Twitter Backed A Bunch Of Underrepresented VCs. Under Elon Musk, It’s Trying To Dump Them. by alexrkonrad
Forbes
“The pool of people who knew about the venture investing in any detail dwindled to virtually one person,” said one venture capitalist who was in touch with several affected managers at the time. “They were told that there was basically one person in finance who still knew anything about the investing program, and so if they wanted to get the rest of the capital that they had not yet called, he was their best hope.
Then there’s Twitter’s new owner, Musk, who has shown a seemingly limitless capacity for picking fights, and threatening lawsuits, on his own website, where he currently boasts the most followers of anyone in the world, at 135 million-plus . “What’s interesting here is the ‘who.’ You don’t want to be seen as ‘with me or against me’ with him,” said a partner at another law firm that works with a number of venture funds. “If someone defaults, that’s not your fault.
Should Musk’s associates find a desirable buyer, such as a well-regarded fund-of-funds, hospital system or foundation, several fund managers said they’d be inclined to approve a sale and move on. Given a cooled market for private equity investments, however — which historically hasunderrepresented groups in fundraising — such a deal is far from guaranteed. At least one blue-chip LP has already passed.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Matt Taibbi Claims He Took Twitter Files Off Twitter to ‘Protect’ Elon MuskTaibbi recently claimed he was “nervous” about leaving the Twitter Files “to the whims” of Musk.
Read more »
Before School ‘Breakfast Bunch' Helps Students Overcome Fear and Improve GradesStudents who speak English as a second language often have bigger hurdles to overcome in the classroom. One school on the west side of Fort Worth has found a way to help those students overcome their challenges, and the difference is apparent in their grades.
Read more »
Customers shred electricity bill plans backed by PG&E, other utilitiesCustomers and a key economist have shredded a utility bill scheme that would add an income-based monthly fee to electricity charges imposed by PG&E.
Read more »
Zimbabwe's central bank to issue gold-backed digital currency: ReportThe digital gold token will be introduced by Zimbabwe in an effort to stabilize the local currency depreciation against the US dollar.
Read more »
Zimbabwe to Introduce Gold-Backed Digital Currency: ReportThe country's central bank wants people to be able to exchange Zimbabwe dollars for the gold-backed token so they can hedge against the currency's volatility.
Read more »
Fake Twitter video of looted Walmart store triggers fear in FairfieldA video has gone viral in a tweet that says is a looting incident at a Walmart in Fairfield. As it turns out, it was a fake tweet but the damage had already been done.
Read more »