Ryan Mac, reporting for BuzzFeed News:
Rubin’s departure from Playground was also accompanied by a
payout, with a source familiar placing the amount at more than $9
million. Documents related to his exit, which were seen by some
investors and the company’s leadership, but not all of
Playground’s staff, were reviewed by BuzzFeed News.
“Effective May 31, 2019, Playground Global ended our business
relationship with Andy Rubin,” read one internal document. “While
Andy is still a good friend of Playground, he no longer has any
economic interest in or any ongoing roles at Playground Global or
the related funds.”
“Quietly” is overused, especially in headlines, but here’s a case where something really was done quietly. Rubin founded the firm and its own staff wasn’t aware he left?
Rubin, however, is still using Playground’s money to build
Essential. The two are heavily linked, with Playground investing
in both of Essential’s fundraising rounds that have raised a
collective $330 million and the two companies sharing the same
address, according to their websites.
That’s quite a racket Rubin has going here.
It’s not clear why Rubin, Playground’s founder and figurehead,
departed the venture firm, but the nimbus of persistently negative
publicity around him may have played a role.
Yeah, maybe that’s it.
★ Friday, 11 October 2019