No slackers here
I love this story in the NYTimes about a young tech entrepreneur who’s so committed to starting new companies and forging new successes that he was too busy to sleep in his unused Silicon Valley home:
Max Levchin is not easily distracted from his work.
A few years ago, Mr. Levchin, one of the young princes of Silicon Valley, bought his first home, a 12-room Edwardian high atop a hill here, for $3.4 million. But Mr. Levchin, who made a fortune at age 27 selling PayPal, the online payment service he helped start in 1998, never moved in. He sold it two years later without having slept there for even one night.
Since then, Mr. Levchin has moved into his second home, a more expensive one found for him by Nellie Minkova, his girlfriend of eight years who has become his fiancée. But so consumed is he by work on his second company, an Internet start-up focused on sharing photos and videos, that the cartons that contain what Mr. Levchin described as “85 percent of my worldly possessions” are still stacked in his living room, five months after moving day.
Mr. Levchin, who is now 32, is typical of a new generation of junior titans in Silicon Valley who might be called the prematurely rich — techies worth tens of millions of dollars, sometimes more, at an age when many others are just starting to figure out what to do with their lives.
The Internet, a low-overhead medium with a global reach, has greatly accelerated the wealth creation phenomenon, producing a larger breed of multimillionaires even younger and richer than in the past.
They are happy to be wealthy, of course, but many of these baby-faced technology tycoons often seem indifferent to the buying power of their money, at least at this stage of their lives. Instead, nearly all of them have chosen to throw themselves back into a start-up, not so much because they want a spectacular new home or a personal jet — though many of them do — but because they are in a competition with themselves and one another.
The American entrepreneurial spirit is alive and well:
During his PayPal days, Mr. Levchin was so committed to seeing the company succeed that he often sacked out at the office in a sleeping bag he kept under his desk. Considering that he described his apartment during some of this time as “scary,” that had a certain logic. Cardboard boxes served as his living room furniture; a discarded computer desk was his dining room table.
These days, despite the phenomenal success of PayPal, which gave him the bulk of a fortune worth around $100 million, Mr. Levchin continues to work an average of 15 to 18 hours a day.
“We occasionally go out to eat, he sleeps a few hours, he works out,” Ms. Minkova said. “But other than that, Max works.”
Ms. Minkova half-joked that she might appreciate her occasional evenings out with Mr. Levchin more, if only he were not on his BlackBerry, answering e-mail messages and checking his Web site.
Quote of the morning:
“I enjoy sitting on nice beaches and hanging out with my girlfriend and playing with my dog, but that’s three hours a day,” Mr. Levchin said. “What about the remaining 18 hours I’m awake?”
Second quote of the morning, very Ayn Rand-esque:
“Spending money is a fine pursuit, and anyone’s welcome to do it,” said Scott Banister, a close friend of Mr. Levchin’s since college who recently sold an antispam company to Cisco for $830 million and is now working on a social networking site, Zivity, which he describes as a “cross between Playboy and American Idol.”
“But then obviously at that point, you’re spending,” he said, “not producing.”
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TigerHawk
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The expression,
“You need to get out more”
Applies here.
Can someone explain exactly what is going through Ms. Minkova’s head?
What does it profit a person if they gain the whole world but lose their own soul?
I have no idea what you’re talking about.
Here is how I view this:
There are two likely scenarios to me.
First he loves what he is doing. If he is happy about what he is doing and he is creating wealth for himself and others, what is wrong with his chosen lifestyle? After 19 years on my own, I finally found a job that I love. I think nothing of spending extra time at work because I feel like I’m in a giant toy store. I just want to keep making good things to keep customers coming back for my company’s products.
Second, he has a fear that drives him to work so hard. Unless it is harming him (health, emotionally, etc.), does he need to stop?
Frankly, I admire someone who can turn his drive and/or intellect into legal wealth.
$830 Million, I am done working.
SomeOtherSteve:
Exactly.
