Scott Kupor
@skupor
Followers
49,853
Following
365
Media
36
Statuses
9,698
Managing Partner at Andreessen Horowitz; Author of Secrets of Sand Hill Road; father of three amazing/crazy/beautiful girls
Menlo Park, CA
Joined June 2010
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
ドカ食い
• 92193 Tweets
サーティワン
• 55621 Tweets
FILM WITH BELLOTTA
• 54198 Tweets
自動車税
• 46649 Tweets
アイスの日
• 42186 Tweets
Aqua
• 29736 Tweets
作者の性別
• 26337 Tweets
#MAESTRO2ndWin
• 20115 Tweets
Rodri
• 18352 Tweets
#SEVENTEEN65thWin
• 17440 Tweets
クソマロ
• 16252 Tweets
#세븐틴_엠카운트다운_1위_축하해
• 16209 Tweets
マシュマロ
• 13905 Tweets
Foden
• 12842 Tweets
Mainoo
• 11232 Tweets
Saliba
• 10422 Tweets
ブレマイ
• 10127 Tweets
Last Seen Profiles
@andrewrsorkin
Alternate view: the "public" (meaning, non-institutional investors) has long believed that the stock market is "manipulated and not trusted" and they now have the tools and access to be able to level the playing field in competing with institutional investors.
27
52
1K
Very excited to announce that my book, Secrets of Sand Hill Road, comes out next month. I've tried to de-mystify the VC business with the hope that it encourages more people to participate in the entrepreneurial ecosystem.
58
154
1K
This "death of the middle" trend is true of nearly every maturing industry - retail, banking, prof srvcs firms, private equity, etc.
44
270
1K
45 is the new 21, at least with respect to successful startups
27
413
1K
Great thread - VC is indeed tiny (about 0.5% of US GDP), but VC-backed companies punch well above this weight: about 1/3 of total employment; nearly 2/3 of US market capitalization and about 85% of total R&D spend.
14
283
1K
I never made Midas List or 40 under 40 (when I was in fact eligible for that age bracket), but apparently have finally made it to the "Tech Investor Boycott List for Palestine" - I am honored to be in such good company; cc
@rabois
,
@mattocko
,
@JTLonsdale
,
@mikeeisenberg
,
@joshk
,…
94
64
1K
Am I the only person who is just hearing about the existence of Spark on the day of it's shutdown?
Amazon shuts down Spark, its Instagram rival launched in 2017; URL directs to
#FoundItOnAmazon
, its product discovery site similar to its Interesting Finds tool (
@sarahintampa
/ TechCrunch)
2
17
25
23
124
922
This is a great read about the (40+ year) "overnight" success of an investment management startup. We are easily fooled by the post-hoc narrative fallacy, but businesses don't just go up and to the right from day one.
13
194
839
Really disappointing to see the US falling to embrace the immigrant talent that has contributed immensely to our economic growth
BREAKING: 🇨🇦 Canada creates a path to permanent residency for all H-1B visa holders in the United States.
Canada is eating our lunch. This is bad news for America. We need to expand high-skilled immigration or our economy will suffer.
112
453
2K
34
128
762
Everything you need to know – or at least I what I thought was interesting – in <100 tweets about the Apple/Epic lawsuit verdict today.
15
141
713
"Venture capitalists’ secret has been to look through the doubts and “imagine . . . what can happen if everything goes right.”
24
112
667
Interesting example of misleading stats. Story says that bad diet kills more people than smoking (which is true), but doesn't tell readers until the end why this is obvious - everyone eats, but many fewer people smoke.
16
110
605
Bezos: "To invent you have to experiment, and if you know in advance it's going to work, it's not an experiment."
4
336
543
In case helpful for a broader audience, a number of VCs were on a call tonight with the new SVB CEO. Here are a few data points they shared with the group:
23
104
517
If you've ever wondered how to pick a VC, structure a deal or work with a VC post-investment,
@withfries2
and I lay it all out here in a 3-video series. It's snackable content perfect for a quiet Father's Day weekend!
