Co-founder of @stripe.

California / Ireland
Joined April 2007
John Collison retweeted
Introducing 'stripe pay', for instant business-to-business transfers. Find companies using their Stripe profile handle and send funds for free. Available in the Dashboard and CLI.
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United CEO Scott Kirby joins @benthompson and me to break down the airline business: justifying big capex, how they do route planning, what other CEOs screw up, the Starlink decision, why everyone misunderstands the credit card economics, and lots more.
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Scott also turned me on to the fact that there’s a NEW Skunk Works book: The Impossible Factory by Josh Dean. Immensely enjoyable and worthwhile even if you have read Ben Rich’s book and Kelly’s book. Have your agent run, not walk, to the nearest bookseller!
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Tomorrow on Cheeky Pint: Scott Kirby from @United breaks down the airline business for @benthompson and me: how they play the gate/slot contest, Starlink changing their competitive dynamics, and how everyone needs to stop outsourcing their thinking to surveys.
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Agentic commerce with Claude and Stripe @Link!
We’re working with Anthropic to help you run your businesses inside Claude Duet. • Make purchases with @link • Issue refunds and understand business trends with the Stripe MCP
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John Collison retweeted
I always intended Stratechery to have a sponsorship component; it just took me 12 years to get back to it. That I could do so with the company that made the subscription business possible makes me so happy. There is nothing better than endorsing a product you whole-heartedly believe in.
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John Collison retweeted
Nomad Letters: The Full Collection of the Nomad Investment Partnership Letters to Partners, 2001–2014, now available for preorder: press.stripe.com/nomad-lette…
i first read the Nomad letters when i was 17, and they changed my life. this is an embarrassing admission to make about a collection of hedge fund letters that primarily circulated as a stolen pdf in value-investor circles, and have now become enough of a meme to enjoy a second life of their own. but on the occasion of their republication in beautiful form by Tammy and the team at Stripe Press, i thought it was worth reflecting briefly on the impact these letters had on me. Sleep and Zakaria’s fundamental truth (truke?) is often, and incorrectly, remembered as “scale matters.” everyone knew this when Sleep was writing. the real insight was that scale is most powerful when its benefits are surrendered directly to the consumer. the thing i remember most from Sleep is his wonderfully strange “robustness ratio,” which measured the amount the customer saved against the value retained by shareholders. value escaping the firm to the consumer, rather than being captured by it, was the metric of a great business. a great business is a lossy one. this places Sleep in an interesting position opposite the other greatest anglo-investor of his generation, Chris Hohn. Nomad and TCI look similar from a distance: concentrated portfolios, long holding periods, indifference to benchmarks and, eventually, the conversion of their private fortunes into large philanthropic efforts. they differ not merely in the fact that Hohn decided to continue (and even convert to Hinduism so that he could manage his portfolio in the next life, as reported in the FT), but in that their ideal businesses are exact mirror images. Hohn loves an irreversible asset that can extract a tax on its customer. in Hohn’s world, if a company possesses pricing power, it should, and must, exercise it. rather Sleep’s ideal company possesses pricing power and repeatedly and consciously declines to use it. the emergence and now total dominance of the labs makes this distinction newly urgent and would, on its own, be occasion enough to republish the work, quite apart from how beautiful and important the letters are. our instinctive response to a discontinuity in technology is to invest at the frontier. Sleep’s letters are at least some reason for caution. technical leadership can be copied or simply made irrelevant by the next advance, and capital floods towards visible scarcity just before technology eviscerates that very same scarcity. god knows Sleep was never hostile to technology. he made more money on Amazon than almost anyone else. but, at least in my reading, he was skeptical of technical novelty as a moat in its own right. what mattered to him was whether that technological step had been converted into a self reinforcing relationship in which the customer privatized the gain. in Nick’s frame, and he's welcome to correct me (although my sense is requiring him to lift a hand off of the wheel of a f450 in the hills of northumberland at this point would be a step too far) the enduring AI business may therefore be the one that passes declining costs on most aggressively, not one that preserves scarcity, bombs its own customers margins and tries to eat as much of the application layer as possible. i find it increasingly useful to use the pair trade between totemic-hohn, and totemic-sleep actions as a frame in which to view the actions of the frontier. my guess is, in the fullness of time, or at the very least in this life (hohn is welcome to prove me wrong in the next), that Sleep might have won this bout. very glad to see these letters in print.
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.@MercedesAMGF1 is the leading F1 team and the best business in the sport. Toto Wolff is the only owner-principal. I was excited to sit him down and understand his business background, how they run engineering under the constantly-changing rules, his views on the industry, and how he's preparing for succession. 00:00:22 Spotting driver talent 00:06:24 Engineering and team selection 00:09:11 The F1 cost cap 00:25:21 Toto’s early investing career 00:38:15 Running Mercedes as an owner 00:46:47 Why F1 team values exploded 01:08:24 Succession planning
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.@willob of @ulyssesinc joins @sacca and me for a pint to discuss how subsea robotics is unlocking Earth’s last frontier. We talk about the physical constraints of operating 1,500 meters underwater, why seagrass holds 20% of the ocean’s carbon, how green tape hinders environmental restoration, and why hard tech startups are verticalising hardware manufacturing. (Plus, Will's interesting Guinness history facts.)
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Tomorrow on Cheeky Pint: @willob of Ulysses joins @sacca and me to discuss why seagrass is the ultimate carbon sink, scaling underwater hard tech (deep tech?), and selling sea drones to the US Navy.
