Want to read Slashdot from your mobile device? Point it at m.slashdot.org and keep reading!


Forgot your password?
Advertising The Almighty Buck Communications Network Networking The Internet News Technology

Man Becomes 'Accidental Millionaire' After Jet.com's Sale To Walmart (fortune.com) 43

The acquisition of Jet.com by Walmart for $3 billion in cash appears to have made the founder of IdeaDash an "accidental millionaire." Fortune reports: "Martin, who is the founder of a startup called IdeaDash, won Jet.com's nationwide marketing competition -- Jet Insider -- in early 2015. The contest offered a reward of 100,000 shares of Jet stock to the contestant who got the most people to sign up for 6-month free trial 'insider' memberships to the membership shopping site, a sort of online Costco or Sam's Club. According to his company's website, Martin took first place out of the 350,000 people who participated, getting over 8,000 people to sign up. Martin spent $18,000 on online ads, Bloomberg reports, and now has a stake in Jet that is reportedly worth millions. Although Martin told Bloomberg that he is not sure exactly what his stake is worth, Fusion reported in February 2015 that his piece could be valued between $10 million and $20 million."
This discussion has been archived. No new comments can be posted.

Man Becomes 'Accidental Millionaire' After Jet.com's Sale To Walmart

Comments Filter:
  • More like (Score:5, Insightful)

    by Anonymous Coward on Wednesday August 10, 2016 @08:48PM (#52681317)

    Man with a plan finally sees the fruits of his efforts after several years

    • Will walmart use some fine print to get out of paying this out?

    • by mwvdlee ( 775178 )

      The fruit of his effort was winning the contest and receiving 100.000 shares (which was already worth quite some money).
      Having the prize suddenly jump up in value is a lucky bonus.

  • Accidental? (Score:5, Insightful)

    by subk ( 551165 ) on Wednesday August 10, 2016 @08:56PM (#52681347)
    Sure sounds to me like he had a plan, having spent almost $20K of his own money to win the contest.
  • by dmbasso ( 1052166 ) on Wednesday August 10, 2016 @08:59PM (#52681371)

    It's 2016, yet...

    [...] Jet.comâ(TM)s [...] Samâ(TM)s Club. [...] companyâ(TM)s website[...]

    ...still happens.

    - shame... shame... shame... bling bling bling

  • Yeah, it's a bit like playing the lottery. But it's one of those "I did this dumb thing and got rich anyhow" type stories I love.

  • Sort of remind me of this guy [wikipedia.org]
  • They don't get rich by sharing their returns with non-investors.

    He likely has either been diluted or owns a class of shares which will be diluted.

    They didn't give out those shares because they actually wanted to make someone rich, but as a promotional effort. Once the promotion was accomplished they immediately had plenty of reason to begin cutting the guy out of the deal.

    It's weird that the original (fusion) article switches between saying they are options and they are shares.

FORTUNE'S FUN FACTS TO KNOW AND TELL: A giant panda bear is really a member of the racoon family.