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Daniel Penny has joined the venture capital firm Andreessen Horowitz (a16z) in a move some critics view as a diversity, equity, and inclusion (DEI) hire. David Ulevitch, a general partner at the top Silicon Valley investment firm, confirmed Penny’s hiring in an internal statement to The Free Press. He stated that Penny will “learn the business of investing and he will work to support our portfolio companies.” “We believe in Daniel and are excited to have him as part of our team,” Ulevitch said, per The Free Press. There has been criticism regarding Penny’s qualifications, with some perceiving his appointment as a political move after he avoided a 20-year prison sentence for the death of a homeless man. Following his acquittal last year, he was seen attending the Army vs. Navy football game as a guest of then-President-Elect Donald Trump. For this reason, the new hire may be painted as a public relations tactic for a16z rather than a hire based on merit, since Penny has no investing...
NFL player Bryce Young is investing in women’s sports. According to KGW8, the Carolina Panthers quarterback has joined the Portland Thorns ownership group. The women’s soccer team’s controlling owners are Lisa Bhathal Merage and her brother Alex Bhathal, who manage it through their investment firm RAJ Sports. “Supporting women’s sports is extremely important to my family and I,” said Young in a press release, per KGW8. “I am thankful to the Bhathal family for the opportunity and look forward to being a passionate supporter of this club.” Other Portland Thorns investors include two-time U.S. decathlon gold medalist Ashton Eaton, former NFL quarterback Joey Harrington, and Dallas Cowboys wide receiver Brandin Cooks. “We are thrilled to welcome such an accomplished group of athletes into the Thorns investor group,” Bhathal Merage said. “This is truly a group of champions, both in their respective sports, and as leaders in the Portland community. We are excited and honored to access...
Pronghorn has invested in a Black-owned company disrupting the event and spirits sector. As AFROTECH™ previously reported, Pronghorn aims to pump $2.4 billion in “economic value” into the Black community by cultivating their growth in the spirits industry. With a goal in 2022 to invest in 57 Black-owned spirits brands by 2032, the firm also provides guidance to Black founders as well as employment opportunities. It is already working toward placing individuals in 1,800 roles within the sector. Pronghorn has invested in numerous companies in the spirits industry, including Tequila with Friends, Den of Thieves, Ego Tequila, and singer Ciara’s Ten To One. Joining the lineup is Eventnoire, an event management and online ticketing platform created by Jeff Osuji. According to a press release, Eventnoire has over 10,000 venues and event organizers and a network of 400,000 influencers across North America and Africa, solidifying the company as a leader within the ticketing sector that is...
Michelle Obama has attracted investments from Stephen and Ayesha Curry. The former First Lady of the United States is the founder of PLEZi Nutrition, a company designed to reshape the food industry and provide healthier drinks and snack alternatives for children, according to its website. Its inaugural product is a drink called PLEZi, made with fewer sugars and more nutrients like fiber and potassium. The company’s mission is now being fueled through an investment from Stephen and Ayesha Curry, who now serve as investors and brand partners, per a news release. “We’re so excited to welcome Stephen and Ayesha Curry to the PLEZi Nutrition family,” said former First Lady Michelle Obama , co-founder and strategic partner of PLEZi Nutrition, in a news release. “They are true role models. They’re extraordinary at what they do and how they go about their work — with creativity, integrity, and a whole lot of fun. Their commitment to bettering the lives of children and their dedication to...
Ice Cube is celebrating wins in different sectors. As AFROTECH™ previously reported, Ice Cube has been investing his time in his BIG3, a 3-on-3 basketball league that has been expanding to Los Angeles, CA; Detroit, MI; Houston, TX; and Miami, FL. Its presence in the aforementioned states follows a reported $10 million sale each in an effort to adopt a city-based model. “We need to plant our roots in cities so we can be more than a rolling all-star game coming through,” Ice Cube previously told Bloomberg. “It’s really about growing the sport and the league.” While he is gaining momentum in the sports world, he is also growing in the entertainment space. According to a news release, his production company Cube Vision has landed an expanded partnership with Paramount Global. The partnership builds on an existing relationship between the parties, who have previously collaborated with the taping of the Big3 basketball league games, which aired on CBS, as well as on other projects. The...
Bobby Wagner is planning for life after the league. Sportico reports that the Washington Commanders linebacker is currently signed to a one-year deal with the team reportedly worth $8.5 million. He negotiated the contract without an agent, winning the praise of Magic Johnson, who is a limited partner of the Washington Commanders. The 34-year-old joined the league in 2012 and was drafted by the Seattle Seahawks. He remained with the team for his first 10 seasons and went to eight straight Pro Bowls, ESPN reports. He then played for the Los Angeles Rams in 2022 and returned to the Seattle Seahawks in 2023 before landing with the Washington Commanders in 2024. Throughout his time in the league, Wagner has taken full advantage of opportunities off the court. Inspired by his mother who worked in the finance industry, he majored in business entrepreneurship and is working on his MBA at Howard University, per Sportico. He has made calculated investing moves, such as purchasing stakes in...
The National Football League (NFL) is continuing its 2016 promise to strengthen its ties with Historically Black Colleges and Universities (HBCUs). The league will be hosting its second annual Madden NFL 22 x HBCU Tournament with EA alongside career development opportunities that will extend beyond the field, according to an official update from the league’s Football Operations. The tournament will feature 48 HBCUs in the SWAC, MEAC, SIAC and CIAA conferences in hopes of inspiring students to represent their school’s pride through competition and networking opportunities. “We are so thrilled to bring back this tournament for HBCU students and offer a once-in-a-lifetime experience to come to Los Angeles during Super Bowl LVI Week,” said Natara Holloway, vice president, football strategy at the NFL in an update. “We want to expand the league’s efforts to create inclusive opportunities for the next generation of talent with partners like EA providing not only a chance for students to...
Fresh off an impressive WNBA finals run, Skylar Diggins-Smith is striving to level the playing field on a new court. The Phoenix Mercury guard will be partnering with investment platform Public to steer conversations centered around women’s pay equity and building wealth. A partnership of this sort is nothing new for someone like Diggins-Smith, who has been a prominent advocate for the pay gap between men’s and women’s sports. She continues to place herself in positions to invest in a more equitable future for all women. “During my time in the WNBA, I’ve thought a lot and spoken up about how to improve our pay equity as players. But this is an important conversation to have outside of sports, too,” Skylar Diggins-Smith told AfroTech exclusively. “Investing in the stock market can be a great way to build long-term wealth, and I’m excited to work with Public to help the next generation of investors, especially women of color, start investing in the public markets and themselves.” As a...
Seattle Seahawks linebacker Bobby Wagner revealed an exciting opportunity for fans to tap into the stock market on Wednesday. CNBC reported the National Football League (NFL) player has become an equity holder in Public.com, a social investing platform that allows individuals to invest in companies commission-free. In addition, Public promotes financial literacy by allowing users to follow domain authorities and familiar investors. Since the company’s inception in 2019, it has raised $310 million from investors including Accel, Greycroft, and high-profile celebrities like Will Smith and J.J Smith. While the terms of the linebacker’s agreement have not yet been disclosed, he did share the incentive for the recent venture. “I want people to understand how money works and how people invest,” Wagner stated in an interview with CNBC on Tuesday. “You can have conversations with people to get their thoughts on why they are investing in certain things.” The social investment platform —...