Marc Andreessen may step down from Meta board due to crypto empire: Reports

2 years ago

The billionaire capitalist whitethorn beryllium stepping down from Meta’s committee on with Peter Thiel owed to concurrent investments successful Web3 that struggle with Meta’s interests.

Billionaire co-founder of crypto task superior steadfast A16z Marc Andreessen whitethorn beryllium leaving the committee of directors of Meta owed to his firm’s investments successful the Web3 space.

Business Insider reported connected Mar. 25 that a root acquainted with the concern said “it would not astonishment maine adjacent remotely” if Andreessen exited the committee successful the adjacent fewer months. Andreessen could permission arsenic soon arsenic May erstwhile the committee has its adjacent re-election.

Andreessen has not made a nationalist connection regarding his aboriginal with the Meta board.

Meta has begun to build oregon get respective Web3 projects related to the Metaverse, NFTs, societal networking, finance, and entertainment, which means a16z’s crypto empire could make a struggle of interests. On Mar. 18, Meta applied to patent idiosyncratic recognition bundle astir commonly utilized successful hardware and e-wallets akin to Metamask oregon Ledger.

a16z meantime is the starring VC steadfast successful the cryptocurrency space. It helped pb the recent concern circular successful BAYC creator Yuga Labs and launched a $30 cardinal money connected Mar. 11 to support nonfungible token (NFT) creation projects. The $450 cardinal concern circular successful Yuga Labs marks 1 of the largest NFT task effect rounds ever.

A16z’s different erstwhile oregon progressive investments successful the crypto abstraction see decentralized speech Uniswap, centralized speech Coinbase, NFT marketplace OpenSea, DeFi protocol Maker, and decentralized lending level Compound.

A16z raised $2.2 cardinal for its 3rd crypto money successful the mediate of past twelvemonth and intends to rise $4.5 cardinal for its adjacent money successful the coming months, making it the largest specified task to date.

A spokesperson for a16z denied the rumors, telling Business Insider:

“If helium were to measurement down, helium doesn’t cognize astir it. So no, it’s not happening. At slightest not now.”

Andreessen has been connected the erstwhile Facebook committee since 2008, longer than immoderate different existent non-Meta squad member. Early Facebook capitalist Peter Thiel volition measurement down successful May for a fig of reasons including his crypto investments successful Block.one (the blockchain solutions steadfast down EOS) and crypto trading level BitPanda.

View source