Forbes Media has sold a majority of the stake in the company to a Hong Kong based financial company called Integrated Whale Media Investments. The deal places a $475 million valuation on the company, according to Re/Code. Forbes chairman and editor-in-chief Steve Forbes said the new investors own the vast majority of the family company.
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For the second time in a row, Jim Breyer has been selected as the #1 position of the Midas List of top tech investors. Five out of the top tech investors have Facebook as a portfolio company. Investors in LinkedIn, Groupon, Twitter, and Zynga also put them in the list. Only 5 of the people in the list are women. This is one of the reasons why so many people are criticizing the list on Twitter. The top 10 on the list are:
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Forbes has published the 2011 Billionaires List. Facebook co-founder Mark Zuckerberg was listed as the top social networker with an estimated wealth of $13.5 billion. Dustin Moskovitz, Facebook co-founder and the world’s youngest billionaire, was also listed with an estimated wealth of $2.7 billion. Facebook co-founder Eduardo Saverin and former Facebook President Sean Parker were also on the list at $1.6 billion each. Angel investor and major Facebook shareholder Peter Thiel was on the list and is worth $1.5 billion. Yuri Milner, a Facebook investor, is worth $1 billion. Considering that 6 billionaires can be associated with one company is just remarkable. [ComputerWorld]
Private publishing company Forbes, Inc. has acquired freelance startup company True/Slant. True/Slant founder and CEO Lewis Dvorkin will be joining Forbes as the Chief Product Officer on June 1st. Dvorkin worked as Executive Editor of Forbes magazine from December 1996 to April 2000. Forbes also invested in True/Slant in August 2008. [TechCrunch]
Former SVP of AOL News & Sports, Lewis D’vorkin Launching Public Post Inc.; Receives Funding For Venture
Lewis D’vorkin is a former Time Warner Inc. (NYSE:TWX) executive. D’vorkin informed paidContent that he has raised funding for a new venture called Public Post Inc. The early stage funding was provided by Forbes Media and Velocity Interactive Group. Public Post Inc. has not launched a public site yet, but the idea for Public Post is to have a news network that revolves around authors, journalists, bloggers, and filmmakers.
Content appearing on Public Post will be provided by “knowledgeable experts” rather than citizen journalists. This is very similar to the idea behind Google Knol. D’vorkin stated that the startup won’t be linked to any other news media companies even though Forbes invested in them.
D’vorkin also hired Andrea Spiegel, another former VP at AOL. Spiegel will be acting as Public Post’s chief product officer. Public Post is D’vorkin’s second startup. D’vorkin’s first startup was created in 1995 and was called Virtual City. Virtual City was funded by Newsweek.
D’vorkin’s role at AOL was pivotal in the development of TMZ.com and AOL Fanhouse. Velocity Interactive Group is led by former AOL CEO, Jonathan Miller.