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Cheeky Pint is back! Mark Zuckerberg @finkd and Alexandr Wang @alexandr_wang came to the pub to discuss their new frontier model, Muse Wonder. 00:00:24 Muse’s breakout use cases 00:07:28 The model is the product 00:14:35 Muse Wonder 00:24:56 How frontier models are built 00:48:26 Betting $100B 01:07:21 Agentic commerce 01:19:34 OpenRouter 01:20:06 Beyond the smartphone 01:27:00 Funding 01:34:06 Why AI won’t be winner-take-all 01:40:46 Meta Superintelligence Labs (MSL) 02:08:11 Working for Mark Zuckerberg
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Cheeky Pint returns Monday in our new pub! Lots of great guests lined up for this season.
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You can now binge watch Cheeky Pint on your @united flight.
your Cheeky Pint experience just got upgraded!! now on @united ✈️🍻
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John Collison retweeted
your Cheeky Pint experience just got upgraded!! now on @united ✈️🍻
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John Collison retweeted
Open Standard, $OUSD, is now live! Open Standard is a new USD stablecoin with a very large network of participating partners (joinopenstandard.com/partner…). It's designed to be exceptionally secure, reliable, and developer-friendly. Importantly, most yield is shared directly with partners rather than being internalized by the stablecoin issuer. Stripe is adopting OUSD in a number of core product flows.
$OUSD is live. Build with OUSD via @Coinbase @Mastercard @Stripe and @Visa. Each integration path supports 1:1 USD conversion at no cost. Read the announcement: joinopenstandard.com/blog/ou….
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Will Manidis on the "scale economies shared" concept at the heart of Nick Sleep's letters. Nick's letters have a cult following amongst investors, and we're delighted to be publishing them at Stripe Press.
i first read the Nomad letters when i was 17, and they changed my life. this is an embarrassing admission to make about a collection of hedge fund letters that primarily circulated as a stolen pdf in value-investor circles, and have now become enough of a meme to enjoy a second life of their own. but on the occasion of their republication in beautiful form by Tammy and the team at Stripe Press, i thought it was worth reflecting briefly on the impact these letters had on me. Sleep and Zakaria’s fundamental truth (truke?) is often, and incorrectly, remembered as “scale matters.” everyone knew this when Sleep was writing. the real insight was that scale is most powerful when its benefits are surrendered directly to the consumer. the thing i remember most from Sleep is his wonderfully strange “robustness ratio,” which measured the amount the customer saved against the value retained by shareholders. value escaping the firm to the consumer, rather than being captured by it, was the metric of a great business. a great business is a lossy one. this places Sleep in an interesting position opposite the other greatest anglo-investor of his generation, Chris Hohn. Nomad and TCI look similar from a distance: concentrated portfolios, long holding periods, indifference to benchmarks and, eventually, the conversion of their private fortunes into large philanthropic efforts. they differ not merely in the fact that Hohn decided to continue (and even convert to Hinduism so that he could manage his portfolio in the next life, as reported in the FT), but in that their ideal businesses are exact mirror images. Hohn loves an irreversible asset that can extract a tax on its customer. in Hohn’s world, if a company possesses pricing power, it should, and must, exercise it. rather Sleep’s ideal company possesses pricing power and repeatedly and consciously declines to use it. the emergence and now total dominance of the labs makes this distinction newly urgent and would, on its own, be occasion enough to republish the work, quite apart from how beautiful and important the letters are. our instinctive response to a discontinuity in technology is to invest at the frontier. Sleep’s letters are at least some reason for caution. technical leadership can be copied or simply made irrelevant by the next advance, and capital floods towards visible scarcity just before technology eviscerates that very same scarcity. god knows Sleep was never hostile to technology. he made more money on Amazon than almost anyone else. but, at least in my reading, he was skeptical of technical novelty as a moat in its own right. what mattered to him was whether that technological step had been converted into a self reinforcing relationship in which the customer privatized the gain. in Nick’s frame, and he's welcome to correct me (although my sense is requiring him to lift a hand off of the wheel of a f450 in the hills of northumberland at this point would be a step too far) the enduring AI business may therefore be the one that passes declining costs on most aggressively, not one that preserves scarcity, bombs its own customers margins and tries to eat as much of the application layer as possible. i find it increasingly useful to use the pair trade between totemic-hohn, and totemic-sleep actions as a frame in which to view the actions of the frontier. my guess is, in the fullness of time, or at the very least in this life (hohn is welcome to prove me wrong in the next), that Sleep might have won this bout. very glad to see these letters in print.
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John Collison retweeted
We are excited to announce we are partnering deeply with Muse to enable agentic checkout with Shop Pay on all Shopify stores, offering people an easy and delightful way to shop and check out with Muse.
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John Collison retweeted
Architects oppose the kinds of buildings that most people like. (I’ve wondered if one could further corroborate this by using Flickr/Instagram or similar to investigate the building traits that correlate with photo frequency.)
Does the public prefer traditional architecture? Half a century of surveys find: worksinprogress.co/issue/do-… - Between 60 and 95 percent prefer traditional architecture; - This pattern holds across gender, class, race, nationality and political views; - More traditional densification schemes seem to attract remarkably high levels of survey support; - Laypeople and design professionals respond dramatically differently, with professionals far more favourable to modern styles. Research is still at an early stage, and many questions remain. Personally, I am particularly interested in how the public would respond to a non-traditional but richer and more decorative style? I think they might like it, but we don’t have hard evidence yet. But the results are already puzzling. Why do people end up buying buildings that are so different to the buildings they say they prefer? How did we end up in this odd situation? What can we do about it? Read more in @RobertKwolek's definitive review of architectural visual preference surveying.
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