- As the Capitol came under siege on Wednesday, many venture capitalists expressed their outrage on Twitter.
- Some went even further and demanded that their fellow investors stop doing business deals with Jared Kushner, President Trump’s son-in-law and White House senior advisor.
- “Why would you put Jared Kushner on your cap table given the terror that this administration has brought to America over the last four years, resulting in today’s chaos,” one investor said.
- Kushner, who is known for his real-estate investments, has been walking a delicate line between Washington and Silicon Valley. He is a cofounder of the real-estate tech startup Cadre and still has some ties to Oscar Health.
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Venture capitalists are calling on other investors to stop doing business deals with President Donald Trump’s son-in-law Jared Kushner because of their outrage over pro-Trump rioters who stormed the US Capitol on Wednesday in an effort to stop Congress from ratifying the election results.
Homebrew’s Hunter Walk wrote on Twitter, “Don’t be putting Jared Kushner on cap tables when this is all said and done.” The post was retweeted over 100 times by the tech community.
“Jared Kushner has helped promote his father-in-law for continued service in office despite knowing that he is attempting to undermine democracy and has done nothing to speak publicly against his actions,” Upfront Ventures’ general partner Mark Suster told Business Insider. Suster also responded to Walk’s tweet.
“If you normalize his behavior of past four years it’s on you. I for one will not do business with anything he’s involved with,” he wrote.
“Why would you put Jared Kushner on your cap table? What added value can he possibly bring given the terror that this administration has brought to America over the last four years, resulting in today’s chaos,” Katie Stanton, a general partner at Moxxie Ventures, told Insider.
Stanton said her advice to founders was to always be thoughtful about who they take money from.
“You want to make sure you partner with investors you are aligned with and, in my opinion, who add value and are decent,” she said.
Stanton added that it was a trickier situation with Josh Kushner, Jared’s younger brother and a managing partner at Thrive Capital, a venture-capital firm that has backed Glossier, Slack, Robinhood, and Stripe.
The younger Kushner’s differences with his family over politics was hinted at a year ago by his wife, the supermodel and “Project Runway” host Karlie Kloss. On an episode of “Watch What Happens Live” last January, Kloss said she was not voting for Trump in 2020.
“I’m not sure it’s fair to hold Josh accountable for what his brother does. He’s a very decent person, and it’s unfortunate he’s affiliated,” Stanton said. “It’s tricky to throw the entire family in there, but I think it’s completely fair to say don’t do business with Jared and Ivanka going forward.”
Suster agreed. “I would never hold somebody accountable for what a sibling does. Thrive have been outstanding VCs and people,” he tweeted.
But Jared Kushner is not only Trump’s son-in-law but also his senior advisor.
He’s been walking a delicate line between Washington and Silicon Valley. In February, sources told Bloomberg he was planning to divest from Cadre, the real-estate technology startup he cofounded. Five months later, Kushner put the divestiture on hold with the understanding that while he remained an investor, Cadre would refrain from seeking foreign investors, according to CNBC.
Founded in 2014, Cadre has raised $158.4 million from investors including Josh Kushner venture-capital firm Thrive Capital, along with Andreessen Horowitz, Founders Fund, General Catalyst, Khosla Ventures, DST Global, Breyer Capital, Lumia Capital, Goldman Sachs Investment Partners, Sound Ventures, Mark Cuban, Peter Thiel, Ford Foundation, and SL Green Realty. Cadre has an estimated valuation of $800 million, according to PitchBook.
The Kushners are also involved in a health-insurance tech company. Josh Kushner is a cofounder and major investor, and Jared partially owned or controlled Oscar Health before he joined the White House, according to a report in The Atlantic. In December, Oscar filed confidentially for an initial public offering. The company was last valued at $3.2 billion and counts Tiger Global, Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla Ventures, and General Catalyst as investors.
Neither Cadre nor Oscar immediately responded to a request for comment.