 times when those shares hit $800. That is great but not mind boggling amazing.

Probably the best investment of any is coming into the first round of a tech startup that is going to be wildly successful. The first person to put in $100,000 into Google saw that money become a billion and a half in about eight years. The first person to put $500,000 into Facebook saw that money become two billion in six years.

But there are many more mid-level successes that don’t make it to the mainstream press. Numerous tech companies get bought out at valuations ranging from 10 million to a billion dollars. And then there are tech companies that churn out revenues month after month many small businesses don’t manage to.

New York City by now is number two after San Francisco on the tech scene. Used to be Boston, not anymore, although it was great for me to get to meet Rudra Pandey in person this past Friday in his office. Pandey is the richest Nepali in North America. I felt like he was just getting started. Sitting across a table from him feels like sitting next to a bullet train. He is all ready to go. Before Pandey the honor of being the richest Nepali in North America went to Aditya Jha out of Toronto who shares the same home district in Nepal as me: Mahottari. Jha also got his money through the sale of a software firm.

The big companies like Google and Facebook and Apple might all be in the traditional Silicon Valley closer to San Jose, but the center of gravity moved to San Francisco years ago, apparently the pull of the urban lifestyle was too great.

So if you could build a Stanford on Roosevelt Island, as is in the works, there is no way San Francisco could beat New York City on the urban thing. To borrow a phrase from Saddam Hussein who would talk in terms of “the mother of all battles,” NYC is the mother of all things urban. And guess where the biggest venture capital firms in Silicon Valley raise their money from! From the pension funds in New York!

New York City has a decent movie industry and a decent tech scene. But the tech scene is all set to ramp up, although the top venture capitalist in NYC, Fred Wilson, likes to say the city is “decades” behind Silicon Valley in terms of the tech ecosystem thing.

But depends on what it is you are trying to do. If your app is people centric, if your app is big city centric, NYC just might be the place.

Software is going to play a big role in Nepal’s economic transformation, no doubt, and that is why fund-raising in the Nepali community is important. You are trying to contribute to the culture. The thought has to percolate.

Long Island City could be a great place for office space. Several trains stop there. It is right next to Roosevelt Island, where the tech university will be located. It is not in Manhattan, so the rent is cheaper. But it is right next to Manhattan, sure has the Manhattan view. And it is but 10 minutes on the train to Jackson Heights, where all the Desi food is.

Fundraising is about the sense of possibility, of what could happen. A tech startup is of a different magnitude than tech consulting. With tech consulting you are building stuff for other people, for your clients. Often times the project can be small. With a tech startup you are creating wealth.

I remember when FourSquare presented for the first time on stage at the NY Tech MeetUp. I did not “get it.” I thought the check in thing was the weirdest thing. But a few months later I got it, I got it why it was the next Twitter. I got to know the founders of Venmo a few years ago before they had raised any money. Well, they sold the company last year for $26 million. Rumor has it FourSquare’s Indian Co-Founder Naveen walked away with 80 million dollars.

The city’s tech ecosystem sure is building up.

I once met this guy who had sold his company to Google for a billion and a half. When it was my turn to shake his hand, I asked him a question. I said, you got money, why are you still raising money from VCs for your next startup? He said, two reasons. One, VCs giving money is market validation that maybe my idea is a good one. Two, VCs bring way more than money to the table. They bring their knowledge, their contacts.

One hopes the new crowd-funding possibilities will open up the field a bit. But there is no beating the first round, also known as the friends and family round. That is informal. And the founder can bring in anyone. In future rounds, that luxury is no more. Only licensed investors come in.
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Tuesday, August 06, 2013

