The Ledger

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why aren't all 189 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable

Insight
Chen: Truly important tech news reaches founders without daily Twitter monitoring
“So every now and then, if something is important enough, like maybe there's some big new product is actually really cool, or there's some really, really interesting new research paper. It'll be like big enough that even though I'm not monitoring Twitter every …”
Edwin Chen Jul 21, 2025 ▶ 32:59 Surge CEO & Co-Founder, Edwin Chen: Scaling to $1BN+ in Revenue with NO Funding · 20VC with Harry Stebbings
Assertion Not checkable as stated
Stebbings Personally DM'd His First 50,000 Twitter Followers to Drive Subscriptions
“For the first 50,000 Twitter followers I got, I personally DM'd everyone, and I suggested that they follow our newsletter as well.”
Harry Stebbings May 23, 2025 ▶ 27:08 20VC: ElevenLabs Head of Growth on Why You Do Not Need PMs | The 7-Part Launch Playbook That Gets 700K+ Views Per Product | The Truth About CAC, Payback & Performance Marketing in AI with Luke Harries
Disclosure
Maples: Floodgate returned 300x on Twitter, 205x on Lyft, 94x on Twitch
“Twitter was a little over 300 X and gets all the credit for Lyft, that was like about two, 205 X what else? Applied. Applied is probably encroaching on a hundred X in the first check. Twitch got close, but not quite there. It got to 94 X.”
Mike Maples Jan 6, 2025 ▶ 34:07 Mike Maples: Three Frameworks to Evaluate Startups and Founders | E1242 · 20VC with Harry Stebbings
Insight
Siroker: Back founders excited about smaller problems rather than social trends
“In some ways, actually, you kind of want to choose founders who are excited about smaller problems, because it tells you that they're not just falling in love with what they saw on Twitter or social media, that there's actually something they care about.”
Dan Siroker May 15, 2024 ▶ 1:02:33 Dan Siroker: Second-Time Founders Are More Investable & Why Not To Hire People Out of College |E1153 · 20VC with Harry Stebbings
Disclosure
Huber: Twitter persona is deliberately more extreme than his actual views
“I'm a lot more nuanced. I'm a lot more moderate on so many different opinions, but look, that is not how you build a brand.”
Nick Huber Aug 21, 2023 ▶ 15:02 Nick Huber: Biggest Lies of Silicon Valley; Lost Art of Delegation; How to Grow Your Network | E1051 · 20VC with Harry Stebbings
Opinion
Balfour: Twitter is the most vulnerable incumbent tech platform right now
“Well, I mean, it's hard to not say Twitter right now from a vulnerability perspective.”
Brian Balfour Aug 16, 2023 ▶ 1:01:06 Brian Balfour: Startup Growth Secrets from HubSpot; Distribution Stratagies; Impact of AI | E1049 · 20VC with Harry Stebbings
What-if
Paik: TikTok could not exist before Twitter due to bandwidth constraints
“There's a very clear reason why the order of founding went from Twitter first, to Instagram, to Snapchat, to TikTok. And it is because mobile as infrastructure and bandwidth in its earliest stages, supported the lowest packet size, text. And then next compress…”
Chris Paik May 9, 2023 ▶ 1:17:30 Chris Paik: How I Raised $400M; Substack's Broken Business Model; Music on TikTok vs IG | E1011 · 20VC with Harry Stebbings
Opinion
Wenger: TikTok, Twitter, and Facebook must be user-programmable
“I don't feel different about TikTok than I feel about Twitter or Facebook for that matter. These systems need to become programmable. If they're not programmable, we're being programmed by them.”
