tldr; $125k for 7%, + $375k on an uncapped MFN (most favored nation) clause note. there's going to be a lot of MFN notes flying around, which should streamline a lot of early raises, will further a dynamic where the first investor who has the $ to price a round has lots of powerhttps://twitter.com/ycombinator/status/1480594667502649344 …
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raising $1 at a $100bn valuation to clear out mfn backlog… brb
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don’t actually know what the countermeasure for this is lol
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Replying to @DanielleFong
Usually a ‘qualified financing’. Usual terms are >$XM, not from insiders, etc. etc. Will also detail what happens in an acquisition.
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Replying to @aten
in the yc docs it seems it’s up to the investors to decide if the terms are more favorablepic.twitter.com/PGNWumor5b
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Replying to @DanielleFong
I think there’s two things: 1. Note MFN: If future notes are issued, investor gets to decide if those terms are better or not. If better, they get the same terms. 2. Qualified Financing: The terms all the notes convert at. If a fake $1 at $1B, that may count. But investors…
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Replying to @aten @DanielleFong
Would likely get something like that
$B valuation they’d convert at. Anyway, probably too complicated for twitter (esp as I’m prepping for a meeting tomorrow)!1 reply 0 retweets 1 like
ty for the thoughts anyway, good luck with meeting
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