Whatever became of the dot com millionaires?

[El_Zagna]

The What caused the downfall of the “Dot coms”? thread got me wondering about all those dot com millionaires. What’s become of them? Who lives in their houses? Who drives their BMWs now?

A related question is what happened to the venture capitalists that fronted the money to begin with?

[Urban_Ranger]

Some of those millionares are still around, like that guy who started Hotmail. Most of them were just paper millionares so they would have to resort to working.

These businesses were risky and the VC’s knew it. 90% of all new businesses fail in the first year.

[aahala]

Some of the paper millionares are living in cardboard, or perhaps asking “Will that be paper or plastic?”.

You can still spot a few driving around. Look for the cars with the pizza sign on the roof.

[mangeorge]

*Originally posted by aahala *
**Some of the paper millionares are living in cardboard, or perhaps asking “Will that be paper or plastic?”.

You can still spot a few driving around. Look for the cars with the pizza sign on the roof. **

Ya know, I’m not so sure that’s true. It’s an easy (and kinda attractive) assumption, but most of these guys had something on the ball. Maybe some more will chime in here.
Peace,
mangeorge

[jiHymas]

*Originally posted by aahala *
Some of the paper millionares are living in cardboard, or perhaps asking “Will that be paper or plastic?”.

And some are living in beautiful swank houses on big lots in the nicest area of Toronto! I know several of them - and I’m sure other cities have their fair share.

According to an article in this morning’s Globe and Mail, with the byline Associated Press, quoting an analysis by the San Jose Mercury News:

Tech executives made billions on stocks: report
The newspaper examined records of stock sales by executives, board members and venture capitalists at 40 companies that have become almost worthless since March, 2000. It found that the insiders walked away with $3.41-billion (U.S.) from the sales, while, by Sept. 30, their companies’ total market value fell 99.8 per cent to $229.5-million

The entire article is here

[Earthling]

Well, at least one 20-something post-dotcom CEO went to work taking orders at McDonald’s. But, I don’t think that’s because he was broke and had no other choices, as he is now the CEO of yet another startup.