A Look Back At The Incident That Made Anthony Pompliano Famous
Anthony Pompliano is one of the central figures of the crypto ecosystem. A couple of months back his “successful people” had gone viral on Twitter.
After spending seven years in the army, of which three years were in the intelligence division, Anthony went on to found two companies, both of which were acquired and sold. After this, he worked in Facebook’s product team, moved to Snapchat’s growth team, and is now managing partner at Morgan Creek.
However, most of us do not remember why he is famous. Let us take a look back at it.
Pomp vs Snapchat
Anthony Pompliano filed suit in state court in January 2017, alleging that he had been fired as head of growth for the company after raising concerns about the numbers. He later withdrew the suit and filed a federal whistleblower claim, alleging the company had retaliated against him in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
A federal judge granted Snap’s motion, finding that Pompliano’s claims are covered by the arbitration provision of his contract. Pompliano had argued that his contract was “unconscionable” because he was forced to sign it the same day the offer was made and was not able to have an attorney review it. He also argued that it should be voided under the whistleblower protection provisions of the Dodd-Frank Act.
The judge held that Pompliano was sufficiently sophisticated to analyze the contract. She also ruled that the Sarbanes-Oxley Act of 2002, which provides for the nullification of certain arbitration clauses, does not apply to claims arising under Dodd-Frank.
Pompliano was fired after three weeks on the job in 2015. In his complaint, he alleged that Snapchat was exaggerating its growth metrics in order to pump up its IPO. He also alleged that CEO Evan Spiegel was dismissive when he raised concerns about this, and about Snapchat’s sluggish growth in overseas markets. Snap countered that Pompliano was a disgruntled employee who was fired for poor performance and that he was misinformed about Snapchat’s growth numbers. After leaving Snapchat, Pompliano went to work at Brighten Labs, which he also subsequently sued for wrongful termination and fraud.
Recently, Pomp was in news for making predictions that Bitcoin prices might fall to $3,000 before it reaches $10,000 again. Notably, at the beginning of the year, he had said that he believes that Bitcoin has the potential to reach $50,000 by the end of 2018.
Many have been skeptical about his predictions for multiple reasons. The biggest one being that Pomp takes considers 2014 as the point of reference, whereas, in 2014 the bear market was triggered by a single incident. When you look at the current scenarios, there are multiple factors affecting the prices, notably, ETFs, Regulatory trouble, security, hard forks and much more. The market is also so much more different and bigger now.