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.
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