At the peak of the dot-com bubble in the early 2000s, Nirav Tolia watched his consumer reviews website Epinions surge to a valuation of about $150 million, then quickly plummet to $30 million. As CEO, Tolia presided over layoffs, a merger and ultimately was named in a lawsuit from three of his cofounders alleging they were not properly informed about the company's financial situation.
"It was exceptionally difficult to go through," Tolia says now of the abrupt valuation changes. "What this experience teaches you is that valuation is temporary, and valuation does not equal value. "
More than a decade later, valuation is on his mind again, but under better circumstancesNextdoor, a social network for neighborhoods that Tolia co-founded in 2010, announced raising $110 million at a $1.1 billion valuation. Employees marked the milestone by sharing an "internal email" showing the list of billion-dollar startups. The general sentiment among staff, according to Tolia: "We're flattered that we're in that list of companies." Read more...
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