The Sad But Lucrative End of Jet.com

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This is from the Wall Street Journal:

Wal-Mart Stores Inc. is in talks to buy online discount retailer Jet.com Inc., according to people familiar with the matter, in what would mark a disappointing end for one of the most ambitious challengers to Amazon.com Inc.

….It isn’t clear how much Wal-Mart would pay, but a person familiar with the matter said Jet could be valued at up to $3 billion in private markets. Jet, barely a year old, has drawn more than $500 million in capital from the likes of venture firms New Enterprise Associates and Accel Partners.

Let me get this straight. Jet is one year old. Venture funds have invested “more than” $500 million (actually around $800 million). They will sell themselves to Walmart for about $3 billion. And this is a “disappointing end.”

I get it: they wanted to take over the world and they didn’t. That’s disappointing. At the same time, it appears that investors are going to quadruple their money in 12 months, give or take. And the founders are going to do even better. If they own, say, 20 percent of the company, they’ll walk away with $600 million for a year’s work.

Can I please sign up for a slice of this disappointment?

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"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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