jsteele

It is true that a million dollars is a lot to probably 99% of the worlds population. But those 99% don't live in the valley where "The median price of previously owned houses is $716,500" and the "median price for previously owned condominiums and townhouses is $475,000" even in this housing slump. So basically that enough to buy a house, furniture and a car in the valley.

They'll be a bit better off in Vancouver but not too much. The USD and CAD are near par these days and Vancouver is the most expensive city to live in Canada.

Also, since only $2 million of the exit was cash, none of the founders even have a million dollars in cash to invest. At most they have $500k if there were 4 founders with each owning 25%. However since there were 6 people there, 2 angels and yc, they probably got much less than $500k cash.

It is quite interesting how you view this exit as sort of an IPO for Auctomatic. I think that is a first for yc? This gives everyone on news.yc and the yc alumni to put their money where there mouth is and invest in a yc company.

Will the stock price rocket turning everyone into multi-millionaires? Only time will tell.

None the less, these guys have done a great job and I wish them all the best.

Dotcom Millions for everyone! All you have to do is startup your own web company and you too can retire at 17 or 19 years old and party like it's 1999.

These guys did very well for a years worth of work and deserve every penny. But don't for a second think these guys are gonna go out and buy Aston Martins or live in the Four Seasons with their "millions".

Funding: yCombinator: $25,000 - $35,000 (Some articles say there were 4 founders ($25k) but their own website show 6 people ($35k)) Angels: $400,000 From Paul Buchheit and Chris Sacca

Ownership: yCombinator: 2-10% (Typically 6%) Angels: Unknown but split among 2 people Founders: Unknown but split among 4 to 6 people

Exit: $5 Million Composed of: - $2 Million Cash - $3 Million Stock in CMNN.OB

So YC's take is $100,000 (2%) to $500,000 (10%) (Typically $300,000 (6%)) Angels take is unknown but if they made no return it would be $400,000. However its likely that they made at least 1x return.

This would leave about $4 million to be split among the 4-6 founders. So they each made a little ONE million or less. Of course a large portion ($3 million) of their earnings are stock, so their actual earnings could be a lot more (multiple millions) in the future than what they are now. However, they are in effect paper millionaires as none of them have $1 million in cash.

The deal was announced around 12:00am PST March 26, 2008. March 25, 2008 close of CMNN.OB was $2.69. Friday's close was $2.62. So its possible that 2.6% has already been shaved off that $3 Million. The actual amount obviously depends on what price they obtained the stock at.

Let's also not forget that these guys are leaving the valley, moving to Vancover and will likely be settling into their 9-5 jobs with bosses, office politics and other employees at Live Current in a few weeks.

It will be interesting to see how everything turns out in a few years time. However, by that time the media will move on to hyping another startup and we'll probably never hear about these guys again. Unless they quit and start an new startup.

One site to rule them all: bugmenot.com

Fuck compulsory registration.

I will start off by saying it is NOT a doomsday philosophy. It is simply the culmination of many cycles of time predicted by the Mayans (and several other ancient civilizations). See chart: http://i69.photobucket.com/albums/i56/keegan420/MayanConscio...