Tech companies in the Bay area such as Facebook and LinkedIn have gone public and made their early employees wealthy.
Increasingly, the young rich employees are spending their fortunes on prostitution.
CNNMoney’s Laurie Segall interviewed sex workers in the Bay area, as well as local authorities. All of them said prostitution was on the rise and technology is powering it. It has increased the list of clients, and it’s making the prostitution business more efficient.
One sex worker says she uses Square, Jack Dorsey’s mobile credit card swiper, to charge clients before visits. “As far as Square knows, it’s a consulting business,” the woman told Segall.
Another sex worker says she’s made “close to $1 million” servicing young, rich men. Segall says they’re from “a number of major tech companies in the area, places where the IPO money has been flowing.”
“A majority of them are really sweet, kind – kind of quiet,” the worker said. “They’re young guys that are working in the high tech industry and they have the money…Young guys in their 20s ask me, ‘How do i get a girlfriend. What should I do? One guy asked me if he should get a puppy as he pulled up in a Ferrari.”
Here’s Segall’s full report on Silicon Valley’s sex business and the video, below:
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