Cardano Founder Charles Hoskinson Dismayed Over a16z’s $350 Million Investment in “Flow”
The post Cardano Founder Charles Hoskinson Dismayed Over a16z’s $350 Million Investment in “Flow” appeared on BitcoinEthereumNews.com. – Advertisement – Hoskinson expressed disappointment over a16z’s investment in Flow. Charles Hoskinson, the founder of Cardano, has reacted to Andreessen...
Hoskinson expressed disappointment over a16z’s investment in Flow.
Charles Hoskinson, the founder of Cardano, has reacted to Andreessen Horowitz’s (a16z) investment in Adam Neumann’s new residential real estate company, Flow.
In a recent tweet, Hoskinson reacted to the news of the investment by tweeting a facepalm gif, which has the caption: “All the FacePalms… All of Them.”
— Charles Hoskinson (@IOHK_Charles) August 15, 2022
Although Hoskinson did not say a word, the gif suggested that he was remorseful and frustrated by the development, according to the Merriam-Webster dictionary. Facepalm is used to show you are disappointed, embarrassed, and annoyed.
Neumann’s Controversial Past
Hoskinson’s reaction to the development is understandable, given that Neumann has been linked with controversy in the past.
Neumann had attempted to take WeWork public but failed. His shot at an IPO ended in disaster to the extent that heavyweight investors from Wall Street had to pay him approximately $1 billion to leave the company.
More so, while Neumann was heading WeWork’s operation, the company’s valuation dipped to $8 billion from $47 billion. These and other developments earned Neumann a reputation for mismanagement and poor treatment of employees.
However, despite Neumann’s past, a16z still wrote its largest individual check to his upcoming company Flow to the tune of $350 million.
“We understand how difficult it is to build something like this, and we love seeing repeat-founders build on past successes by growing from lessons learned,” a16z said in a statement about the investment.
A16z Neglecting Cardano
Andreessen Horowitz’s investment in Flow marks the second investment it will be making in Neumann’s affiliated company.
In May 2022, a16z invested $70 million in a company co-founded by Neumann dubbed FlowCarbon, a blockchain-based carbon credit platform.
Meanwhile, Hoskinson could be dispirited about Andreessen’s investment because of venture capitalists’ continuous lack of support for the Cardano project. A16z is one of the companies that has invested heavily in the crypto sector. The company set aside a whopping $2 billion for crypto projects.
Despite its focus on cryptos, a16z has still not considered investing in Cardano. “I’m always wondering why VCs and crypto media love certain alts and hate Cardano. Just can’t figure it out,” Hoskinson said in May.
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