Albert Wenger Jan 23, 2023 ▶ 44:25 Albert Wenger: Elon & Twitter; Impact of SBF; Income Inequality; Will they ban TikTok? | 20VC #969 · 20VC with Harry Stebbings
Opinion
Wenger: Twitter's blue checkmark system erred by mixing identity with status
“Because the blue checkmark, it completely confounded two things. It confounded the identity thing with the importance thing, and the importance thing, I think, was complete BS, always. Like who's supposed to say who's important, who's not important. It should …”
Albert Wenger Jan 23, 2023 ▶ 42:21 Albert Wenger: Elon & Twitter; Impact of SBF; Income Inequality; Will they ban TikTok? | 20VC #969 · 20VC with Harry Stebbings
Opinion
Lemkin: VCs boasting about high deal volume on Twitter are dishonest
“I do think it's harder to find good deals, and I think it is true, and I think people are a little bit full of it on the Twitter, right, and on the social media”
Jason Lemkin Jan 13, 2023 ▶ 1:18 Jason Lemkin: WTF is Going On in VC? Are LPs Investing in New Funds? | 20VC #965 · 20VC with Harry Stebbings
Opinion
Kuusi: Twitter adds very little value to building a company
“I've noticed Twitter adds very little value in company building, unfortunately.”
Miki Kuusi Nov 28, 2022 ▶ 46:35 Miki Kuusi: How I Scaled Wolt to $8B; Why I Sold to DoorDash | 20VC #953 · 20VC with Harry Stebbings
Opinion
Shah: Large VCs are too slow for seed deals despite Twitter claims
“And also like these funds are really big and slow. So they're not going to be able to like move and prosecute the things in the same way that they say on Twitter.”
Semil Shah Nov 21, 2022 ▶ 21:30 Semil Shah: Lessons Learned Scaling from a $1M to a $50M Fund | 20VC #951 · 20VC with Harry Stebbings
Assertion Partly supported
US State Department asked Twitter to reschedule maintenance during Arab Spring
“Someone from the State Department reached out, and this is a public story, so I'm not saying anything that can't be said. Someone from the State Department reached out and said, wait, wait, you can't go down at, you know, two a.m. Pacific. That's the middle of…”
Kevin Weil Oct 7, 2022 ▶ 28:07 Kevin Weil: Lessons from Leading Product at Instagram & Twitter | 20VC #934 · 20VC with Harry Stebbings
Insight
Wolfe Herd: Vocal Twitter critics rarely represent a product's majority user base
“Usually the most vocal people are not the masses. So you get like the Twitter people who are like, you screwed this up and you have to do this way and you need to do it that way. But then when you actually run the deeper analysis, there's like three people tha…”
Whitney Wolfe Herd Aug 26, 2022 ▶ 10:16 20VC: Bumble's Whitney Wolfe Herd on How The Best Leaders Manage Intense Pressure, How To Think Through Risk vs Reward Frameworks & What it Truly Means to Listen so Your Teams Will Talk
Assertion Supported
Bijan Sabet's Twitter Series B Catapulted Spark Capital Into Top Tier
“As I was joining Spark, Bijan Sabat at Spark led Twitter series B and that investment catapulted us into the upper echelon of VC firms.”
Mo Koyfman Aug 8, 2022 ▶ 6:25 Mo Koyfman: The Secret to Winning in Venture; Why Small Funds Outperform Large Funds | 20VC #915 · 20VC with Harry Stebbings
Assertion Not checkable as stated
Gary Vee invested his entire 20s savings into Facebook, Twitter, and Tumblr
“Saving my money in my twenties And then deciding to spend all of it in a one year period on Facebook, Twitter, and Tumblr based on at that .10 years of very hard work, diligence of saving and not wasting my money and looking for the opportunity to strike.”
