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Jon Korngold, member of Bumble’s Board of directors representing Blackstone will leave Blackstone as the growth equity business is folded
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Blackstone will fold its growth equity business, replacing it with Blackstone N1, a new division focused on AI investments such as OpenAI and Anthropic PBC.
“AI is reshaping every business at the firm, and we need a dedicated, focused team positioned at the center of this critical area to further bolster our current presence on the West Coast, where the most innovative AI and technology companies are being built,” Chief Executive Officer Steve Schwarzman and President Jon Gray wrote in the memo.
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Jon Korngold, who has been heading the growth equity business will leave the company.
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Korngold has been a member of Bumble’s Board of Directors since 2020 when Blackstone invested $3 B in Bumble.
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The decision follows recent significant disposal of Bumble shares by Blackstone (Notion).
Blackstone Forms New Unit For AI And Tech Bets; Korngold To Exit
Assessment
The restructuring of Blackstone’s equity division and Korngold’s departure may signal Blackstone will continue disposing off Bumble’s shares. However, Bumble is one of the companies that’s increasingly tapping into the benefits of AI, hence Blackstone may continue to keep its position. But I think the possibility of disposing off the shares is higher than rolling them into the new vehicle.