What I Learned from Losing $170 Million, with Noah Kagan
#228: In November 2005, when Noah Kagan was 24, he was hired as Employee #30 at Facebook. His stock options would have been worth $170 million if he’d cashed out in 2014, he says.
But he didn’t see a dime.
In June 2006, merely 9 months after he started working at Facebook, Noah got fired. Instead of making $170 million, he made zero.
He fell into a deep depression for a year. Then he rescued himself by becoming a serial entrepreneur. He tried his hand at a lot of things -- including developing Facebook games, selling discount cards, creating a payment processor in the gaming space -- but he’s best known for his two most successful companies.
In 2010 he started a company, AppSumo, which offers discounts on small business software. By 2012, AppSumo was grossing $4 million per year in revenue, with annual net profits of $500,000.
Yet Noah wasn’t fulfilled. He pivoted. In 2015 he started a sister company, Sumo.com, which develops marketing tools for websites and online businesses.
In today’s episode, Noah and I discuss reflections on business, money and life.
For more information, visit the show notes at https://affordanything.com/episode228