Gary Vaynerchuk Jun 20, 2022 ▶ 6:42 Gary Vee: My First 3 Angel Investments; Why I Changed My Mind on Facebook Video | 20VC #899 · 20VC with Harry Stebbings
Assertion Not checkable as stated
Twitter Auto-Generated Username Test Increased Weekly Signups by 70,000
“And what ended up happening is we started to get 70,000 more signups per week because the solution we implemented was a good enough solution to work. And at the time that meant like, gosh, 20, 30% more signups per week, just from a small team of four people im…”
Andy Johns Nov 17, 2021 ▶ 32:52 20Growth: Top Growth Lessons from the Early Facebook, Twitter and Quora Days, The Most Important Question to Ask When Building Your Growth Team, How To Test For True Candidate Depth and Quality When Hiring for Growth with Andy Johns, Venture Partner @ Unu
Disclosure
First Round passed on Twitter over a $20M valuation limit
“Yeah, I think we might have been fortunate back in those days to have made a really poor investment decision, missed one of our biggest of all time, with Twitter. When we were all early users, we had an opportunity to invest at first round, and didn't, primari…”
Chris Fralic Apr 29, 2021 ▶ 7:18 20VC: The Roblox Memo: First Round's Chris Fralic on The 17 Year Journey to Build a $41BN Market Cap Company, Why It Is Way Harder To Increase Ownership Across Rounds Today & What Happens Post SPACMania
Disclosure
Stone spent six months unwittingly hurting morale upon returning to Twitter
“I kind of barged in like a bull in a china shop. I was advised that, you know, you're under a magnifying glass. You should really you know, be careful. And I thought to myself, oh yeah, I know what that's like. Don't worry about me. Yeah. We've been in under a…”
Biz Stone Jan 8, 2021 ▶ 21:36 20VC: Twitter Co-Founder Biz Stone on The 3 Stages of Wealth, The Return To Twitter in 2017 and the Associated Missions and Challenges & Why Silicon Valley is not an "Insiders Only" Universe?
Insight
Best: Engagement algorithms cannot solve clickbait through additional moderation rules
“If your underlying algorithm is maximizing for engagement, you're not going to be able to, like, turn up the, like, don't make bad content dial in the algorithm and have, like, a permanent fix for that.”
Chris Best Jun 12, 2020 ▶ 15:56 20VC: Substack Founder Chris Best on The Future of Public Journalism, Why The Economics Of Attention Have Been Flipped & Why Micropayments For Content Will Not Work
Opinion
Venture funding must rely less on exclusive operator networks
“I hope that venture funding becomes less of a closed circle, and actually that these networks become less important, and that access to this life-changing financial tool is democratized for many more people who didn't have the incredible luck That Jana and I h…”
Merci Victoria Grace Jun 8, 2020 ▶ 15:22 20VC: Lightspeed Partner, Merci Victoria Grace on The Future of Collaboration Tools, Bundling vs Unbundling, Synchronous vs Asynchronous & What It Means To Productise The S*** Out of Venture
Insight
Meir: Disagreeing with Twitter consensus usually means you are right
“So first I would say if people on Twitter would disagree with you, you're probably right.”
Avi Meir May 29, 2020 ▶ 4:23 20VC: TravelPerk's Avi Meir on Why 2021 Will Be A Record Year For Business Travel, The 3 Priorities For All Founders During COVID, What VCs Can Do To Really Support Their Founders In A Recession
Disclosure
Kutcher sources deals by asking Twitter followers for home screen screenshots
“And I've actually like solicited my entire Twitter audience at times. Like, Hey, can you send me a snapshot of your home screen? I'd like to see what you're using, you know? And then I just run pattern recognition across thousands or hundreds of home screens. …”
Ashton Kutcher Feb 17, 2020 ▶ 14:16 20VC: Ashton Kutcher on Early Lessons From Investing in Airbnb and Spotify, Why VC Ownership Requirements Are Becoming More and More Egregious & What Being Good At Product Truly Means
Prediction Didn’t hold up
Vlad Magdalin: Users will build full software products on Webflow within five years
“So I can imagine five years from now, people building the next, not just MVPs, but entire software products on top of Webflow, like the next Airbnb, whatever that idea is, the next Twitter, the next product hunt, all of it.”
