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Reddit co-founder Alexis Ohanian scored a $50 million windfall from an early guess on cryptocurrencies that helped him seal his love match with tennis legend Serena Williams.
Ohanian, 39, revealed in an interview with Forbes that he used a portion of his income to purchase a $3 million, 17-carat engagement ring when he proposed to Williams in December 2016.
Williams, who received a document 23 main singles titles earlier than retiring final yr, married the tech entrepreneur in 2017.
Ohanian mentioned he earned the $50 million via an early funding within the cryptocurrency alternate Coinbase and by shopping for up ether, a number one cryptocurrency token that ranks simply behind bitcoin in reputation.
Ohanian advised the outlet he realized in regards to the token throughout his early conferences with Coinbase executives in 2014.
He invested $15,000 to purchase 50,000 ether. At the moment, a single ether token is price about $1,651, that means Ohanian’s authentic stake can be price almost $83 million.
“In hindsight, I didn’t make investments almost as a lot as I ought to have,” Ohanian advised Forbes.
After Coinbase went public in 2021, Ohanian used $26 million in his inventory proceeds to launch his enterprise agency 776, which focuses on blockchain and different tech-centric investments. The agency has greater than $750 million in property beneath administration, based on its web site.
He additionally donated $1 million towards ex-NFL quarterback Colin Kaepernick’s nonprofit “Know Your Rights.”
Ohanian additionally advised Forbes a humorous story about his first date with Williams, which almost went off the rails after the famous person athlete tried to entry Reddit. On the time, the social media platform didn’t have a cellular app.
“She requested me what I did. I mentioned I began and run this firm referred to as Reddit. She pretended like she knew of it, however she didn’t. She goes to her cellphone and searches the app retailer and she or he’s like ‘how do you spell it?’ and I’m like ‘R-E-D-D-I-T.’ I’m sweating as a result of I've to attempt to clarify to her we don’t have an app,” Ohanian mentioned.
“I used to be like, I haven’t heard of it. And there’s no app? It mustn’t be actual,” Williams added.
In 2019, Forbes estimated that Ohanian has a internet price of $70 million. As of final August, the outlet projected Williams’ fortune to be $260 million.
Coinbase’s inventory has plunged by greater than 82% because the firm went public. The cryptocurrency agency performed layoffs final yr as an financial downturn and the fallout from FTX’s chapter rattled all the business.
As of Thursday, the corporate had a market cap of almost $14 billion, with shares buying and selling above $60.
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