vandaX retweeted
In 1998, a woman stopped Shaquille O’Neal outside an arena and told him his sneakers cost too much for kids. He took $2,000 out of his pocket and handed it to her. She slapped it out of his hand. That same day he walked away from a $40 million deal and went off to make a $20 shoe.
He tells it himself in the video below.
He was leaving the building. She started on him before he reached the car.
“You’re charging these babies all this money for the shoes.”
He had about $2,000 on him. He pulled it out.
“Ma’am, I don’t make the prices. Here you go.”
She slapped the money out of his hand and kept going. Why wouldn’t you make a shoe that’s affordable.
On the table at that moment was a Reebok deal. Forty million over five years.
“I thought about it. I was like, you know what, she’s right.”
“So that day, cut ties with Reebok, starting my own brand.”
He did not negotiate a payout.
“I told them: keep the money. I don’t want to make it a fight. I’ll still wear the shoes during the season.”
Then he went to Walmart. The new shoes were priced at $29 and $19.
He also took Reebok’s designers with him.
“It’s not that kids don’t want to wear 20 dollar shoes. They don’t want to wear shoes that look like they cost 20.”
“I don’t care how much money I lose. Make these kids look good.”
He says the line has now sold more than 400 million pairs.
Twenty-three years after he walked out, the company he is part of bought Reebok.
He gave up $40 million rather than keep selling a shoe a mother could not afford.
Would you have taken the forty?
vandaX retweeted
Elon Musk's father sold an emerald to Tiffany's for $800. A few days later it was in the window for $21,500.
The internet says Elon grew up rich off that emerald money. His father tells a very different story.
Errol Musk says it started when he flew his plane to Zambia to sell it. The buyers paid full price, then offered him a deal: give back half and they would supply him with emeralds.
No contracts. Just a handshake.
He hired a cutter in Johannesburg and sold the stones to high-end jewelers. That's how the stones ended up at Tiffany's in New York.
But Errol says it was never a fortune. The emeralds "just sustained us through difficult times." Like owning a diamond claim, where you might find one stone a year.
Elon says there is no evidence the mine ever existed. He once offered 1 million Dogecoin to anyone who could prove it.
The father and son still can't agree on where the money came from.
Who do you believe?
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Steve Jobs’s daughter grew up on $385 a month while he said she wasn’t his. On his deathbed he kept telling her: I owe you one.
Lisa was born in 1978 on a farm commune in Oregon. Her mother was Chrisann Brennan, Steve’s girlfriend.
Steve said the baby wasn’t his.
A DNA test put the probability that he was the father at 94.1%. A court ordered him to pay $385 a month and pay back the welfare her mother had been living on.
Days later Apple went public. He was suddenly worth more than $200 million.
In 1983 he still told Time magazine that 28% of the male population of the United States could be the father.
That same year Apple released a computer called the Lisa. When she asked him if it was named after her, he said: nope, sorry, kid. Years later he told Bono it was.
At 14 she moved in with him. He had one condition: she could not see her mother for six months.
She asked once if she could have his Porsche when he was done with it. You’re not getting anything, he told her. Nothing.
And yet, she says, there was love. She remembers a freezing night when he sat through her boyfriend’s school play without a sweater, because he knew how much it meant to her.
At the very end, dying of cancer, he kept apologizing for the time they had missed. I owe you one, he kept saying. I’m so sorry.
Did she forgive him? Not at the time. Now, in many ways, yes.
We did like each other, she said. I wish there had been more time.
He built one of the most valuable companies in the world. The one thing he couldn’t buy back was the years he spent saying she wasn’t his.
Can success ever make up for the people you failed on the way?
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Steve Jobs’s daughter grew up on $385 a month while he said she wasn’t his. On his deathbed he kept telling her: I owe you one.
Lisa was born in 1978 on a farm commune in Oregon. Her mother was Chrisann Brennan, Steve’s girlfriend.
Steve said the baby wasn’t his.
A DNA test put the probability that he was the father at 94.1%. A court ordered him to pay $385 a month and pay back the welfare her mother had been living on.
Days later Apple went public. He was suddenly worth more than $200 million.
In 1983 he still told Time magazine that 28% of the male population of the United States could be the father.
That same year Apple released a computer called the Lisa. When she asked him if it was named after her, he said: nope, sorry, kid. Years later he told Bono it was.
