Sequoia investor and PayPal veteran Roelof Botha expressed support for IPO alternatives and warned against mega-funds like SoftBank at the Under30Summit
). “It’s not a great feeling, honestly, to see the stock pop that much, because it means you left money on the table. The company could have raised more for its balance sheet,” Botha said. “But then the argument is that in the majority of these cases, it doesn’t really matter.”
But that doesn’t mean that Botha is against direct listings. “I do like that there’s innovation with the listening process. That part I commend, and I think it’s wonderful you see renewal,” he told the crowd. “The IPO process as we know it today is decades old. Perhaps it’s time for some scrutiny and some change.”$8 billion raised or planned to be raised for new funds last year, Sequoia could easily qualify as a mega-fund itself.
Botha told the story of PayPal realizing in June 2000 that it was burning $10 million per month with just seven months of “runway,” or time before it would run out of cash, left. The company had to begin charging for its service. “No one was going to invest in the company anymore. So at some point we realized we had to turn this into a business,” Botha said.
Alongside Botha at PayPal were a group of future ventures and entrepreneurs who now wield major influence, and run some of the biggest businesses, in tech, including Elon Musk , Reid Hoffman , Peter Thiel , Max Levchin , David Sacks , Keith Rabois and Jeremy Stoppelman .
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