Will.i.am missed out on an investment that would have made him millions today.
During an interview with Fortune held at SXSW, the multi-platinum music artist, producer, and tech entrepreneur revealed he had a chance to invest in Airbnb, a vacation rental company.
The opportunity was introduced to him by Airbnb’s co-founder, Brian Chesky. Founded in 2007, the company raised funds in its early stages and allowed individuals to invest up to $200,000. However, will.i.am wasn’t fully convinced by the concept at the time.
“’What’s up with concierge? Y’all don’t got that?’ ‘No,’” he explained to Fortune. “What’s up with room service? Y’all got that? He’s like, ‘No.’ I’m like, ‘Yeah, I think I’m gonna have to pass on that one.’”
Airbnb did become a success. According to its website, it has more than 5 million hosts and has attracted 2 billion guests from more than 220 countries and regions. Hosts have earned more than $250 billion.
Today, Airbnb has a market cap valued at more than $78 billion and had a $47 billion valuation in 2020.
In hindsight, will.i.am admits his decision to pass on the company was a “bad one.” If he had invested the $200,000 during Airbnb’s $7.2 million Series A funding round in 2010, his stake would have been worth millions, notes Fortune.
“Ballin’, I would have been,” will.i.am said, according to the outlet. “Now, I’m like ballin’—different type, but I’m still ballin’ though.”
While will.i.am, missed his opportunity with Airbnb, he has moved forward with investments in other companies that greatly paid off. This includes Tesla in 2006 and Beats Electronics, as AFROTECH™ previously told you. Beats Music and Beats Electronics was bought by Apple in 2014 for $3 billion.
“I invested in Tesla in 2006 before Elon took over [the company] — around the same time,” will.i.am said on the “Drink Champs” podcast. “And then, I was a part of Beats. And then, Apple bought Beats from us. So you’re talking about two companies that changed my life.”