At 14 she moved in with him. He had one condition: she could not see her mother for six months.
She asked once if she could have his Porsche when he was done with it. You’re not getting anything, he told her. Nothing.
And yet, she says, there was love. She remembers a freezing night when he sat through her boyfriend’s school play without a sweater, because he knew how much it meant to her.
At the very end, dying of cancer, he kept apologizing for the time they had missed. I owe you one, he kept saying. I’m so sorry.
Did she forgive him? Not at the time. Now, in many ways, yes.
We did like each other, she said. I wish there had been more time.
He built one of the most valuable companies in the world. The one thing he couldn’t buy back was the years he spent saying she wasn’t his.
Can success ever make up for the people you failed on the way?
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Jeff Bezos started Amazon in a garage. He says 1 sentence from Warren Buffett explains how to get ahead of almost every competitor.
Bezos told the story on stage in Miami.
Buffett's approach isn't a secret. It's not hard to understand. He's one of the richest men in history, and anyone could follow the same playbook.
So Bezos asked him why more people don't copy it.
Buffett's answer:
"Oh, Jeff, that's easy. My approach is a get-rich-slowly scheme. And people don't like those."
Bezos says that's true for everything, not just investing. If you can think in 7 years instead of 3 and delay gratification, you get a head start on your competitors. Because most people can't do that.
That's how he built Amazon. And it's how he runs Blue Origin.
Would you take a guaranteed get-rich-slow plan?
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Elon Musk went from $180 million to broke in 2008. Then NASA called with a $1.5 billion contract.
After PayPal, Elon’s share was $180 million. He bet all of it on two companies everyone said would fail: Tesla and SpaceX.
By 2008 he was 37, and everything was going wrong at once.
SpaceX had launched three rockets. All three failed to reach orbit.
Tesla’s first car, the original Roadster, had quality problems. The factory was full of cars that couldn’t be delivered. Every month cost tens of millions.
The economy collapsed into the worst recession since the Great Depression.
And, as he put it, he was getting divorced, by the way, to add to that. That was definitely the worst year of my life.
His fortune was gone. When Tesla called investors for money, some cursed at them and hung up. Asked if he was broke, he said: more than broke.
On the Sunday before Christmas he woke up and thought he was closer to a nervous breakdown than he had ever been.
SpaceX had money for one more launch. A fourth failure would have been game over.
Flight four worked.
The week of Christmas, NASA called with a $1.5 billion contract. Elon blurted out: I love you guys.
Two days later, on Christmas Eve, Tesla’s investors agreed to put in more money.
Both companies were saved within three days.
In the middle of all this he met Talulah Riley. They were engaged after about two weeks. She was 22 and walked into a house with his five young sons.
This week Tesla unveiled a new Roadster. The car that almost ended him in 2008 now flips in midair.
Would you have bet everything twice?
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Elon Musk went from $180 million to broke in 2008. Then NASA called with a $1.5 billion contract.
After PayPal, Elon’s share was $180 million. He bet all of it on two companies everyone said would fail: Tesla and SpaceX.
By 2008 he was 37, and everything was going wrong at once.
SpaceX had launched three rockets. All three failed to reach orbit.
Tesla’s first car, the original Roadster, had quality problems. The factory was full of cars that couldn’t be delivered. Every month cost tens of millions.
The economy collapsed into the worst recession since the Great Depression.
And, as he put it, he was getting divorced, by the way, to add to that. That was definitely the worst year of my life.
His fortune was gone. When Tesla called investors for money, some cursed at them and hung up. Asked if he was broke, he said: more than broke.
On the Sunday before Christmas he woke up and thought he was closer to a nervous breakdown than he had ever been.
SpaceX had money for one more launch. A fourth failure would have been game over.
Flight four worked.
The week of Christmas, NASA called with a $1.5 billion contract. Elon blurted out: I love you guys.
Two days later, on Christmas Eve, Tesla’s investors agreed to put in more money.
Both companies were saved within three days.
In the middle of all this he met Talulah Riley. They were engaged after about two weeks. She was 22 and walked into a house with his five young sons.
This week Tesla unveiled a new Roadster. The car that almost ended him in 2008 now flips in midair.
Would you have bet everything twice?
