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If you were a dictator, would you be benevolent or malevolent? Matalitia, called the dictator by her close circle of best friends, shows both sides of herself. This is the guy who calls himself the king of specialty acquisition companies and who has cost investors millions. It received poor results in the Securities and Exchange Commission investigation, which has caused the stock to fall by more than 40% this year.
The guy who doesn't give a damn about the situation in China. Let's be honest, nobody cares about wigours. You're talking about it because it matters to you, and I think that's good, but most of us don't care. That's a harsh truth. You're basically saying you don't care . I'm telling you a harsh truth: the idea.
Among my concerns, this is below my limit. But he's also the guy who warns us about the effects of social media. We are rewarded by these short-term signals of hearts, likes, thumbs up, and we mistake this for value and we mistake it for truth. And in reality, it's just a fake and fragile popularity.
And the guy who shamelessly denounces the entire landscape of Capital Risk in public. Venture Capital is essentially just a bunch of soulless cowards. We're going to take a look at one of my personal [musical] models, the meteoric rise, and call it the fall of the unique Pali Apitia chamate. Can we learn from this?
When I first heard about Chat's story a long time ago, I thought it was interesting. Either this guy has incredible luck, or, less likely, he's a near-divine genius. I try, sometimes it doesn't work, sometimes it works more or less. Overall, it worked well. I always believed that luck was an invention of betas to justify their failures.
So, I wanted to delve deeper into the subject. He is of Sri Lankan descent and moved to Canada at the age of 5. Chamad came from a modest and poor background. As a child, he worked at Burger King to generate income for his family. I would be ashamed to have worked at Burger King. He realized that this business model lacked scalability and would not allow him to launch a fund anytime soon.
He therefore chose the University of Waterloo to study electrical engineering. After graduating in 1999, Chamat Pali at Pitia briefly worked in derivatives trading . He summarized his experience eloquently, probably the most insipid and idiotic way to use my time. And the most important thing I realized is that bankers are smart enough to be greedy but not smart enough to be helpful.
He sent out a few applications and found his way to Winamp. That's when things started to take shape. That makes him look lucky. For those of you who aren't old enough to remember, about 3000 years ago, Winamp was essentially a multimedia player with a community used to listen to music. Winamp was acquired by AOL in June 1999 for $80 million in stock and became its subsidiary.
Today, you might consider AOL a fairly insignificant company with a lousy email interface. Don't be mistaken. At the time, AOL, also known as America Online, was the heavyweight among major technology companies. They were a giant before it was fashionable. What was already simple has become even easier, easier to install and use.
Everyone I know uses it. E-mail. And he was there. Shamat found himself at the heart of high technology, succeeding exceptionally well and becoming the company's youngest vice president . For non- US residents, a vice president has nothing to do with Trump or Obama. In reality, it is a senior manager in an organization who meets directly with the president and CEO.
So it 's a very high-ranking position. But in 2005, he left AOL with a number of important lessons learned. The lesson to be learned from this was two things. Firstly, most people in most companies are really bad, and this has been particularly evident at AOL. So, I learned all the things not to do and honestly that probably represented 90% of my learning.
Finally, 10% Servettes reinforced the gains made by Winamp. which really relates to the core value of the product and what it means to create a genuine connection with someone. AOL allowed him to add a prestigious corporate brand to his resume that he could use for his next career steps. We don't know if Pali Apitia made a lot of money by leaving AOL, but it doesn't matter because all the money he had made up to that point couldn't compare to what he was going to make next.
Before making his big leap, Shat joined the Mayfield Fund at the time, a company comparable in prestige to Seoya or André Sonorovitz. They still exist today, but nobody really cares about them outside of a small circle of old-timers. Their prestigious history today is a bit like the shy guy at the party who works at Renaissance Technology.
If only he knew that you work for the best-performing hedge fund, which achieved an average annual return of 71.8 % before fees from 1980 to 2014. Yes, but they don't know and you're still a virgin. But it's getting better. Chamat was still on a run of chances. His spider-like senses whispered to him that Mfield might not propel him to the top of the world.
So my main objective now is to be in a position to aggregate enough global capital and then reallocate it according to my vision of the world. He therefore decided to join a small, promising one-year-old startup, Facebook. Good grief at Facebook, Chamad focused on three aspects. his relationship with Mark Zuckerberg, whom he knew through an agreement with AOL, fostered user growth by leading an internal growth team and making his subordinates cry.
A Sigma gesture and what gesture? Under his leadership, Facebook's monthly users increased more than 105-fold from 55 million in 2005 to 845 million by the end of 2011. Funny enough, he later accused the social media platform of dividing society. The dopamine-fueled short-term feedback loops we have created are destroying the functioning of society.
He was also a pioneer in one of the most prestigious career positions in startups and tech. Most people view growth as something complicated aimed at provoking extraordinary behaviors. That's not it at all . It is simply a matter of a clear understanding of the value of the product and consumer behavior.
The genius is that Chamat and his team managed to condense the secret to Facebook's success and the reason why people love to use and return to Facebook into a single formula. After all the testing and iteration, you know what? What is the most important thing we have learned? Make sure everyone has this friend within 10 days.
And what was the reward? After Facebook's IPO in 2012, Paliia Patia's stake in the company was estimated to be worth, get this, one billion US dollars. He really hit the jackpot. I want that damn money. It turns out that chamat chose the right jobs at exactly the right time. twice and was able to take advantage of his professional career.