$830 million, Someone ask Scott if he would buy A-Rod for the Angels, Please.
Work Hard, Play Hard…or not.
More power to him.
But I am with you, Soap. I’m done with work at 830 million…early retirement, here I come!
The paradox is that this guy is going to pay a bajillion in taxes. From what I see here, though, he may not care much. His work is his reward. How about that?
Sorry to be mis-understood. I was attempting to comment on gaining tremendous wealth at the (admittedly apparent) expense of relationships etc. At some level it depends on his motivation - if it’s simply “competition” (whether which himself or others), he’ll not be fulfilled. If it’s love of creating, then possibly fulfilled. True wealth though is measured by God’s standard, not dollars and cents.
I’m not speaking of this guy impeticular but, some folks have more dollars than sense.
$830 million = Retirement,
Heck, I’d retire with $830,000
And I would know how to spend it wisely and enjoy it.
I wonder what these guys think of John Edwards plan to end poverty.
If this guy is creating a ton of jobs - I love him. If he is working to work - eh. If he is working to give oodles to charity - more power to him.
If I didn’t have a family because all I did was work, I would just assume be dead. Family if everything but, that is just me.
Good for a Monday booster. Thanks MM.
If only the govt speeded up the visa processing to make legal H1 workers like me and grant green cards, there will be more productive entrepreneurial “US residents”
#10 conservativesRus:
You beat me to it.
Let’s see…
“‘We occasionally go out to eat, he sleeps a few hours, he works out,” Ms. Minkova said. “But other than that, Max works.’
Ms. Minkova half-joked that she might appreciate her occasional evenings out with Mr. Levchin more, if only he were not on his BlackBerry, answering e-mail messages and checking his Web site.”
And, since they are not yet married, one would assume that Mr. Levchin is still wooing Ms. Minkova.
Once they are married, how much attention will Mr. Levchin give his wife? (Assuming the 36-hour day and the 9-day week have not yet been discovered.)
Mr. Levchin is 32 now, not 22.
Before he realizes it, he’s going to be 52, and wonder what happened.
Trust me.
My wife and have been married 30 wonderful years - she was 20, I was 23.
And very often we ask each other:
When did all this happen?
When did our kids grow up?
When did we become grandparents?
Their relationship is their business, and I truly wish the best for them.
And I sincerely hope that Mr. Levchin achieves the optimal balance in his life; and decides to work in order to live, rather than to live in order to work.
” True wealth though is measured by God’s standard, not dollars and cents.”
But, I believe you are correct, conservativesRus.
What I really want to know though - is he going to be covered under the SCHIP program?
I’m sure liberals will look at these guys and think, “Since they don’t seem to care about money, why shouldn’t they be asked to contribute to the investments we have planned to bring social justice to the world?” Of course, the fact that these people are creating goods and services that people actually want - PayPal, Facebook, etc. - is lost on the fascist Left. The jobs created by a Google or Microsoft are ignored in their class envy rage against Bill Gates and Steve Ballmer.
OTOH, I’ve always found it interesting how many ultra-rich tech gazillionaires are big supporters of extreme Left causes and groups like Can’tMoveOn.Argh. Don’t they know that the Left would confiscate every penny they had if they could? It must be the meme that liberals are *smart* and conservatives are backwards yahoos who fear science and blah-blah-woof-woof. Maybe they’re buying protection by adopting guilty rich drag?
LOL
He may be too old. His kids will be though.
#18 DirkBelig
“Don’t they know that the Left would confiscate every penny they had if they could?”
Ah, but many rich on the Left are good at protecting and hiding their wealth.
From what I’ve read, the Kennedy millions and the Soros billions, just to cite two examples, are safely squirreled away in offshore accounts, beyond the grasp of the taxman.
DirkBelig
I also find it odd that these young and rich individuals tend to be leftist leaning in their views …
I think it is a character flaw in that they have bought into the mantra that by being liberal/progressive thae are saying they are for advocating the party of innovation …
in other words they do not actually have a clue what the liveral agenda really is and therefore don’t understand the fact that they are supporting a philosophy that doesn’t support their individualism and entrepeneurship … and would take it from them in a heartbeat given the chance …
#21 DesertLover:
Correct!