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Elizabeth Holmes told Charlie Rose her finger-prick test gives the same results as a lab. A year later, Forbes cut her $4.5B to $0.
She started Theranos at 19.
By 2014, investors valued it at $9B.
Her board: Henry Kissinger, George Shultz, James Mattis.
"Same results as a vial of blood from your veins?"
"We do."
In October 2015, the Wall Street Journal looked inside.
Her machine ran only about 15 of 240+ tests. The rest ran on ordinary machines from companies like Siemens.
In 2016, Theranos voided 2 years of its device's results.
Forbes cut her to $0.
Rose had asked if being worth $10B mattered to her.
"Yeah, it's not what matters."
In 2022, a jury found her guilty of fraud.
11 years and 3 months in prison.
In 2023, a judge ordered $452M paid to victims.
Big labs only wanted to know how the test worked.
"We don't think that we need to explain ourselves to competitive companies."
Colonel Sanders sold Kentucky Fried Chicken in 1964 for $2 million. Seven years later he opened the paper and saw the same company had been sold again, for $240 million. A TV reporter asked him if he felt left out.
His answer is in the video below, recorded that year. Listen to what he says nobody should write to him for.
He started franchising his recipe in his sixties. By 1964 there were more than 600 restaurants. He was 73. He took $2 million in cash and a $40,000 salary to stay the face of the brand.
Worked out.
$2 million to $240 million in seven years is 120 times.
That's the value roughly doubling every year, seven years in a row.
His salary over the same seven years: $280,000.
He kept the white suit and lost the say. He called the new gravy "wallpaper paste" in the press and was sued for libel over it. The suit failed.
When he and his wife opened a restaurant called "The Colonel's Lady Dinner House", the new owners sued over his image. He countersued for $122 million. It settled for $1 million.
The man on every bucket had sold the right to decide what went in it.
At 73, would you have taken the $2 million, or kept a share of the next seven doublings?
Peter Thiel wanted flying cars and got 140 characters. Elon Musk paid $44 billion for the characters. Then he built the car.
We wanted flying cars, instead we got 140 characters. It was the tagline of Thiel’s venture fund, Founders Fund, and it became one of the most quoted lines in Silicon Valley.
A jab at the whole industry. Huge breakthroughs were promised. What arrived was Twitter.
Thiel and Musk go back a long way. They built PayPal together. In 2000 the board removed Musk as CEO while he was on his honeymoon, and Thiel took over.
Musk didn’t fight. He later said the better course was to turn the other cheek. Thiel’s fund went on to invest in SpaceX.
In 2018 Thiel sat down for a long interview and said his number one rule was never to compete with Elon. Then the host brought up flying cars. Elon is against them.
Thiel agreed. Elon’s objection was that they were too noisy.
In 2022 Musk bought Twitter for $44 billion. The 140 characters were now his.
This week, at the unveiling of the new Tesla Roadster, he brought up Thiel’s line. Then a Roadster drove up a ramp, left it upside down, flipped in midair on blasts of compressed air and landed on its wheels.
Flying cars are real, Musk said.
Thiel’s complaint got answered by the one man he said never to bet against.
Do you think we’ll see flying cars on real roads in our lifetime?
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Peter Thiel wanted flying cars and got 140 characters. Elon Musk paid $44 billion for the characters. Then he built the car.
We wanted flying cars, instead we got 140 characters. It was the tagline of Thiel’s venture fund, Founders Fund, and it became one of the most quoted lines in Silicon Valley.
A jab at the whole industry. Huge breakthroughs were promised. What arrived was Twitter.
Thiel and Musk go back a long way. They built PayPal together. In 2000 the board removed Musk as CEO while he was on his honeymoon, and Thiel took over.
Musk didn’t fight. He later said the better course was to turn the other cheek. Thiel’s fund went on to invest in SpaceX.
In 2018 Thiel sat down for a long interview and said his number one rule was never to compete with Elon. Then the host brought up flying cars. Elon is against them.
Thiel agreed. Elon’s objection was that they were too noisy.
In 2022 Musk bought Twitter for $44 billion. The 140 characters were now his.
This week, at the unveiling of the new Tesla Roadster, he brought up Thiel’s line. Then a Roadster drove up a ramp, left it upside down, flipped in midair on blasts of compressed air and landed on its wheels.
Flying cars are real, Musk said.
