The company is Airtime, and it will be some sort of social video service. It’s supposed be like Chatroulette, but different. Actual details on the company are limited.
(Wouldn’t it be weird if Parker stole ideas from Chatroulette to do his this startup? Both Parker and Fanning advised Chatroulette for a while, before doing Airtime. Facebook deja vu? Is Andrey Ternovskiy the new Winklevii?)
Fanning, who is the technical side of the team, will be Airtime’s CEO. Parker will be the executive chairman. He’s going to step back from his role at Founder’s Fund.
Parker is a billionaire thanks to his role as a founding president of Facebook. He plans to go back to Facebook to help make Airtime a success.
According to the FT, Parker wants to poach engineers at Facebook who have their stock options vesting.
It’ll be fun to see how Mark Zuckerberg responds to his old friend trying to raid his company.