News reports, official press releases

Avi Schiffmann Buys 'friend.com' for $1.8 Million in Payment Plan Deal

Jul 31, 2024, 12:48 AM

Avi Schiffmann has reportedly purchased the domain 'friend.com' for $1.8 million. The transaction is structured as a payment plan, with an initial down payment followed by periodic payments over time. There are clauses in place that allow the venture capitalists (VCs) involved to retain ownership of the domain if the startup fails. This approach is likened to a rent-to-own model and is considered a strategic move for building a trustable business. The deal has sparked considerable discussion, with some suggesting that the marketing value generated by the purchase has already begun to offset the cost.