undefined | Better HN

0 pointsx0x012y ago0 comments

from marc's blog:

   * Throughout the eBay board’s process of divesting Skype, I fully disclosed 
   my potential interest and recused myself from all deliberations on the 
   transaction, including all discussions, negotiations, and decisions. I was 
   uninvolved in eBay’s decision to spin off Skype and in eBay’s decision to 
   choose to partner with the Silver Lake syndicate.
   
   * eBay’s retained ownership in the Skype spinoff was 30% vs. Andreessen 
   Horowitz’s approximately 3%. That much larger ownership gave eBay a far 
   bigger role in decision making on Skype after the spinoff than Andreessen 
   Horowitz, as well as a far bigger economic payoff on the sale to Microsoft.
   
   http://blog.pmarca.com/2014/03/03/my-statement-on-ebay-director-role-and-governance/

Ebay retained 30%, so we're really arguing over 70% of the gain that didn't go to ebay. And some of it was always going to go back to the founders because Meg Whitman is a fucking moron -- she not only bought a company without buying the backing tech, but then proceeded to fuck over the founders, screwing them on over $1B, who retained ownership over the backing tech. No cause for bad blood there! Leadership!

Anyway, it does seem a little sketchy, but on the other hand, marc seems to have acted well within established business practices.

0 comments

2 comments · 2 top-level

jcampbell112y ago

Also from his blog:

    (3) Restrictions on use of company confidential information by 
    any director for any purpose other than that company’s benefit.

I don't have any idea what the discussions happened between A16Z and Silver Lake, but it seems like tons of emails could be construed as a conflict.

Even a wikipedia quote is problematic:

"Through our research, we found that Skype had a core group of engineers who were completely dedicated to the mission. They stayed through the eBay acquisition and were hugely determined to make Skype the communications company of the future."

Did he learn that as a board member, or from research done at a16z?

asharpe12y ago

That's the crux of it: Andreessen did the right thing. The wider question is too much of the tech landscape running through one man? All power to him: all companies want his magic, but at some stage, the web of connections will cause these issues.

j / k navigate · click thread line to collapse

* Throughout the eBay board’s process of divesting Skype, I fully disclosed my potential interest and recused myself from all deliberations on the transaction, including all discussions, negotiations, and decisions. I was uninvolved in eBay’s decision to spin off Skype and in eBay’s decision to choose to partner with the Silver Lake syndicate. * eBay’s retained ownership in the Skype spinoff was 30% vs. Andreessen Horowitz’s approximately 3%. That much larger ownership gave eBay a far bigger role in decision making on Skype after the spinoff than Andreessen Horowitz, as well as a far bigger economic payoff on the sale to Microsoft. http://blog.pmarca.com/2014/03/03/my-statement-on-ebay-director-role-and-governance/