Vlad Magdalin Nov 1, 2019 ▶ 37:03 20VC: Webflow's Vlad Magdalin on The Journey To Breakeven and Raising A Monster $72m Series A, The Single Most Important Question To Ask When Determining Which Investor To Select & The Challenges of Founders Angel Investing
Opinion
Major Social Platforms Intimidate Everyday People From Sharing Creative Work
“Today's dominant platforms, Twitter, Instagram, Facebook, YouTube, they don't really offer a path for folks like that. Folks like that feel like, oh, I'm embarrassed. I'm not going to post my thing on Instagram. Like, no one's going to like it.”
Joseph Gordon-Levitt Jul 12, 2019 ▶ 29:57 20VC: HitRecord's Joseph Gordon-Levitt on How Show Business Prepared Him For Life As An Entrepreneur, What Founders Should Look For Most In Their Investor Base & Why The Current Ad Model of Social Is Harming The World's Creative Spirit
Opinion
Scrolling Twitter for 20 Minutes Leaves Users Feeling Worse
“Whereas, I know me personally, if I spend 20 minutes scrolling through Twitter, I come out of the end of that experience just feeling worse, worse about myself, worse about the world. I do feel all the more compelled to look at Twitter again, because it's very…”
Joseph Gordon-Levitt Jul 12, 2019 ▶ 24:12 20VC: HitRecord's Joseph Gordon-Levitt on How Show Business Prepared Him For Life As An Entrepreneur, What Founders Should Look For Most In Their Investor Base & Why The Current Ad Model of Social Is Harming The World's Creative Spirit
Opinion
Thau: Facebook lacks Twitter's strong brand persona
“Even a product like Facebook is one of the most impressive companies and products of all time. It doesn't really have as much of a brand persona as a Twitter does, and I think it's because of all those little, little things.”
Kevin Thau Jan 3, 2018 ▶ 15:50 20VC: Why VC Is A Game of Maximising Serendipity, How VCs Can Characterise Their Approach To Working & Product Lessons from Jack Dorsey & Sonos' John MacFarlane with Kevin Thau, General Partner @ Spark Capital
Opinion
Thau: No competitor has come close to disrupting Twitter's core use case
“And it's amazing to me that over all these years, they still own that use case. No one's even come close to disrupting them for the Twitter use case.”
Kevin Thau Jan 3, 2018 ▶ 5:01 20VC: Why VC Is A Game of Maximising Serendipity, How VCs Can Characterise Their Approach To Working & Product Lessons from Jack Dorsey & Sonos' John MacFarlane with Kevin Thau, General Partner @ Spark Capital
Opinion
Goldberg: VCs should accept business plans sent via Twitter DMs
“And if people DM you or try to DM you or at you on Twitter and want to send you a business plan, say yes. You know, it's not that hard.”
Alison Goldberg Aug 23, 2017 ▶ 6:23 20VC: What Are The Big Questions Entrepreneurs & VCs Must Ask Corporate VCs, Why Corporate VCs Are Not Your Best Lead For Series A & Why The "You Have To Network Your Way To Us' Is Wrong with Allison Goldberg, Managing Director @ Time Warner Investments
Opinion
Armstrong: Scaling YouTube or Twitter was harder than scaling Bitcoin or Ethereum
“I don't think, like, Bitcoin or Ethereum is on the order of magnitude of that heart of a problem. Like, I think scaling YouTube was probably way harder, or scaling Twitter or something like that was probably way harder than the kind of things we need to do to …”
Brian Armstrong Aug 4, 2017 ▶ 19:28 20VC: Coinbase's Brian Armstrong on The Rise & Short Term Correction in ICOs, The Regulatory Framework Required For Blockchain To Succeed & How The Rise of Blockchain Disrupts The VC Industry
Assertion Partly supported
USV's 2004 Fund Had Four Investments Each Return the Full Fund
“We made investments in Zynga, Twitter, Indeed, and Etsy within about a six month period. In our 2004 fund, each of those returned the fund.”
