It was already apparent from headlines like “The Tech Press: Screw Them All,” but TechCrunch founder Michael Arrington is rather fond of the phrase, “I’m not a journalist.” No matter that the blog he founded dominates the sphere of reporting he adamantly disavows. This made itself apparent back in April when Mr. Arrington announced that he would restart his career as an angel investor in startups, even as he continued to write about them for his influential blog. With disclosures, of course.
AOL, which purchased TechCrunch back in September, was forced to issue him an exemption to the employee code of conduct.
Last week, Mr. Arrington bucked conventional ethics once again when it was reported that Mr. Arrington would be launching a $20 million dollar venture capital fund to (wait for it!) invest in startups like the kind covered on his blog. The list of investors in the fund reads like a cast of regulars from the webpages of TechCrunch. Venture capital firms like Kleiner Perkins Caufield & Byers, Greylock Partners and Sequoia Capital plunked down $1 million a piece, along with a who’s who of hot Internet investors like PayPal’s Marc Andreessen, Digg’s Kevin Rose, and Russian web billionaire Yuri Milner. The only head-scratcher in the bunch was the fund’s leading limited partner: Mr. Arrington’s employer, AOL, which is reported to have put up half the fund’s capital.
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