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Before the year is out, Max Levchin will shepherd Affirm to the public markets.
As a child, he and his family fled the Chernobyl fallout. He nearly lost his leg. In many ways, those early days seem to inform the company he's built.
A thread.
↓
As a child, he and his family fled the Chernobyl fallout. He nearly lost his leg. In many ways, those early days seem to inform the company he's built.
A thread.
↓
I plan to unpack Affirm's S-1 in a future thread.
If you want to dive straight into that, check out the analysis @MarcRuby @julieverhage @jakesing_ @ndardenn @yrechtman @ImChauncey @AnnikaSays @dlwei17 and I conducted. https://thegeneralist.substack.com/p/affirm-the-morality-of-money
If you want to dive straight into that, check out the analysis @MarcRuby @julieverhage @jakesing_ @ndardenn @yrechtman @ImChauncey @AnnikaSays @dlwei17 and I conducted. https://thegeneralist.substack.com/p/affirm-the-morality-of-money
1
Kyiv.
Max Levchin was born in the city on July 11, 1975. Virtually everyone in his family was a physicist.
"My mom, my uncle, my grandmother, my grandfather, anyone related to me, except for my father was a physicist. That means that I was raised to be a physicist."
Kyiv.
Max Levchin was born in the city on July 11, 1975. Virtually everyone in his family was a physicist.
"My mom, my uncle, my grandmother, my grandfather, anyone related to me, except for my father was a physicist. That means that I was raised to be a physicist."
2
Wealth.
Why was everyone a physicist? Levchin describes how it operated as a type of social capital, in lieu of real riches.
"To have a physics degree, that was the hallmark of being accomplished, intelligent since there was no way to be wealthy in the Soviet Union."
Wealth.
Why was everyone a physicist? Levchin describes how it operated as a type of social capital, in lieu of real riches.
"To have a physics degree, that was the hallmark of being accomplished, intelligent since there was no way to be wealthy in the Soviet Union."
3
Illness.
Levchin was a sickly child, suffering from severe respiratory disease. His parents were told he wouldn't make it past childhood.
He spent a great deal of time in the hospital.
Illness.
Levchin was a sickly child, suffering from severe respiratory disease. His parents were told he wouldn't make it past childhood.
He spent a great deal of time in the hospital.
4
Rafael.
Levchin's father was a curious character. Surrounded by scientists, he worked as an author and artist.
In Moscow and Kyiv, he ran in intellectual circles, including with a group called the "Post Futurists."
Rafael.
Levchin's father was a curious character. Surrounded by scientists, he worked as an author and artist.
In Moscow and Kyiv, he ran in intellectual circles, including with a group called the "Post Futurists."
5
Elvina.
Levchin's mother worked at the "Institute of Food Science" in Kyiv. She worked in a radiology lab looking at foodstuffs to see if they were contaminated.
That would prove an extremely fortuitous position. But we're getting ahead of ourselves.
Elvina.
Levchin's mother worked at the "Institute of Food Science" in Kyiv. She worked in a radiology lab looking at foodstuffs to see if they were contaminated.
That would prove an extremely fortuitous position. But we're getting ahead of ourselves.
6
Computers.
It was through Elvina's job that a young Max was first exposed to computers.
His mother employer asked her to input data into a "soviet clone of a PDP-11." Later he would dabble with a Z80 and TI calculator.
Computers.
It was through Elvina's job that a young Max was first exposed to computers.
His mother employer asked her to input data into a "soviet clone of a PDP-11." Later he would dabble with a Z80 and TI calculator.
7
April 26, 1986.
At 1:23 am a fireball lights up the air, 90 miles north of Kyiv. The reactor core at the Chernobyl nuclear plant had overheated.
The Soviet government moved quickly to hush up the accident.
April 26, 1986.
At 1:23 am a fireball lights up the air, 90 miles north of Kyiv. The reactor core at the Chernobyl nuclear plant had overheated.
The Soviet government moved quickly to hush up the accident.
8
Bread.
The next morning, Elvina looked at a few loafs that had come from the north.
They *glowed.* Even though state news downplayed and dissembled, she knew something terrible had happened.
It was time to leave.
Bread.
