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The Chairman's Ledger
@ChairmansLedger
Ex-IB. Ex-startup founder, $100M+ exit. Former Special Operator. Defense tech, AI infra, Space, BTC, public market asymmetry.
加入 May 2026
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My bio says $100m+ exit. Worth explaining what that number actually means. I co-founded my tech start-up. Raised from angels and VCs, and sold after 3.5 yrs for $100m+. I did very well. I did not pocket $100m. Exit value is the transaction. It isn't the founder's wire. Every round, you sell ownership for a higher probability the thing succeeds. Angels who'd built and sold things themselves, options for employees who could have worked anywhere and VCs to buy speed before the business could fund that speed itself. And you never know what any of it costs at the time. If the co fails, you sold worthless paper for real money and it was a fantastic trade. If the co works, those early shares were the most expensive capital you ever raised. You find out which one at the end. Better to own a smaller piece of something huge than a lot of something dead. W/out the investors and the employees there's no exit to put in a bio. The headline is $100m+. The number that mattered was what my piece was worth after all of it. It changed my life. I could retire. I'm prob not going to.
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