In June 2012, politician Cory Booker and Sarah Ross co-founded a video startup, WayWire. Now it’s being sold to a video distributor Magnify in a mostly-stock deal,
AllThingsD’s Peter Kafka reports.
Even if Booker could make money from the sale, he’s already pledged not to personally profit from the startup. Instead, the Newark mayor gave all his WayWire shares to charity.
WayWire is a source of inspiring and newsworthy videos. The company is backed by a number of tech and Hollywood celebrities including LinkedIn CEO Jeff Weiner, former Google CEO Eric Schmidt, Oprah Winfrey and Troy Carter. It raised $US1.75 million to date.