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Back-to-back IPOs for Airbnb and Doordash in December 2020 vaulted Sequoia partner Alfred Lin atop the Midas List.In just two days last year, Alfred Lin enjoyed two of the 10 biggest-ever exits among U.S. tech firms. On December 9, food-delivery service DoorDash went public on the New York Stock Exchange; it ended the day with a market capitalization of $60 billion. The next day, home-rental leader Airbnb listed on the Nasdaq, scoring a $79 billion market cap.
Lin’s specialty: helping build organizations the way he did at Zappos, where he was chairman and COO for a time. He and his Harvard classmate, the late Tony Hsieh, sold their first startup LinkExchange to Microsoft in 1998 for $265 million and plowed some of the proceeds into an incubator called Venture Frogs that bet early on Zappos. Eventually that became nearly all of their focus, until they sold the shoe retailer to Amazon in 2009.
When the pandemic hit and Airbnb’s business faced the “abyss” in March 2020, Lin dived in again, working closely with Chesky and the rest of Airbnb’s board in emergency weekend Zoom meetings to slash costs, lay off employees, take out debt to cover refunds and pivot the business to focus on work-from-anywhere and domestic travel. Chesky, Lin says, was committed to coming out of the period a hero, not a villain, despite the tough choices.
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