Alex Rodriguez, the former Major League Baseball star, and his billionaire partner Marc Lore have announced a new venture worth $20 million. The new venture comes despite Rodriguez and Lore recently losing $300 million in a Special Purpose Acquisition Company (SPAC) and the ongoing issues with the Minnesota Timberwolves.
The new venture, called A-Rod Corp, is an investment firm that will focus on early-stage companies in the technology, media, and entertainment industries. Rodriguez and Lore will be equal partners in the venture, with each contributing $10 million. The firm will be based in Miami and will be led by Rodriguez and Lore.
Rodriguez and Lore have had a long business relationship, having previously co-founded the e-commerce company Jet.com, which was sold to Walmart for $3.3 billion in 2016. They have also invested in other companies such as the sports streaming platform FuboTV and the health and wellness company Thrive Global.
Despite their recent $300 million loss in a SPAC, Rodriguez and Lore remain confident that their new venture will be successful. They believe that their experience in the technology, media, and entertainment industries will give them an edge in finding promising investments.
The new venture also comes at a time when Rodriguez and Lore are facing issues with the Minnesota Timberwolves. The pair purchased a majority stake in the NBA franchise in April of 2020 but have since been accused of mismanagement. The team has struggled on the court and has been unable to attract top free agents.
Despite these issues, Rodriguez and Lore remain optimistic about their new venture. They believe that their experience and knowledge of the technology, media, and entertainment industries will help them find successful investments. With their combined resources, they are confident that A-Rod Corp will be a success.
Source: Plato Data Intelligence: PlatoAiStream