Leftists end up delivering equality of misery for the masses; while the leftist elite themselves preside in luxury above these same masses that the leftists profess to be concerned about.
This leads to a very depressed outlook on life for the ordinary person; which is what I think was the point a story I heard years ago was supposed to illustrate:
Soviet citizens Ivan and Boris are neighbors.
A teeny bit of individual initiative and private enteprise has been allowed by the central government.
Boris has managed to work hard enough, and to save carefully enough, that he can buy a cow.
Ivan has not managed to do these things.
So:
Boris has a cow;
Ivan has no cow.
Ivan is interviewed by a journalist:
“So, Ivan, would you like to earn enough money to buy a cow, as Boris has?”
“No,” Ivan answers.
“Well, what would you want, Ivan?”
“I want Boris’s cow to die!”
That sort of sums up what the Leftists’ utopia would bring us. (Interestingly, “utopia” means “no place”)
Disclaimer: This is prefaced with “I think”.
I think many on the left wake up in the morning feeling guilty about what they have. Some got their stuff by luck (in one form or another) and they feel guilty about it. Others achieved and even worked hard but they feel guilty because they were able to achieve and others didn’t.
Of course these views fail to take into account risk/reward, well thought out planning and initiative.
OTOH though - recognition of ONLY risk/reward, planning, initiative (etc) but failing to recognize that any skills, talents (and life and health) are still ultimately given, elevates a person to a status in thought that is far beyond their true position
#23 conservativesRus:
Well stated.
“…elevates a person to a status in thought that is far beyond their true position”
Sort of like believing one’s own press - or of losing one’s humility and appreciation, and developing instead pride and arrogance.
Thank you Michelle for the Monday morning wakeup!
The entrepreneurial spirit is alive and well as it should be.
There is very little to criticize about these young driven individuals. They are creating wealth for themselves and creating jobs and efficiencies that will benefit others. Kudos!!
If they choose to give to charity or just buy mansions and toys for themselves, so be it. They should have the right to do what they want with their hard earned wealth.
I hope they never have children.
Drive, determination, and the entrepeneural spirit have been the backbone of this great nation from the beginning.
However, I do agree with those who believe it can be carried too far. I once worked with an elderly lady whose late husband had been a surpervisor at the same plant. She told me there were days when her husband suggested they skip work and “go loafer”. She always replied that they had to go to work. I’ll never forget her saying “Now he’s gone and what do I have?”
It sounds like that interweb thing is going to catch on.
#27 backwoods conservative:
You got that right.
The only thing you “can take with you” when you go is the love of your family and friends.
Everything else - everything else - stays behind.
Agreed. Life is more than work. On our deathbeds we’ll wish we all slacked off more.
I would venture to say that many of us could already recount some things we wish we had necessarily done differently along the way … some of those we can still change and or correct … others we can’t … but in either case we need not wait for the death bed to recognize them …
Hah! And you thought you worked hard MM! An hour sleep, feeding your kids, come on get with it!
This threat reminds me of the dog and the ball. Michelle tossed the ball and the members of this forum chase it, and for what. I more agree with conservativesRus #2 than Michelle Malkin #3 but then see Levchin as a Bush economy worker who’s ass is posed to kiss. I think the 3.5 million manufacturing jobs lost by the Bush economy are much more interesting.
While you may be expecting a “Bush defense” you will find that we are a very quixote group. Despite popular belief conservatives don’t walk lockstep with The President.
You lack prescient in your use of the economy as the rhetorical nail in Bush’s coffin…
Besides, this thread isn’t about Bush. Take your BDS elsewhere.
I agree with you 30 pcs. But I sure would like to see the explanation of “Levchin as a Bush economy worker”
When the game is over, all the pieces go back into the box.