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dec
14

Mike Sexton sold partypoker shares too early, lost $500M

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Posted on Wednesday, December 14, 2016 by "T".
Having the power to predict the future or hindsight can really be a wonderful thing, but it can also be a double-edged sword. This is what WPT winner Mike Sexton knows very well. A well-known poker player and the voice of the WPT, 69-year-old Mike Sexton doesn't have to worry about anything when it comes to money. Actually, he just won $302,000 through WPT Montreal. However, Mike recently revea[...]   Read more » Mike Sexton sold partypoker shares too early, lost $500M

  15-Dec-16, 05:42   #1
Mike Sexton sold partypoker shares too early, lost $500M 0 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 28 (M)
Posts: 2481
Ouch, that must hurt "losing" 500 millions profit! But I'm sure Mike sexton isn't poor either so it's all good. At the end of the day money is just numbers, it's what you do with your life that matters and that you enjoy it Smile

I didn't even know partypoker was worth that much lol... 9 billions is a lot of money.

     
  15-Dec-16, 06:53   #2
  0 
Robbo1990 

Joined: Dec '12
Location: New Zealand
Age: 26 (M)
Posts: 301
just means he has to buy a smaller yacht

     
  15-Dec-16, 09:59   #3
  0 
doubletop777 
Joined: Mar '11
Location: United Kingdom
Age: 48 (M)
Posts: 5944
I dont feel too bad for Mike Sexton, he still made $15,000,000 on the deal!! Hindsight is a wonderful thing and i bet it still hurts him to this day that he did not hold onto his shares

     
  15-Dec-16, 12:37   #4
  0 
dule-vu 

Joined: May '09
Location: Croatia
Age: 32 (M)
Posts: 3910
well when he didnt believe in party poker project,thats what he got!probably he didnt know information,that buyed knewt about party poker and how this site will grow!if he had money in that time,he could wait!but like he say:But what's $500 million here or there!

     
  15-Dec-16, 18:33   #5
  0 
Tony_MON7ANA 

Joined: Mar '14
Location: Japan
Age: 43 (M)
Posts: 4949
Timing is crucial when trading currencies, stocks, etc.
About 5 years ago I converted virtually all my money in US dollar savings account into Japanese yen. US$1 was equal to around JP¥75 back then. Currently US$1 is worth nearly JP¥120. I would have made ¥40 or more per $1 had I kept my money in USD!

Edited by Tony_MON7ANA (Thursday, December 15, 2016 @ 19:06 GMT)


     
  15-Dec-16, 21:51   #6
  0 
Mober 
Joined: Mar '09
Location: Greece
Age: 40 (F)
Posts: 10680
That is an impressive number. A very costly mistake.Selling at that point was a mistake either way,
from my perspective Smile
And he didnt even get the number he asked for.. I think they played him there.

     
  16-Dec-16, 05:30   #7
  0 
Robbo1990 

Joined: Dec '12
Location: New Zealand
Age: 26 (M)
Posts: 301
i rekon this way worked out better, hes the face of wpt/partypoker and gets those benefits instead of taking the money and living in monaco as a nobody

     
  16-Dec-16, 06:29   #8
  +1 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 28 (M)
Posts: 2481
Yeah you're right tony_Montana timing is at the essence! I didn't know that he made "only" 15 millions when he sold his shares. I wonder why the evaluation of partypoker is so huge nowadays though, the traffic isn't that big. I wonder what pokerstars is worth too...

Still Mike sexton is probably living a great life anyways Smile

     
  16-Dec-16, 10:45   #9
  0 
pochui 

Joined: May '08
Location: Lithuania
Age: 32 (M)
Posts: 9193
well it's not like he lost 500 millions, it's just that he didn't make them when he had the chance to. basically you have to look back at the decision and think for yourself: "was this decision i made really the best at that moment?", if it was then don't give a damn about what could've, would've been if this or that.

     
  16-Dec-16, 12:42   #10
  0 
dule-vu 

Joined: May '09
Location: Croatia
Age: 32 (M)
Posts: 3910
didnt know that he have so much money in life and that he start party poker site and everything about it!know that he work as comentator for many years,that he play on tournaments,but still this was strange to me!but he have enough years,that even he have that 500 millions more,he cant spend it!

     
  16-Dec-16, 22:18   #11
  0 
Mober 
Joined: Mar '09
Location: Greece
Age: 40 (F)
Posts: 10680
How is it possible having 500millions and living in monaco or somewhere else like nobody? lol
Why, in order to be successful in your life, the whole world needs to know about
what you have done. You have to publicize everything? Whats that an ego boost?

     
  16-Dec-16, 22:26   #12
  0 
Tony_MON7ANA 

Joined: Mar '14
Location: Japan
Age: 43 (M)
Posts: 4949
Split second decisions also have lasting impact and the little, seemingly insignificant things make the difference between winning and losing. A so-called instinctive knowledge and experience will come in handy in our lives.

Edited by Tony_MON7ANA (Friday, December 16, 2016 @ 22:45 GMT)


     
  17-Dec-16, 01:36   #13
  -1 
Robbo1990 

Joined: Dec '12
Location: New Zealand
Age: 26 (M)
Posts: 301
easy to live in monaco or macau and maybe only the other rich people know you....now everyone who knows poker knows him. its not about the ego boost, but perks and his name means something - which means hes worth more than 15million and not as dispensable as the regular population

     
  17-Dec-16, 03:50   #14
  +1 
waoz 

Joined: Jun '11
Location: Venezuela, Bolivarian Republic of
Age: 38 (M)
Posts: 158
500 million is a lot of money .... wow .. nobody is a fortune teller, I do not blame him, besides 10 million are not bad .. jejejeje

     
  17-Dec-16, 08:50   #15
  +1 
damosk 
Joined: Feb '11
Location: United Kingdom
Age: 52 (M)
Posts: 5173
Hey! Just like making a move in poker that doesn't payoff, there is no such thing as selling shares too early. You sell them at the time that is right for you and you take whatever you get for them. Just because the market changes doesn't make the decision a good or bad one, it just means he could have made a different decision or made the same decision at another time. He could hold on to them forever and make even more money if he wanted too but he didn't! It's not news! It's a story that gets everyone's interest!

     
  17-Dec-16, 18:00   #16
  0 
pochui 

Joined: May '08
Location: Lithuania
Age: 32 (M)
Posts: 9193
oh i missed this funny statement where negreanu mentioned that he was offered $170 millions for his small poker site (kidpoker if i remember things correctly)- yeah that was a small site, just opened in a right moment when all of this online poker business was just starting to hit mainstream, if daniel said no, he's in the same company as miky sexton...

     
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