Brad Burnham Jul 13, 2016 ▶ 17:46 20VC: USV's Brad Burnham on Co-Founding USV with Fred Wilson, What They Look For In Potential Partners & Whether We Are Entering a Period of Consolidation or Expansion
Disclosure
Hyatt: Spark's Biggest Wins Like Twitter Were Impossible to Model Initially
“If you look at all of our big wins from Oculus to Twitter to Tumblr to Cruise, like all of these companies were, at the day that we invested, were very hard to actually model the exact market size of that company,”
Nabeel Hyatt Jun 8, 2016 ▶ 13:21 20VC: Spark's Nabeel Hyatt on Investing in Oculus and Cruise & What It Takes To Invest Ahead Of The Curve
Opinion
Digital Publications Waste Great Reporters on Trending Twitter Stories
“So many other publications are having their great reporters spend their time on less than great stories. Again, on these stories that are real-time, regurgitation, written because, you know, they're trending on Twitter, and God forbid a publication doesn't hav…”
Jessica Lessin May 27, 2016 ▶ 11:57 20VC: The Information's Jessica Lessin on The Future For Online Journalism & The Benefits Of A Subscription Based Business Model
Disclosure
Elman reveals he was kicked out of Twitter during product restructuring
“And then, you know, I honestly got kicked out of Twitter. You know, I in some of the turmoil of Twitter, they were restructuring the product team and asked me not to go to work the next day.”
Josh Elman Apr 4, 2016 ▶ 4:07 20VC: Greylock's Josh Elman on Why We Are Not In A Consumer Downturn, The Next Wave Of Social and What Twitter Should Do Next
Opinion
Hoover doubts a single person can run Twitter and Square simultaneously
“I don't know how he can do it. I don't know. I just don't know how anyone can run two companies, especially two massive prominent companies as a single person.”
Ryan Hoover Dec 11, 2015 ▶ 20:27 20 VC FF 026: Ryan Hoover, Founder @ ProductHunt on Relationship Building, Habit Forming and The Vision for ProductHunt
Opinion
Twitter Provides Smarter Sports Analysis Than Mainstream ESPN Commentary
“There's a lot of great content on Twitter, and about Pro football and sports in general, and as someone who's very into Twitter, it's easy for me to curate you know, a timeline or lists of people who have smart things to say about football beyond the kind of b…”
Jonathan Libov Jul 13, 2015 ▶ 13:22 20 VC 053: Inside Union Square Ventures with Jonathan Libov @ Union Square Ventures
Opinion
O'Driscoll: Real social media engagement remains on X rather than Threads
“As three inveterate Twitter junkies here, we know what the action is, and it ain't on threads, okay?”
Rory O'Driscoll Jul 16, 2026 ▶ 0:00 Zuckerberg Back on X Challenging Codex & Claude Code | SK Hynix’s $26BN IPO · 20VC with Harry Stebbings
Assertion Supported
Jerry Murdock: Twitter had 30 employees and zero revenue when Insight invested
“When I invested in Twitter in 2009 there was 30 something people, no revenue.”
Jerry Murdock Feb 28, 2026 ▶ 49:40 The SaaS Apocalypse: Who Lives & Who Dies | Insight Partners Co-Founder, Jerry Murdock · 20VC with Harry Stebbings
Disclosure
ElevenLabs co-founder Mati Staniszewski avoids Twitter in favor of in-person keynotes
“The way we think about it at 11 Labs, it's like, what channels really naturally resonate with the founders, and do they get really excited by? And so for us, Matty is fantastic in person, at large speaking events, at Fireside Chats, and so that's what he reall…”
Luke Harries Jan 11, 2026 ▶ 41:25 20Growth: The $6.6B Growth Engine Behind ElevenLabs | Why ElevenLabs Do Not Have PMs | The 7 Part Launch Playbook to Crush All Launches with Luke Harries, Head of Growth @ ElevenLabs
Insight
Chen: Optimizing ML models for clicks creates negative content feedback loops
“Once you optimize for clicks, the most click-baity content starts rising up to the top. You get lots of racy content, lots of girls in bikinis, lots of listicles about 10 horrifying skin diseases, and so on.”
