Lost Moat.com Investor
Share
Sam Parr shares a story about the challenges of tracking down investors during The Hustle's sale, highlighting broader issues with digital asset management.
"When we sold the Hustle, there was this one guy named Jonah who started Moat.com and sold it for about $1 billion. He gave us a very small investment - he probably makes that amount in daily interest. When we sold, it took me a year to get in contact with him. The lawyers were saying 'We cannot get in touch with this guy.'
We had his money just sitting there, but we couldn't reach him because he had sold his company. The lawyers couldn't find him, couldn't get in touch with him, and we needed to give him his money.
This made me realize - if I die, how is anyone in my family going to know where all my investments are? I've made some investments that I've forgotten about. There are deals I've done where I'll just invest small amounts and don't tell anyone about it. Sometimes I don't even remember them all. It's particularly complicated with things like crypto or angel investing - how do they discover all these assets?"
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.