The Entrepreneur Lifestyle

English: Dennis Crowley in Foursquare's New Yo...
English: Dennis Crowley in Foursquare's New York office, USA. (Photo credit: Wikipedia)
Crowley says it's been "super-stressful" on his relationship, too, but Skees, his fiancee, knows this life. They've been together since shortly before Foursquare's founding, and friends describe her as his rock--one that has tamed his out-all-night lifestyle while still supporting his dreams. They're currently planning their October wedding. A friend recently told Crowley that if he could go back in time, he wouldn't have put off having kids to do a startup. And Crowley is well aware of what's become of him: His identity is his company; he is only as mature as it is. "I've thought about it for a while, and to me it's like I've got to close this chapter in my life before I can go on to the next one," Crowley admits over beers in Cobble Hill, Brooklyn, one Saturday afternoon, as parents stroll by with baby carriages. Earlier that day, we bumped into Alex Rainert, Foursquare's current head of product (and his Dodgeball cofounder), who was taking his daughter to ballet. "It's like arrested development--when you're stuck in the same place where you were at 26," Crowley continues. "My mind-set is of the person who is still unsure whether they have enough money in their ATM to go to another bar. I lived that way when I was unemployed, when I was a snowboard instructor, and when I was at NYU. A lot of my personality is stuck in those five years, and I don't know if that's ever gonna change."
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So It Was Not Pretty?

2010 PSFK NY Conference - Naveen Selvadurai
2010 PSFK NY Conference - Naveen Selvadurai (Photo credit: Dave Pinter)
This summer, over dinner at a restaurant only 400 feet from Foursquare's headquarters, Selvadurai had his first on-the-record conversation about the exit. He's still visibly hurt by it, like a man not yet over his divorce, and yet spoke politely, if hesitantly. "It was definitely a surprise. I wanted to stay," Selvadurai says. He'd look away and take long pauses, trying to find the words. He wouldn't go into detail. "This was my baby. To leave everything behind--it was the worst kind of breakup ever. I truly feel like an orphan." Though he remains a shareholder, Selvadurai left the board in October. When asked if he's on good terms with Crowley, Selvadurai only says, "We haven't talked in a long time, since that last conversation."
My instincts at the time were right. The guy was jilted, after all. Now that I have the truth, the call I am making is it was a bad move. It is a DNA thing. A move like that hurts the company, I think.
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Monday, May 20, 2013

Tumblr Monetization: Sell To Yahoo

Image representing David Karp as depicted in C...
Image by Matthew Buchanan / Flickr via CrunchBase
You have to be crazy about Tumblr to truly understand its appeal. It is half way there between Blogger/Wordpress and Twitter and, to its hard core users, more fulfilling than both. You can't amass a huge audience and not be able to monetize it. But this sale to Yahoo means monetization can wait some more.

Marissa Mayer failed to buy FourSquare as a Google executive, but she has managed to buy Tumblr as the Yahoo Chief. Both are companies that have helped put New York City on the tech map.

Last I met David Karp was during Social Media Week. This validation is well deserved. Now Karp and team get to nurture the local tech ecosystem some. I am assuming the Tumblr team will stay put in the city. I don't think it wants to wear "f----g Dropbox T-shirts!"

Karp, I have a clean energy idea that I need some seed money for. Are you in? :)

The billion Yahoo paid it will get back in the stock market reward to the Yahoo stock from the cool factor from Tumblr to the Yahoo brand. So basically this web property has been had for free. It is win win. This is also a strong signal to young and happening tech entrepreneurs that Yahoo is a brand that can be trusted with sexy acquisitions. That is worth at least another billion.

Fred Wilson must be very happy. You couldn't get near that guy without him gushing about David Karp at least once. Now you have concrete proof what it was all about.

David Karp showing up at Yahoo is like Arianna Huffington showing up at AOL, only I don't think Karp will outshine Mayer. She is a hotshot herself, very much so.

Yahoo buying Tumblr for $1.1 billion, vows not to screw it up
The deal is expected to increase Yahoo's audience by 50 percent. ..... Shares of Yahoo rose in early trading on Monday but quickly gave up those gains and were little changed at $26.54. Through Friday's close, they had risen 70 percent since Mayer became CEO. ..... David Karp, 26, who founded Tumblr in 2007 and will remain CEO. ...... Karp, a self-taught programmer who left high school in favor of home schooling ..... his take in the billion-dollar sale would top $200 million. .... "There are a lot of rich people in the world. There are very few people who have the privilege of getting to invent things that billions of people use," he said.
Update: I think Karp will buy a plane.
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