'I Just Really Liked Their Vibe:' Serial Entrepreneur Brian Lee on How He Landed L.A.'s Biggest Exit and What Drives Him Crazy About Other VC's
As one of the founding fathers of the L.A. tech scene, Brian Lee is used to having entrepreneurs pitch him on ideas. What does he look for? It's not so much a business plan or even an idea. He says he goes off a vibe.
That's how he ended up being the first investor in the deal-finding browser add-on Honey, which was bought late last year by PayPal for $4 billion in what ranks as the biggest acquisition L.A. has seen to date.
Snap Inc. stock dropped more than 10% on Tuesday after it reported earnings that missed analysts expectations for Q4.
The self-described camera company, based in Santa Monica, reported revenue of $561 million versus the expected $563 million. The company's reported cash flow remains negative despite improvement over the year prior. The company said it lost $240.7 million, or 17 cents per share, compared with FactSet estimates of a 12-cent loss per share.
On a late afternoon, after a long, drawn-out game of phone tag, Michael Lynton put off his family dinner for just a while longer to talk. The former CEO of Sony Pictures has been notoriously press shy since hackers calling themselves "Guardians of Peace" leaked a trove of confidential -- and sometimes embarrassing -- data plucked from the studio's servers.
And, since taking over in 2016 as chairman of Santa Monica-based Snap Inc., he's chosen to stay mostly out of the media's glare. In his first wide-ranging interview in years, Lynton did not hold back: "I will be a little controversial here."