Edwin Chen Jul 21, 2025 ▶ 15:43 Surge CEO & Co-Founder, Edwin Chen: Scaling to $1BN+ in Revenue with NO Funding · 20VC with Harry Stebbings
Disclosure
Aschebrook began investing by buying stock from Jack Ma's family office
“I just started buying Twitter shares and Alibaba stock from Jack Ma's family office, and then holy shit, it worked.”
Larry Aschebrook Jun 16, 2025 ▶ 4:35 Larry Aschebrook, Founder & MP @GSquared: How We Lost Money on Uber and Made Millions on Lyft · 20VC with Harry Stebbings
Assertion Supported
Yamashita: Dylan Field mapped design Twitter graphs to recruit early users
“One of the first things he did was he took design Twitter, he visualized it as a graph, and then figured out which people designers are following the most, and then went to those designers to get feedback on Figma and get them excited about Figma. And that was…”
Yuhki Yamashita May 16, 2025 ▶ 38:47 20Product: Figma CPO on How Figma Builds Products: What Works, What Does Not | How Figma Does Testing and Product Reviews | The Future of Design, Engineering and Product with Yuhki Yamashita
Insight
Gupta: Crypto growth relies on Discord and Reddit over Meta and Search
“Crypto lives and breathes and grows on social. So the people that I will find on Discord or Reddit and Twitter are very different from the people I will find on Meta and Instagram and or Search.”
Mayur Gupta Apr 25, 2025 ▶ 27:50 20Growth: Inside Kraken's $1.5BN Growth Playbook: What Works, What Doesn't and What No Founders Understand About Growth That Will Change Their Company with Mayur Gupta
Insight
Garcia: Stock surges are cheap dopamine; true satisfaction requires difficult battles
“There's superficial happiness and there's deep happiness. There's cheap dopamine and there's expensive dopamine. You know, stock goes up, cheap dopamine, you know, like jump on Twitter, read that you're smart, you know you know, cheap dopamine. Then there's li…”
Ernest Garcia Apr 7, 2025 ▶ 32:37 Carvana CEO & Co-Founder, Ernest Garcia: Building a $50B Company, Losing 99% and Coming Back · 20VC with Harry Stebbings
What-if
Benioff: I Would Not Have Enjoyed Owning Twitter
“And I guess in a lot of ways I'm happy I didn't because I don't think I could, I would have enjoyed that part of it at all.”
Marc Benioff Dec 9, 2024 ▶ 34:36 Marc Benioff, Salesforce Founder: Why Salesforce Isn't Hiring Software Engineers | E1236 · 20VC with Harry Stebbings
Assertion Not checkable as stated
Cahn Used Personalized Cameo Videos to Get Founders' Attention Early On
“One thing I used to do is I went through this phase where every time I met a founder that I really liked, I would go through their Twitter. I'd figure out something they really liked, let's say some TV show, and then I'd go in cameo and I would find the actres…”
David Cahn Aug 5, 2024 ▶ 1:05:12 David Cahn: Why Servers, Steel and Power Are the Pillars Powering the Future of AI | E1186 · 20VC with Harry Stebbings
Assertion Supported
Seibert: Tech companies are locking down data, reversing 20 years of open APIs
“You're seeing Reddit, Twitter, et cetera, shut off APIs, put in more strict rate limits, et cetera. And so the whole world is starting to lock down data, which was counter to the trends over the past 20 years, when everything was being pushed more and more ope…”
Jeff Seibert Nov 22, 2023 ▶ 37:29 Jeff Seibert: Why OpenAI Will Become an Infrastructure Play | E1085 · 20VC with Harry Stebbings
Insight
Seibert: Designing software features for the average user is a mistake
“So the product managers who were super data-driven started designing and building features for the average user, because that's what the data told them. And they actually believed that there was something such as an average Twitter user. It's such a huge mista…”
Jeff Seibert Nov 22, 2023 ▶ 2:31 Jeff Seibert: Why OpenAI Will Become an Infrastructure Play | E1085 · 20VC with Harry Stebbings
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