Wow, this Scutify venture has taken on a whole new life, and I want to update and re-introduce to you dear TradingWithCody.com subscribers what this whole Scutify thing is and what’s going on with it after my latest posts about the Scutify offering you can invest no less than $15,000 in if you let me know right away.
To review with a little history first. Back last summer, I’d gotten a couple emails from Kheang Ly, the creator and developer or Scutify.com and its apps, asking me to join the site as a “Leader,” asking me to post what he called “Scuttles” and linking to my articles and interviews from his new investor/trader social network. As usual, life required a bit of perseverance from Kheang, and after he’d sent his third request to me this one on Twitter, I’d checked out his site and iPhone app and was pleasantly surprised at the innovative open platform he’d built.
I’d long wanted to turn my struggling Wall Street All-Stars site into a financial social network and had been working on doing so, but seeing that Kheang was already way ahead of me, and obviously very talented, I asked him to call me. When we finally got on the phone a few week later, I proposed that my Wall Street All-Stars, LLC, company, which had already had equity investors in it and which I still own the vast majority of, acquire his Scutify site and its apps. I asked Kheang what his life goals were and by the time we’d hung up, we’d agreed that Wall Street All-Stars, LLC would take over his Scutify assets, including its site and apps and anything else related to Scutify, for about 1/3 of the equity of Wall Street All-Stars, LLC.
Kheang had virtually no traffic, members or downloads of his Scutify app, but as I told him the other day when he asked me what I’d seen it those early days of the site and apps, I told him that I could the potential combination might make 2+2=17. That and the fact that he’d been able to get such a good start on a unique idea and had gotten his app through the Apple App Store while moonlighting from his day job, had given the confidence in making the trade — about 1/3 of my company, Wall Street All-Street All-Stars, LLC.
Six months later, Kheang and I have built Scutify into what is looking like an increasingly valuable enterprise. We are on the fourth major release and this week will release our fifth, our biggest and best version, of the Scutify iPhone app since we combined forces. We just released our third, and our biggest and best version of the Scutify Android app last week. We’ve also launched and created a very innovate and unique Scutify iPad app. We have also built and released Scutify apps for the Firefox platform and for Google Chrome’s platform. We are about to formally count the 100,000th download of our Scutify app.
We have added real-time quotes and customized Scutify charts for every major stock, commodity and currency on our site. In March, we had more than 200,000 people visit our site either on a browser or on one of our apps. iPhone app traffic accounts for about 40% of our traffic right now. Return visitors account for more than 70% of our daily traffic, which speaks to Scutify’s “stickiness.” We have had tens of thousands of traders, investors, politicians and CEOs sign up for membership and most of those have been active on the site, with many of them posting Scuttles to their followers, within the last month. To give you an idea, Pinterest is a site/app that’s been around since 2010 and the company had less than 10,000 sign ups at this same point in its existence.
That our user base is active investors and traders, some of whom I know are literally worth billions of dollars, will make our company, its user base and the data we gather about that user base will potentially worth many multiples of broader and/or less valuable target audience, at least on a Per User metric. A company full of a database of active investors and traders and wealthy social networkers is likely going to be worth more Per User than, say, a SnapChat which recently turned down a $4 billion offer for its company or for a Pinterest which recently raised money at a valuation of several billion dollars.
So, back to the current Scutify/Wall Street All-Stars offering that I made open to all you dear TradingWithCody.com subscribers. After WSAS LLC had acquired Scutify we had about 3,050,000 (3.05 million) shares of equity outstanding. With the current offering, we made about 300,000 shares open to a few of my personal friends and/or select investors, including you TradingWithCody.com subscribers, available at $3 each, which would give the company a valuation of just over $10,000,000 ($10 million).
Due to popular demand and repeated (see aforementioned importance of repetition/perseverance to success) inquiries from TradingWithCody.com members in the last week, I declared that any of you who are US citizens and/or have a US tax ID and who want to buy at least 5,000 shares of the Scutify/WSAS LLC offering at $3 each, could still do so if you let me know by this weekend. And you still have today to decide.
So far on this offering, we’ve received more than $500,000 ($1/2 million) from investors who have purchased shares at $3 each. In the last couple days we’ve had another $750,000 or so worth of commitments from investors, and we’ll be making enough shares available to accommodate that demand.
If you are a US citizen or have a US tax ID and you want to buy at least 5,000 shares ($15,000) worth of Scutify/WSAS LLC on this equity offering, you need to let me know today or at latest, tomorrow, Monday April 7.
This will probably be the last time I talk about the Scutify/WSAS LLC offering and its valuation for awhile. Investors who have bought into the Scutify/WSAS LLC offering will of course get a complete financial and business update on the company at the end of each year.
Thanks again to all of you for your interest and support in Scutify and here on TradingWithCody.com.
PS. I’ll send out a Cody’s Latest Positions later tonight or first thing tomorrow. It takes a long time to go through and update it with ratings and weightings, but I’m working on it.