Thiel’s complaint got answered by the one man he said never to bet against.
Do you think we’ll see flying cars on real roads in our lifetime?
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Steve Jobs paid $1 million a year to bring John Sculley to Apple. He became Jobs' closest friend. Two years later he cost Jobs his company.
Sculley was the 44-year-old president of Pepsi and one of the best marketers in America. Jobs was 28.
Sculley said no at first. Then Jobs asked if he wanted to sell sugared water for the rest of his life or come change the world.
He took the job, plus a $1 million signing bonus.
Sculley says they were together seven days a week. Jobs didn't believe in friends, but he made an exception.
Then the Macintosh started failing. Jobs blamed Sculley for pricing it too high.
Both men went to the board. The board sided with Sculley. Jobs was stripped of his role running the Mac team, and a few months later he left the company he started in a garage.
He was 30.
Jobs came back 12 years later and turned Apple into the most valuable company in the world.
Decades later Sculley still says: "Steve was crushed and he never got over that."
Would you have chosen the company or the friendship?
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Jensen Huang went to Tokyo to thank the man who gave him $5 million 30 years ago. Without that money, Nvidia would not exist.
In the mid-90s Sega was paying Nvidia to build the graphics chip for its next console.
But Nvidia had bet on the wrong technology. The industry was going the other way, and the chip was never going to work.
Jensen could keep building it and fail. Or quit and run out of money.
He went to Sega's president, Shoichiro Irimajiri, and told him the truth. Nvidia's approach was wrong. Sega should find another partner.
Then he asked Sega to pay anyway. Without that money, Nvidia was finished.
Irimajiri said yes. Sega put in $5 million.
Jensen later said it gave Nvidia six months to live. They used it to build a new chip, the RIVA 128. It sold over a million units and saved the company.
Nvidia is now worth over $4 trillion.
This summer Jensen stood in front of Irimajiri at a Sega arcade in Tokyo and thanked him.
Would you have told your customer the truth?
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Elon Musk lost PayPal on his honeymoon. 2 years later, eBay paid $1.5 billion for it and he was still one of the biggest shareholders.
In January 2000 Elon married Justine. There was no time for a honeymoon. PayPal was growing fast, burning money fast, and needed to raise more.
So in September he combined the two. A fundraising trip that would end with a honeymoon in Australia. Two weeks away.
While he was gone, his own team went to the board. They had decided he was not the right person to run the company. Peter Thiel would take over.
Elon flew back. The vote was already done.
He later admitted to his biographer he was pretty angry at first. Justine said it was shocking, but she thought he handled it pretty well.
In this interview from 2008 he explains the choice he made. He could have fought hard. Instead, at a critical moment for the company, he conceded.
I didn’t agree with their conclusion, he said. But the better course of action is to turn the other cheek and make the relationship good.
A few months later he caught malaria and ended up in intensive care.
He recovered. He stayed on the board. He kept his shares.
In 2002 eBay bought PayPal for $1.5 billion. Elon put most of his money into two companies everyone said would fail: SpaceX and Tesla.
Years later Peter Thiel’s fund invested in SpaceX. The man who took his job became one of his investors.
Could you forgive the people who took your company while you were on your honeymoon?
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Elon Musk lost PayPal on his honeymoon. 2 years later, eBay paid $1.5 billion for it and he was still one of the biggest shareholders.
In January 2000 Elon married Justine. There was no time for a honeymoon. PayPal was growing fast, burning money fast, and needed to raise more.
So in September he combined the two. A fundraising trip that would end with a honeymoon in Australia. Two weeks away.
While he was gone, his own team went to the board. They had decided he was not the right person to run the company. Peter Thiel would take over.
Elon flew back. The vote was already done.
He later admitted to his biographer he was pretty angry at first. Justine said it was shocking, but she thought he handled it pretty well.
In this interview from 2008 he explains the choice he made. He could have fought hard. Instead, at a critical moment for the company, he conceded.
I didn’t agree with their conclusion, he said. But the better course of action is to turn the other cheek and make the relationship good.
A few months later he caught malaria and ended up in intensive care.
He recovered. He stayed on the board. He kept his shares.
In 2002 eBay bought PayPal for $1.5 billion. Elon put most of his money into two companies everyone said would fail: SpaceX and Tesla.