The next morning, Elvina looked at a few loafs that had come from the north.
They *glowed.* Even though state news downplayed and dissembled, she knew something terrible had happened.
It was time to leave.
9
Fleeing.
Elvina pulled Max out of the hospital where he had been receiving treatment. She gave no explanation.
Soon, she and her children were on a train to Crimea, putting nearly 1,000 miles between them and Chernobyl.
Fleeing.
Elvina pulled Max out of the hospital where he had been receiving treatment. She gave no explanation.
Soon, she and her children were on a train to Crimea, putting nearly 1,000 miles between them and Chernobyl.
10
Fallout.
Two days after the explosion, Elvina arrived in Crimea with her sons. By then, news had gotten out about the disaster.
Leaving the train, the Levchins were greeted by state police and medical authorities.
They had to pass a screening.
Fallout.
Two days after the explosion, Elvina arrived in Crimea with her sons. By then, news had gotten out about the disaster.
Leaving the train, the Levchins were greeted by state police and medical authorities.
They had to pass a screening.
11
Geiger.
A state official passed a Geiger counter over Elvina without a problem. But when he passed the stick over Max, it beeped furiously.
What was going on?
The official tried again. And again. The same thing.
Geiger.
A state official passed a Geiger counter over Elvina without a problem. But when he passed the stick over Max, it beeped furiously.
What was going on?
The official tried again. And again. The same thing.
12
Amputation.
"It's in his leg," the man said, finally. "We maybe have to cut it."
A moment longer, and the young Max might have been ferried to a state medical facility. To lose his leg.
Elvina had an idea. "Try it again with his shoes off."
Amputation.
"It's in his leg," the man said, finally. "We maybe have to cut it."
A moment longer, and the young Max might have been ferried to a state medical facility. To lose his leg.
Elvina had an idea. "Try it again with his shoes off."
14
Thorn.
Buried in the sole of Max's shoe, they found it. A rose thorn, soaked with acid rain.
That was it.
The man ran the wand over Levchin in socks, and the reading returned to normal. Levchin kept his leg.
Thorn.
Buried in the sole of Max's shoe, they found it. A rose thorn, soaked with acid rain.
That was it.
The man ran the wand over Levchin in socks, and the reading returned to normal. Levchin kept his leg.
15
America.
A few years after that incident, Levchin and his family emigrated to America. They waited in Moscow airport for 48 hours before boarding a PanAm flight.
America.
A few years after that incident, Levchin and his family emigrated to America. They waited in Moscow airport for 48 hours before boarding a PanAm flight.
16
Money.
The Levchins left the Soviet Union with just $733.
It wasn't supposed to be that way. A sudden shift in the ruble to dollar rate meant they went from having the equivalent to $7,000 to roughly a tenth of it.
Money.
The Levchins left the Soviet Union with just $733.
It wasn't supposed to be that way. A sudden shift in the ruble to dollar rate meant they went from having the equivalent to $7,000 to roughly a tenth of it.
17
Buying power.
On the flight over, Levchin stole a PC Shop magazine from first class. Flipping through he stumbled on a computer without a monitor.
It cost $650. He asked Elvina, "Can we buy it?"
Buying power.
On the flight over, Levchin stole a PC Shop magazine from first class. Flipping through he stumbled on a computer without a monitor.
It cost $650. He asked Elvina, "Can we buy it?"
18
Narratives.
Every company reflects its founder's history to some extent.
But there's a particularly strong echo of Levchin's past in Affirm. The product of Soviet physicists unable to accumulate wealth, Levchin's business empowers consumerism and extends buying power.
Narratives.
Every company reflects its founder's history to some extent.
But there's a particularly strong echo of Levchin's past in Affirm. The product of Soviet physicists unable to accumulate wealth, Levchin's business empowers consumerism and extends buying power.
19
Read on.
If you enjoyed the story, you might enjoy our report on Affirm, the product of Levchin's efforts. https://thegeneralist.substack.com/p/affirm-the-morality-of-money
Read on.
If you enjoyed the story, you might enjoy our report on Affirm, the product of Levchin's efforts. https://thegeneralist.substack.com/p/affirm-the-morality-of-money
