Chris Sacca, a prominent venture capitalist, is retiring from investing, he said in a blog post Wednesday morning. Sacca was an early backer of Twitter, Instagram, Uber and several dozen other companies, both as an individual investor and through his firm, Lowercase Capital. He’s a celebrity in Silicon Valley circles, with a reputation for his cutting commentary and loud, Western-themed shirts.
Sacca says his firm will continue to support its current portfolio companies. But Lowercase Capital will not take on any new investments or raise more money from investors. Sacca says he’s spent the last several years trying to do his job part-time. “But my personal style of startup investing doesn’t work when I’ve just got toes dangling in the water,” he wrote.
He's also stepping back from his role on Shark Tank, Mark Cuban’s television show that has turned venture capital into performance art. Sacca worked on both Obama campaigns, and has been a vocal critic of President Donald Trump. But he says he has no plans to run for office. Instead, he says he'll spend his time “fighting a despotic regime, doing more television, launching a podcast, all while raising three wonderful kids under six.”
According to Sacca, his plan was always to retire when he was 40 years old. At 42, he says he’s two years late.
This article was provided by Bloomberg News.
