Hmmm, he does say "If I put a hundred million dollars into Snapchat today at a 3 billion dollar valuation, three things can happen:". Doesn't that roughly mean he owns 3.3% of the company, so would be entitled to only 3.3% of the return? Or in an IPO would he be one of the only ones selling his stock so he would get his cash out?
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I think he's saying the total investment is $100m. So if it sells for $100m, each individual investor gets his money back.
Hmmm, he does say "If I put a hundred million dollars into Snapchat today at a 3 billion dollar valuation, three things can happen:". Doesn't that roughly mean he owns 3.3% of the company, so would be entitled to only 3.3% of the return? Or in an IPO would he be one of the only ones selling his stock so he would get his cash out?