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Chris Sacca, a former Google lawyer who rose to fame by betting heavily on Twitter and Uber, says he\u2019s \u201changing up his spurs,\u201d and getting out of the investing game.<\/p>\n
In a\u00a0new post<\/a>, Sacca explains that he achieved what he set out to do when he created\u00a0his venture firm, Lowercase Capital<\/a>, in 2009, an outfit that was\u00a0helped along by early checks from Industry Ventures, Yahoo CEO Marissa Mayer, and Sacca\u2019s former Google boss, Eric Schmidt.<\/p>\n Sacca had made one early bet in Instagram, as highlighted in a Forbes<\/em> profile<\/a> about him in 2015. He quickly moved on to Twitter, however, creating four separate funds to buy up as many shares in the company, including from employees, as he could get his hands on.<\/p>\n \u201cI wasted months trying to get others to believe it could be a real business, not just a toy,\u201d he told Forbes.\u00a0\u201cAnd I decided to just buy it all myself.\u201d By the time of the article\u2019s publication, those\u00a0various Twitter deals had reportedly returned $5 billion to investors.<\/p>\n Sacca later tried repeating the move, gobbling up as many early Uber shares as he could. Yet at some point, his aggressive buying spree created\u00a0a rift between himself and Uber CEO Travis Kalanick, who reportedly wasn\u2019t keen on him approaching employees about selling their stakes.<\/p>\n That Sacca\u00a0\u2014 who reportedly owned at least 4 percent<\/a> of the company at once point (and may still)\u00a0\u2014 has \u201czero say\u201d in\u00a0how Uber\u00a0is run has been \u201cfrustrating,\u201d he tweeted<\/a> in February.<\/p>\n In recent years, Sacca\u00a0has also distanced himself<\/a> from Twitter, posting to his active Twitter account in March that, \u201cI haven\u2019t owned TWTR for almost a couple of years. When they failed to get Ev involved again, I lost hope. Love the service, hate the stock.\u201d<\/p>\n In announcing his retirement from venture investing today, Sacca writes that it\u2019s \u201chard to leave all this behind right when things are going so well. I\u2019m good at what I do and still getting improving as I learn from mentors, founders, partners, friends, family, strangers, my own investors, and the experience itself. The better I get at investing in and helping companies, the result is more founders who are excited to work with me and more of my wonderful limited partners insisting I take piles of their loot to keep it all going.\u201d<\/p>\n Still, says Sacca, with three children under age six, homes in Big Sky, Montana; Truckee, Ca.; and L.A., he\u2019s been trying to invest part-time and realized that it \u201cdoesn\u2019t work when I\u2019ve just got toes dangling in the water.\u201d He\u2019s opting not to raise more money for Lowercase, as a result. (He hints that his investing partner at the firm, Matt Mazzeo, will have a fund of his own soon.)<\/p>\n So what comes next for Sacca? To head off any other questions about what comes next, he answers them pre-emptively in a rhetorical question format. Politics? No. More \u201cShark Tank,\u201d the hit TV show where he has appeared as a judge in past seasons? No.<\/p>\n What he will be doing, he says, is potentially more (other) TV, along with a podcast that Sacca describes as \u201cdifferent from anything else I\u2019ve seen out there,\u201d with subject matter that is \u201chopefully boundless, eye-opening, and a little cathartic.\u201d<\/p>\n Matt Mazzeo, a former CAA business development exec who joined Sacca at Lowercase in 2012, had told Forbes a couple of years back: \u201cI don\u2019t think Chris is one of those guys who makes a ton of money and drops the mic and leaves the room. He loves the people\u00a0in the room so much that he\u2019ll stay.\u201d<\/p>\n Times change, however. For Sacca, it\u2019s now \u201ctime to walk away.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2015\/12\/chris-sacca.jpg?w=680\")
Chris Sacca, a former Google lawyer who rose to fame by betting heavily on Twitter and Uber, says he’s “hanging up his spurs,” and getting out of the investing game. In a\u00a0new post, Sacca explains that he achieved what he set out to do when he created\u00a0his venture firm, Lowercase Capital, in 2009, an outfit that was\u00a0helped along by early checks from Industry Ventures, Yahoo… Read More<\/a><\/p>\n\n<\/img><\/a>
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