20VC: Do Rich Founders Make Better Founders | The Best Performing Fund Would Only Back YC Founders on Their Second Time | Why SPACs Will Come Back | Why Short Sellers Should Be Banned | Is Trump Better for Business than Biden with Jason Wilk @ Dave
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$4 billion to $50 million market cap. Today I have the founder of Dave, one of the US's leading neobanks on the show. In 2022, they spAcked and went public at $4 billion. Excitement soon waned though, and their market cap dropped to just $50 million. All of our pipe investors from our IPO bailed before a mock-up expired.
FinTech became a bad word. SPAC became a bad word. They lost an incredible 98% of their value. I had no support in my stock. We were we were f<unk>ed.
But the turnaround has been one of the best on Wall Street. They've increased market cap by over 900%. The investments again in AI is really what led to a lot of the profitability. Is there anything you would have done differently about the process.
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