Matt Huang

He had a very, very high clarity on what he was trying to build and why. I was recently rereading Elon's 2006 Tesla master plan. And if you read that document, there's just a tremendous amount of clarity on what the business strategy is. And Yiming had that for this personalized news idea. And personalized news undersells it.

He had a very, very high clarity on what he was trying to build and why. I was recently rereading Elon's 2006 Tesla master plan. And if you read that document, there's just a tremendous amount of clarity on what the business strategy is. And Yiming had that for this personalized news idea. And personalized news undersells it.

I think he saw it as what it ultimately became, which is the global marketplace for attention and media. Like, could we get in front of you the most relevant thing that you're going to want to see at any given point in time instantly? Pre-algorithm, maybe you use social. Pre-social, you use newspaper editors to do that. But this was sort of the HFT version. of the media marketplace.

I think he saw it as what it ultimately became, which is the global marketplace for attention and media. Like, could we get in front of you the most relevant thing that you're going to want to see at any given point in time instantly? Pre-algorithm, maybe you use social. Pre-social, you use newspaper editors to do that. But this was sort of the HFT version. of the media marketplace.

And he saw that back then. It took me longer to like fully grok it. But yeah, the clarity and the aggressive ambition. I think from day one, he was very focused on building an international business, which at that time, every Chinese company was a Chinese business, even Tencent, Alibaba. And so the audacity to even believe that you can do that

And he saw that back then. It took me longer to like fully grok it. But yeah, the clarity and the aggressive ambition. I think from day one, he was very focused on building an international business, which at that time, every Chinese company was a Chinese business, even Tencent, Alibaba. And so the audacity to even believe that you can do that

I have held most of it. Well, it's a weird thing where it was mostly e-liquid most of the way. So, I mean, in contrast to crypto, it's a lot easier. And I think by the time there were robust secondary markets and it was possible to sell, I wasn't comparing it to the basis. It's sort of comparing it to its future potential.

I have held most of it. Well, it's a weird thing where it was mostly e-liquid most of the way. So, I mean, in contrast to crypto, it's a lot easier. And I think by the time there were robust secondary markets and it was possible to sell, I wasn't comparing it to the basis. It's sort of comparing it to its future potential.

And at those points in time, it was always this could be on track to be the biggest company in China. As an investor, it definitely messes with your head, though, in the sense that, I mean, it's probably the best investment I'll ever be a part of.

And at those points in time, it was always this could be on track to be the biggest company in China. As an investor, it definitely messes with your head, though, in the sense that, I mean, it's probably the best investment I'll ever be a part of.

I don't have the full adjusted for dilution math in my head, but secondary today is trading around $200 to $300 billion. The simple math is that's a 10,000x. Let's say it's a 5,000x. Pretty good. If a U.S. company had those numbers, it'd be worth $1 or $2 trillion. So it'd be worth another 10x.

I don't have the full adjusted for dilution math in my head, but secondary today is trading around $200 to $300 billion. The simple math is that's a 10,000x. Let's say it's a 5,000x. Pretty good. If a U.S. company had those numbers, it'd be worth $1 or $2 trillion. So it'd be worth another 10x.

It is weird. Yeah, I find I'm increasingly zen about it, but let's not pretend that it was some great act of skill. I think I had some intuitions and it was a good investment, but like a lot of early stage investing, it's saying yes once.

It is weird. Yeah, I find I'm increasingly zen about it, but let's not pretend that it was some great act of skill. I think I had some intuitions and it was a good investment, but like a lot of early stage investing, it's saying yes once.

Yeah, I would say all of them except for crypto ones. Of course, yeah. And I think there, you know, there's the analog of the energy signature of the community or the meme or, yeah.

Yeah, I would say all of them except for crypto ones. Of course, yeah. And I think there, you know, there's the analog of the energy signature of the community or the meme or, yeah.

For some reason, I don't track this.

For some reason, I don't track this.

Yeah, exactly. If I had to guess, it would be ByteDance, Bitcoin, Ethereum. And these are personal or including the fund? Both. One I deserve no credit for is Uniswap, which we talk about more. And then there's some normal tech ones like Instacart, for example, as part of the seed round.

Yeah, exactly. If I had to guess, it would be ByteDance, Bitcoin, Ethereum. And these are personal or including the fund? Both. One I deserve no credit for is Uniswap, which we talk about more. And then there's some normal tech ones like Instacart, for example, as part of the seed round.