On the stage at TechCrunch Disrupt in San Francisco, Michael Arrington got LinkedIn’s Reid Hoffman to open up about his initial investment into social networking giant Facebook. Apparently it was $37,500 at a $5 million valuation. Talk about getting in on the ground floor:
Mobile is an innovation that needs to be solved given that it’s (Facebook) a billion users and a huge amount of time spent there. I’m very bullish on the prospects.
Regardless of any difficulties that Facebook has had with its IPO, it’s pretty obvious that Hoffman will make out well on the deal. He’s currently waiting on the lock-ups to pass.
In addition, Hoffman is discussing everything he’s done in the investment world, which of course comes on top of founding LinkedIn. He’s involved with Greylock Partners, the powerful VC firm, and he’s involved in the Hackfest, which just announced its second iteration today.
See what he had to say about Twitter’s API moves.
Reid Hoffman is a Partner at Greylock, and Co-Founder and Executive Chairman at LinkedIn. Reid joined Greylock Partners in 2009. His areas of focus include consumer Internet, enterprise 2.0, mobile, social gaming, online marketplaces, payments, and social networks. Reid likes to work with products that can reach hundreds of millions of participants and businesses that have network effects. An accomplished entrepreneur, executive and angel investor, Hoffman has played an integral part in building many of today’s leading consumer technology...
Facebook is the world’s largest social network, with over 1 billion monthly active users. Facebook was founded by Mark Zuckerberg in February 2004, initially as an exclusive network for Harvard students. It was a huge hit: in 2 weeks, half of the schools in the Boston area began demanding a Facebook network. Zuckerberg immediately recruited his friends Dustin Moskovitz, Chris Hughes, and Eduardo Saverin to help build Facebook, and within four months, Facebook added 30 more college networks. The original...