Israeli Billionaire Alon Gonen Reveals How He Lost 25 Million Dollars
Israeli billionaire Alon Gonen revealed on Instagram how selling his TeleSign shares early cost him 25 million dollars, advising young entrepreneurs to practice patience.
Israeli billionaire and Plus500 co-founder Alon Gonen revealed in a recent Instagram post how a single mistake cost him 25 million dollars.
"How did I lose 25 million dollars? Years ago, in one of my ventures, I developed a phone-based user authentication solution. I quickly realized this need exists not just for us, but for almost every online company," Gonen wrote.
He approached his uncle, Shlomo Gonen, proposing to launch a company around the technology. This led to the creation of TeleSign, with Gonen receiving a 10 percent stake for the idea and technology. When his shares reached a valuation of 400,000 dollars, he sold them, lacking the patience and belief in the long-term potential.
Six years later, TeleSign was acquired for 250 million dollars, making his former stake worth 25 million dollars. Addressing young entrepreneurs, Gonen advised them not to let short-term doubts overshadow long-term growth potential.