9
102
512
An oldie but a goodie - Paul Krugman in 1998: "By 2005 or so it will be clear that the Internet's impact on the economy has been no greater than the fax machine's."
21
83
487
This will make a great case study for all of the
@Wharton
MBAs on how not to do crisis comms - follow-up a disastrous day of Congressional testimony by reading from a teleprompter and displaying a complete lack of empathy and authenticity.
39
25
484
If you are interested in reading more on this topic and on how venture capital works from top to bottom, check out my soon-to-be-released book: Secrets of Sand Hill Road
20
79
479
75-year study to end all happiness studies - biggest predictor of happiness is quality of close relationships
7
103
450
More evidence for software eating the world: Buffett deciding to invest in tech stocks (“We screwed up.”)
12
98
437
The silence from the business and journalist communities re the govt's ability to literally shut down a company overnight is deafening. Tik Tok will be the first salvo in a prolonged attack on commerce and not just in the US - every country will cite it to justify future actions.
41
99
456
This is very cool
14
81
408
Proud to see my Dad getting his Moderna vaccine as a front-line physician in Houston.
7
5
393
Wasn't that entirely predictable? The only companies who can afford the regulatory cost burden are the largest, most profitable. Same think with Dodd Frank - it was the best thing the large banks could have asked for in terms of reducing competition from smaller financial firms.
“Since the GDPR’s implementation in May, the rank and market share of small- and medium-sized ad tech companies has declined by 18 to 32 percent in the EU, while these measures have increased for Google, Facebook, and Amazon”
17
230
442
11
115
356
When billionaires who made all of their money off on the unregulated internet (and SPACs) somehow decide they are now pro-regulation ("for the good of society") when it comes to AI ...
19
39
354
“The worst thing you can do is give up, because there’s probably a move. You just have to find it. I’m definitely from the Jay-Z school. Forward is the only direction. Can’t be afraid to fail in search of perfection."
12
58
353
Winning investment strategy? When a prominent venture firm (particularly one named after a tree) publicly pronounces that the world is coming to an end, go long :)
12
19
343
Silicon Valley has been doing SPACs forever. We just call them SPVs. A SPAC is just a special "SPV" that trades publicly and acquires an existing business (vs just investing in one).
24
46
318
If you are just now claiming to learn that many of America's institutions of higher learning support anti-Semitic student groups (and, at a minimum, would never condemn their views), you've either been living under a rock or have never stepped foot on a college campus in years.
15
34
309
Well said from
@fredwilson
- tech companies enjoy premium valuations b/c they have long-term competitive moats, high unit margins and Ieverage at scale, driving high cash flow at maturity. Absent those characteristics, tech multiples are less applicable.
7
53
298
This is a really good read - 0 alpha generation from CEOs with MBAs, 0 difference between elite and non-elite programs, 0 persistence in returns for repeat CEOs
9
91
290
Next time a hedge fund manager tells you they are long term investors . . .
18
28
288
Once you internalize that the CA budget is tethered to NASDAQ performance, you can start to understand why the general anti-tech sentiment of the CA government will eventually bankrupt the state.
7
36
259
The number 1 goal for any startup - stay alive to fight another day!
1
29
289
Lots of reasons why it's so hard for incumbents to innovate, but this highlights a big one: it often requires turning over your shareholder base from dividend/earnings focus to growth/investment focus.
14
29
276
This is such a great read for anyone interested in the early days of VC, Silicon Valley, etc. Here's a few gems to wet your appetite:
Don Valentine describes his meeting with Solomon Brothers while raising the $5M Sequoia I fund. It didn't go well. -- Just one fav excerpt from this 75-page interview with him.
22
54
596
9
37
267
This is unbelievable - Hertz is going to sell new equity to the public in the middle of a bankruptcy process, even though that equity sits junior to the DIP and on par with all other existing equity holders. via
@WSJ
37
59
264
Tech narrative for last ten years: Companies are staying private too long + private valuations are too high --> We must be in a bubble
Tech narrative today: Wow, so many tech companies are going public --> We must be in a bubble
5
50
261
Thanks to all of the entrepreneurs we've had the pleasure to work with over the past 10 years; looking forward to the next 10! via
@a16z
9
32
257
Interesting story debunking the myth of the young founder. The study is behind a paywall, but it apparently uses "fastest growth in employment and sales" as the success metric. Seems as though absolute revenue scale or market cap would be better metrics?
