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I think the interesting point is that he already had a lot of money, and was perfectly capable of handling it. But when the money was handed to him (rather than earned) he went off the rails.

I'm not qualified to say whether that is a known psychological reaction, but it would seem relevant to the startup world.

My guess: unearned money gives one a sense of social status, and high social status (like power) corrupts. Most of the destructive things these people do are related to social status.

It doesn't sound to me like he necessarily has a money-management problem. He probably still is quite rich. It's the rest of his life that is ruined.

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