Vinay Hiremath, the co-founder of Loom, has shared his emotional struggles and uncertainties after selling his startup to Atlassian for $975 million in 2023. In a heartfelt blog post titled “I am rich and I have no idea what to do with my life,” Hiremath detailed the unexpected challenges he faced following his newfound wealth. Hiremath’s blog provides a candid look at the personal and existential dilemmas that often accompany sudden financial success.
He reflected on the stark contrast between his previous life of relentless hustle and the current state of purposelessness, despite his considerable fortune. The 32-year-old entrepreneur recounted the emotional and psychological challenges he has faced since the sale. He detailed his journey of turning down a $60 million pay package from Atlassian, briefly considering launching a robotics company, and even climbing two Himalayan peaks in search of clarity.
He also spent a month working with Elon Musk and Vivek Ramaswamy’s Department of Government Efficiency. Hiremath’s journey began at the University of Illinois, where he dropped out after two years. He then joined Facebook as a software engineering intern for a brief period.
His first significant break came in August 2012 when he joined the startup Backplane, where he learned essential skills and met Shahed Khan, with whom he would later co-found Loom. Loom is a video-messaging platform that allows users to record and share AI-powered videos with their teammates and customers.
Struggles with newfound wealth
The platform boasts over 25 million users across 400,000 companies worldwide. Apart from his success as an engineer and entrepreneur, Vinay Hiremath is also an investor willing to help other founders he “vibes” with, often without seeking any form of compensation. His personal interests include cold plunge, sauna therapy, meditation, motorcycle riding, boxing, weightlifting, traveling, and socializing.
Despite these challenges, Hiremath remains optimistic about the future. He is currently in Hawaii, learning physics and considering starting another company focused on manufacturing tangible products. Even with uncertainty about achieving the same level of success, he is determined to explore new opportunities.
Hiremath’s reflections have resonated with a wider community of newly wealthy individuals or early retirees grappling with similar issues. Financial experts acknowledge the commonality of this experience. “When we have more money than we could ever spend, most people quit their job — but the job provides many of us with structure, a sense of purpose, and a great deal of our social interaction.
Remove this, and it leaves a big void,” said Robert Pagliarini, a financial advisor. As Hiremath continues his journey, he wrestles with philosophical questions about his identity and his relation to others, seeking a purpose that goes beyond professional achievements. Although he did not respond to a request for further comment, his blog has sparked conversations and garnered support from the tech community.