15
49
253
UPenn President: “The engagement of Jewish faculty, students, staff and alumni has been an important part of the success of Penn as a leading University. To see their sense of belonging shaken by hurt and fear – that is intolerable to me. It is also galvanizing.”
Translation:…
11
14
243
From
@matt_levine
: "Venture capitalists are not happy when mutual funds get underpriced stock: It dilutes existing shareholders and 'leaves money on the table.' [VC's] are of course perfectly happy when venture capitalists get underpriced stock; that’s the business they are in."
10
21
242
A simpler form of this graph: Red = tech largely absent from these industries; Blue = tech largely present in these industries.
Housing has gone up in cost, but, interestingly, not as much as wages.
The real things that have exploded in price are health care and education.
57
198
437
23
66
237
Nice, peaceful commemoration at Stanford for the hostages - an empty Shabbat table in honor of the victims
11
9
241
According to the House, big tech has reduced entrepreneurship and VC activity. The data show otherwise: from '06-'19, total # of VC deals/$ up 4x to 12,211 deals/$135.8b, early-stage deals/$ up 3x to 4,157 deals/$46.3b, angel/seed deals/$ up 10x to 5,107 deals/$10b; cc
@PitchBook
House lawmakers ... said Amazon, Apple, Facebook and Google had exercised and abused their monopoly power and called for the most sweeping set of changes to antitrust laws in half a century.
16
144
317
18
69
231
As expected.
6
47
231
The "founder's mentality" - new data from Bain showing 3x outperformance by founder-led public companies
1
143
227
Probably not too much of an over-statement to say that we all owe a debt of gratitude to the often-maligned gamers for (almost) singlehandedly subsidizing
@nvidia
to get us to the current AI revolution?
12
37
230
Immigrants co-founded 40% of SV businesses from 06-12; of those, 1/3 had Indian founders; 5% had Chinese founders
http://t.co/R3ghFiBHIU
14
312
226
Harvard Law Prof Lawrence Lessig: "Defending a criminal defendant is not to defend a crime. That understanding is fundamental to a just criminal justice system.”
7
55
219
Good to see more states realizing that Noncompete Agreements are bad for employees and bad for economic growth generally. One of the big reasons why CA tech industry successfully outgrew MA.
6
70
225
When software starts to eat cultural norms, it's safe to say that software truly is eating the world
7
57
221
Vaccine quote of the day - Sen. Kennedy (R-LA), reported by
@politico
: “I hear a lot of ‘I’m not gonna take it, because I don’t know what’s in it.’ And you know what I tell them? Do you eat hot dogs? You don’t know what’s in hot dogs, but you eat them. Take the vaccine.”
13
35
213
According to Warren, any company with $40b+ in revenue is prohibited from making acquisitions and any 2 companies each with $15b in revenue cannot merge; oh, and her bill would make this retrospective too.
58
33
212
I didn't realize FINRA had granted the US government a broker-dealer license such that it can take a success fee in M&A transactions!
President Trump said he is open to Microsoft or another U.S. company buying TikTok, but wants the government to receive a portion of the sale price
430
203
589
8
24
212
Asking for a "friend," does anyone know if on a Zoom call whether the host can tell if you've navigated to another window - i.e., multi-tasking? I've heard of teachers threatening students with this capability.
37
21
210
A huge thank you to everyone who has supported the launch of Secrets of Sand Hill Road - because of you, we made the
@WSJ
Best Seller's List! If you haven't had a chance to read yet, don't worry as you still have time :)
15
29
205
I love
@danprimack
(other than his poor choice of sports franchises to support) and think he's got some important points here, but wanted to add some commentary:
9
19
205
Very interesting story on how Microsoft recognized (and ultimately removed) limitations in its interview process for autistic applicants
2
49
197
Great piece from Elad today on market size! I wanted to underscore one point he references on SaaS and the implications for market size.