Years later Peter Thiel’s fund invested in SpaceX. The man who took his job became one of his investors.
Could you forgive the people who took your company while you were on your honeymoon?
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Jensen reveals he first met the Founder of TSMC by cold calling their number off Yellow Pages
"I heard about this company in Taiwan, TSMC and UMC at the time. They were of course quite poor companies themselves, and they were barely making it."
"TSMC was probably about $300 million, something like that. It's a tiny little company. I heard about Morris Chang. And so I tried to call their US office."
"Back in the old days there were yellow pages. I looked it up, TSMC. There's a number there. I called their number and it's a recording. I left my name and my number and said a few things about NVIDIA: we're a new startup company building computer graphics chips. I called several times. Nobody called me back."
"And so I finally wrote a letter to Morris Chang. Didn't hear anything for a long time, and then one day it was 6 o'clock or something, this person called and said 'this is Morris Chang from TSMC.'"
"And meanwhile, everybody outside my office was playing video games and they're all laughing and screaming. 'Hey shut up! It's Morris!' I was so happy that the founder would actually call us back, because hey, maybe we won't have to die."
"And so we talked and he invited me to Taiwan. I came back to Taiwan, and that was the start of everything. Not just that partnership, but just the whole industry."
Jeff Bezos’s grandfather taught him to rebuild a bulldozer and build a crane. The lesson Jeff kept took 1 sentence on the side of the road.
Every summer from the age of 3 or 4 until he was 16, Jeff lived with his grandparents on their ranch in South Texas.
His grandfather did everything himself. He did his own veterinary work. He made his own needles from a piece of wire, heated with a blowtorch, pounded flat, sharpened, a hole drilled through. Some of the cattle even survived, Jeff jokes.
One summer he bought a broken-down D6 Caterpillar bulldozer for about $5,000. They spent the whole summer fixing it. To get the transmission out, they built their own crane.
He believed he could solve any problem. Jeff watched and learned.
But the lesson that stayed came from somewhere else.
It was 1974. Jeff was 10 and very sure he was a smart kid. On the car radio, anti-smoking ads were everywhere. One said every puff on a cigarette takes two minutes off your life.
His grandmother was a chain smoker. She smoked the whole drive with the window down.
So Jeff did the math. He estimated her puffs, multiplied by two minutes, stood up in the back seat and proudly announced the result. Something like 7 years.
He expected to be praised for being clever.
She burst into tears.
His grandfather pulled the car over. In their entire relationship he never said one harsh word to Jeff. He took him out of the car and walked him to the back, while his grandmother sat crying in the front seat.
Jeff had no idea what was coming.
Jeff, one day you’ll understand that it’s harder to be kind than it is to be clever.
More than 50 years later, he still tells the story on stage.
When was the last time you chose clever over kind?
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Jeff Bezos’s grandfather taught him to rebuild a bulldozer and build a crane. The lesson Jeff kept took 1 sentence on the side of the road.
Every summer from the age of 3 or 4 until he was 16, Jeff lived with his grandparents on their ranch in South Texas.
His grandfather did everything himself. He did his own veterinary work. He made his own needles from a piece of wire, heated with a blowtorch, pounded flat, sharpened, a hole drilled through. Some of the cattle even survived, Jeff jokes.
One summer he bought a broken-down D6 Caterpillar bulldozer for about $5,000. They spent the whole summer fixing it. To get the transmission out, they built their own crane.
He believed he could solve any problem. Jeff watched and learned.
But the lesson that stayed came from somewhere else.
It was 1974. Jeff was 10 and very sure he was a smart kid. On the car radio, anti-smoking ads were everywhere. One said every puff on a cigarette takes two minutes off your life.
His grandmother was a chain smoker. She smoked the whole drive with the window down.
So Jeff did the math. He estimated her puffs, multiplied by two minutes, stood up in the back seat and proudly announced the result. Something like 7 years.
He expected to be praised for being clever.
She burst into tears.
His grandfather pulled the car over. In their entire relationship he never said one harsh word to Jeff. He took him out of the car and walked him to the back, while his grandmother sat crying in the front seat.
Jeff had no idea what was coming.
Jeff, one day you’ll understand that it’s harder to be kind than it is to be clever.
More than 50 years later, he still tells the story on stage.
When was the last time you chose clever over kind?
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