Howard Marks
👤 SpeakerAppearances Over Time
Podcast Appearances
What a sword.
And then you would sell it to someone else for in-game currency or actually cash on PayPal.
And so the game industry, in a way, from where I come from,
For us, virtual currency, cryptocurrency, that was already in existence.
Well, it's a great story.
What happened was
We were in the software business.
At that point, I don't know if you remember, CD-ROM software, personal computers.
That was a world totally different than today.
You had the computers at home and the computers at work.
They were not the same.
And we were looking for a business to grow.
And we saw Activision as a publicly traded company on the NASDAQ going bankrupt, having a huge problem with their cash flow.
They had over close to $20 million in debt.
They had no cash.
They were bleeding.
And we said, you know what?
Let's see if we can take it over.
So we bought 30% of the company from one investor who was a venture capitalist.
He was like, you know, I'm out.