Wealthy tech founders have a risk-on investing style that differentiates them from much of the rich.
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John China, president of SVB Capital, a Californian investment company, says he has seen angels with upward of 50 investments, discovered largely through their Silicon Valley networks. “They tend to take more risk with angel portfolios and don’t really track them or worry about them,” says China, whose company is part of Silicon Valley Bank, a big lender to start-ups and venture capital funds.
Many of the tech elite have their sights set on the sky and beyond, including Musk with rocket maker SpaceX. Bezos founded aerospace company Blue Origin; Paul Allen, the late Microsoft co-founder, started Seattle-based Stratolaunch, a space transport venture; Sergey Brin has put his weight behind a zeppelin-like airship; and Larry Page, who co-founded Google with Brin, has backed Planetary Resources, an asteroid-mining venture, and electric aircraft maker Kitty Hawk.
Some investments are difficult to distinguish from charitable grants, blurring the lines between profit and philanthropy. Zuckerberg pledged up to $1 billion a year to a controversial organization spreading money across grants, political donations and start-up investments. The Chan Zuckerberg Initiative, co-founded with his wife, Priscilla Chan, has called itself “a new kind of philanthropy,” registering as a limited liability company.
Powell Jobs is only one of several tech billionaires who have invested in media, at least in part to ensure press freedoms. Bezos, who bought the Washington Post in 2013, has said he believes the newspaper “has an incredibly important role to play in this democracy,” though the arrangement has been criticized by press watchers wary of the influence he could exert over the institution’s output.
After amassing $3.6 billion from selling WhatsApp to Facebook for $22 billion, co-founder Brian Acton opted to funnel money into another encrypted messaging app, the nonprofit Signal. He did, however, walk away from stock options worth $850 million following a disagreement over the monetization of WhatsApp; he also joined the “#deletefacebook” campaign.
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