Statistically, this is what will most likely make you a multimillionaire, and I might make a video about it later. Joining a future unicorn, Maisat wasn't finished yet. He had even bigger fish to catch. I want to be that mega compounder, a fearless adventurer trying to do really awesome things in the world.
In 2011, he left Facebook and launched his own Social Capital fund with his then-wife. But that's when the meteorite changed trajectory and things started to get difficult. If you have a net worth of one billion, what do you do? Do you want to invest and grow it? But investing all your own money is risky.
So you raise a fund, you put some of your own money into it to prove that you have something to lose, and you raise a huge amount of money. The remainder comes from an external investor. In 2011, Chamat did this with Social Capital. Thanks to the fund, he invested in several companies including Yamer, founded by his best friend David Sax, an absolutely solid software-as-a-service investor, as well as Slack and Box.
In 2015, the fund had over 11 billion in total assets, the majority of which came from an external investor called Limited Partners. The background was supposed to do certain things differently. What I would like us to evolve towards is something more like, you know, Berkshire Atawe and the Peace Corps.
Essentially everything collapsed. Most of the partners, the fund's most important managers, left the company. Why? It is not entirely clear, but apparently Shamaat wanted to run Social Capital exactly as he wished, which was different from the initial mission to which most of his associates had subscribed.
You know, I think Cha is kind of the master of his own domain. Yes. So he thought to himself, "This is what I want to do." Yes. And so he wanted to do something else. Yes. And that's it. We all respect him for that. It's true. So you're not on bad terms, you talk to each other, you're friendly. It's not a disaster.
I mean, it's not perfect. It's not perfect, is it ? Also, he had just gotten divorced and apparently, he was spending a little too much quality time with his new love in Italy. He didn't return calls and cancelled many meetings with investors at the last minute. How hard do you work? How much do you work?
I mean, it's really brutal. We are going through a really intense period right now. Today, he runs Social Capital as an independent technology portfolio funded by his own funds as a family office. He adopts a long-term vision and wants Social Capital to resemble Berkshire. Hatta owns companies and holds multi-billion dollar stakes in Apple and Coca-Cola.
This also means that Social Capital has not experienced any major changes or movements recently. With the exception of these acquisition companies with a specific purpose. Special purpose acquisition companies are empty and verified. Companies that raise a lot of cash in a year go public and then merge with the companies they buy.
This series of steps allows a private company to go public without the tedious due diligence work of a traditional IPO. Less due diligence. What could go wrong? Chaat has participated in 14 Spacks in recent years, earning him the nickname King of Spacks. There are two small details you should know about these spacks.
Firstly, their performances were quite poor. For example, let's examine four of these recent transactions. Chat Palia Pitia, a blockbuster-specific acquisition company, has seen mergers down 32% this year as investors abandon growth stocks, making it a major underperformer. A Securities and Exchange Commission investigation is weighing on the NASDAQ, which has fallen by more than 40% this year.
And yes, you heard right, one of these companies was under investigation by the Securities and Exchange Commission. At the beginning of February, GameStop was still in operation. A high- profile company in Chamat is under investigation by the Securities and Exchange Commission and the Department of Justice for alleged commercial fraud.
This has led many individual investors to lose confidence and money. Pia Pitieria earned US$408 million promoting two special purpose acquisition (SPA) company deals last year according to SPA research data . Here is a very awkward exchange about how much money he made on one of his most controversial special purpose acquisition companies, Clover Health.
Only 5 or 6% of the company. Yes. In my opinion, that's fantastic. Go ahead, go ahead. No, I just think I can't. There is no subscription voucher. There are no subscription bands or other preferred shares that would allow you to obtain a higher percentage of the company. All of this is still on a completely diluted basis.
Therefore, a study by Howard highlights all the problems associated with special purpose acquisition companies, most of which are supported by individual investors. While so-called sponsors like Chatiennent receive a significant portion of the business for free. Today, is proud of several things, notably his modest childhood which he often evokes.
My father was often unemployed. My mother, initially a cleaning lady, later became a caregiver and supported the family on her own. His opinion that the markets are about to collapse and I liquidated a bunch of positions. All my contributions, you know, my third-party contributions, I've practically sold them all, except one.
In general, he doesn't care at all about the opinions of others. Nobody cares what's happening around them . All right. Look, human rights issues are extremely important and these comments about the igur in China are clearly out of line. That's it. But it's easy to say what a horrible person. He doesn't care about the igours.
Individuals have lost money on these specialized acquisition companies. But we must ask ourselves, in his place would we really act differently? If you are watching this video now, log off and make a negative statement about China on Twitter. Nothing is happening. For guys like Jamat, multi-million dollar economic interests can be tied to statements like this.
This doesn't make things better, but it's just something to keep in mind. Let's not forget that the media quickly inflate anger to 99 and love scandals. This means that we need to critically evaluate the information we consume. Essentially, things are never simply black and white. There are advantages and disadvantages to each person.
Keep in mind that to exceed one billion in net worth, in assets, and to maintain that level, requires much more than just a stroke of luck. And that brings us to the final question. We are all incredibly motivated people on this channel. Although we respect Chamat's achievements in his early years, last year seemed to mark a stagnation for outside observers.
Will he choose family life wearing cashmere sweaters and enjoying the fresh air and wine with his partner Nathalie in Italy, or will he once again launch another aggressive push to radically increase his net worth? to aggregate enough global capital in order to reallocate it according to my vision of the world.
People say I'm not a billionaire. Jamat is richer, more powerful, more famous and invested in start-ups. But there is one area where I put that guy down: the color of my pants.
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