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Ah, Silicon Valley: One moment, you're worth $3 million; the next, you can't even afford an iPhone. That's the situation Zooomr founder Kris Tate found himself in last week. A tipster who was on the scene expands on our earlier report that Tate's credit card was declined at the Palo Alto Apple Store as he tried to buy the must-have geek toy. Moments before, the tipster says, Tate was bragging about his net worth. The eyewitness account, after the jump.

On the day of the iPhone launch, Zooomr founder Kris Tate was waiting in line with everybody else. A cute young girl was talking to the guys there and asked Kris what he did. He said he was a successful entrepreneur who ran a popular photo website (pointing to the Zooomr stickers that were stuck everywhere). Jokingly, she asked him how much he was worth and he told her that he is worth "around $3M". Very ironic considering what happened next.

(Photo of Kris Tate by geodog)