2
46
190
Lockdown for thee, but not for me
5
17
183
@Jason
@jaredkushner
@lexfridman
I don't know why you question
@jaredkushner
's credibility on its face vs allowing his actions on the Middle East to speak for themselves. You can both not be a fan of Trump's and acknowledge the success
@jaredkushner
had in furthering the prospects for peace in the region.
15
2
183
Great line from
@fredwilson
- "boards must respect the line between governance and management and never cross it."
2
26
180
Alternative headline: George Soros' fund is offloading Palantir shares b/c it made a ton of money and was able to keep its "disapproval" of Palantir secret until it had to publicly disclose its ownership in an SEC filing.
9
18
178
Nice to see
@pagerduty
CEO Jen Tejada being recognized for her leadership. I believe she is the first female CEO to take an enterprise company public since Diane Greene? Full Disclosure:
@a16z
is an investor in the company. via
@FT
4
18
177
The current SEC has been highly focused on the decline in the number of IPOs (particularly, small cap IPOs) and the 50% decline in the number of publicly listed stocks. I had the chance to share some of the background and potential solutions to address:
11
37
174
The future is here (or at least a roadmap for what the future may entail!). For anyone interested in making heads or tails about technology, innovation, the startup ecosystem, check out
3
29
171
If software is going to eat the world, we need to encourage more and global entrepreneurship by leveling the information playing field.
4
36
172
Fascinating research on the '19-20 SPAC class: 73% of IPO investors redeem their shares before the de-SPAC (merger) and 98% of the non-redeemers sell post-merger.
3
20
169
In defense of resistance training: "In other words, the larger your muscles, the greater your body’s capacity for glucose uptake...Increased muscle mass 'drives down the blood sugar circulating through your body'.”
3
29
168
If you cut through all of the diet, nutrition and health data, it seems we really know one thing only: calories are all that matters!
25
28
167
What if a silver lining of COVID is that geographic constraints around entrepreneurship, job creation and economic development are relaxed or eliminated altogether?
8
23
166
US Tech worth more than entire European stock market (vs 1/4 in 2007)
Tech is eating the world: Relentless rally in US tech shares has reached fresh milestone – they’re now more valuable than the entire European stock market for 1st time on record. That’s a major shift from back in 2007 when Europe was four times the size of US tech, BBG reports.
34
350
675
9
42
161
The apartment vacancy rate in San Francisco rose to 6.2% in May, up from 3.9% only three months ago + rents down 9%. via
@WSJ
8
49
162
Somehow the government is fine sponsoring lotteries that entrap poor people into spending their hard-earned money, bit is worried about expanding access to retail public market investing.
9
10
159
“If you talk to anyone who works in the creator economy, they all say, ‘Oh, you have to talk to Li Jin.’”
4
11
159
This narrative that Silicon Valley "culture" is on trial along with Theranos is silly. (Alleged) fraud is not the same as willful suspension of disbelief when you have full access to the data and teams required to perform diligence.
8
12
160
The financial world lost a true pioneer and leader last night. Of course David left his mark as a renowned asset manager, but more significantly he was a teacher, mentor and partner to nearly everyone he encountered. via
@WSJ
2
23
153
Family office allocations to global VC has grown from 14 to 22% (since 2008), topping real property investment - via
@FT
0
41
151
I've been blessed with so many things - a loving family, an exciting job, great friends, good health, etc. Yet, somehow, I have always felt as though something was missing in my life ... but now, suddenly, my world is truly complete!!!!
29
2
155
4
22
149
Beware when investors rejoice at "faux founders going away" and take credit for doing "the clean-up work in Silicon Valley."
Rather, we should all thank our lucky stars for having the privilege of funding brave, amazing entrepreneurs who wake up every day trying to do the…
“What we’re seeing right now is the collapse of a lot of the young venture capital firms,” says
@Jason
. "With venture tourism going away... we're starting to see finally... the burn-off of the excess. The excess calories. The fat in the system and it was pronounced."
10
8
95
12
11
151