Successful entrepreneur, once valued at nearly Rs 85,662,500,000 from his startup sale, now faces incomelessness and seeks new opportunities.
Article:
Vinay Hiremath, the dude who sold his startup Loom for a whopping billion bucks in 2023, is now scratching by with internships. It's wild, bro! This millionaire is now struggling to make ends meet.
By: Alex Johnson
Updated: May 01, 2025, 10:45 PM PST
It's hard to imagine a person, who was worth millions just a couple years ago, is now in desperate need of a job and barely has a dime to his name. Vinay Hiremath, the founder of Loom, sold his startup to Atlassian for nearly USD 1 billion (Rs 85,662,500,000). He pocketed USD 50 to 70 million (Rs 4,278,125,000 to 5,996,375,000). But here's the kicker, the guy has no cash flow and is forced to grab internships. In a recent podcast episode, the 33-year-old revealed his jaw-dropping transformation from being a millionaire to a "broke stoner."
Who's Vinay Hiremath?
Vinay Hiremath is the India-origin co-founder of Loom. In a previous blog post, he wrote that he has "no idea" what to do with his life. "I am rich and have no idea what to do with my life" is the title of his post.
Vinay's Journey to Founderhood
After studying at the University of Illinois for two years, he dropped out and bagged a four-month internship as a software engineer at Facebook. His first big break came when he joined Backplane as an engineer in August 2012. That's where he learned the art of "hacking," as he puts it. There he also met Shahed Khan, with whom he developed Loom, a video messaging company.
After spending over a year at Backplane, in September 2013, Vinay joined another startup called Upthere, where he honed his technical skills. Finally, in 2015, he co-founded Loom with Shahed Khan and Joe Thomas. He led the engineering team for over four years before getting promoted to Chief Technology Officer in April 2020.
The Money Game
The host of Moneywise podcast, Sam Parr, revealed that Hiremath rejected a USD 60 million (Rs 5,139,750,000) retention bonus, which would have been fully accessible in over four years. Hiremath didn't disclose the exact amount he received after selling Loom, but estimated it to be between USD 30 (Rs 2,569,875,000) to USD 100 million (Rs 8,566,250,000). So, Parr figured it was between $50 to $70 million. Hiremath confirmed he has enough dough for his future kiddos.
"Well, I left 60 on the table. Right now, I'm looking for internships," said the Indian-origin Illinois-born founder. In early 2023, he made headlines for saying he had made more money than he knew what to do with. "After selling my company, I find myself in the totally un-relatable position of never having to work again," he wrote.
Vinay's Present Adventures
Parr mentioned on the podcast that Hiremath is diving deep into physics, studying for 5–8 hours daily, and hanging out in Discord groups with younger tech enthusiasts. His goal is to intern as a mechanical engineer at a robotics company.
"I've been doing a bunch of physics. I am potentially, hopefully - knock on wood - interviewing at a few different startups here, like a couple of robotics companies to basically intern as a mechanical engineer," Hiremath said on the podcast. "And then I want to intern as an electrical engineer. I really don't know what I'm gonna do with this," he added.
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- Despite selling his startup, Loom, for a billion dollars in 2023, Vinay Hiremath, the Indian-origin founder, is currently struggling and seeking internships to make ends meet.
- In 2025, Vinay Hiremath, the millionaire co-founder of Loom, penned a blog post titled "I am rich and have no idea what to do with my life."
- After studying at the University of Illinois and dropping out for a four-month internship as a software engineer at Facebook, Vinay Hiremath co-founded Loom, a video messaging company, with Shahed Khan and Joe Thomas.
- In a recent podcast episode, Vinay Hiremath estimated he received between USD 30 to 100 million when he sold Loom, but was forced to reject a USD 60 million retention bonus to pursue personal interests, such as physics and internships at robotics companies.
- India's startup landscape has seen a surge in entrepreneurship, with successful ventures like Loom making headlines in the business and finance world.
- With his wealth from the sale of Loom, Vinay Hiremath is set to provide for his future children, even as he pursues internships in the robotics industry.
- Vinay Hiremath, the former CTO of Loom, is hoping to secure internships as a mechanical and electrical engineer, undoubtedly bringing his expertise in entrepreneurship and business to the table in the realm of innovation and technology.
