Blair having a mare? Tony Blair’s son’s much heralded start-up is failing – Here’s why

Tony Blair’s son Euan Blair hit the headlines when his start-up was valued at £1.4bn after landing a lot of venture capital money.

That put Euan’s stake in the company at £420m, far more than his father Tony’s reported £60m wealth.

Euan Blair is a British businessman and the eldest son of Tony Blair, who served as the Prime Minister of the United Kingdom from 1997 to 2007.

Euan Blair was born on May 19, 1984.

The 39-year-old, who studied ancient history at the University of Bristol before going to Yale, has said he “didn’t love studying.”

Tony Blair’s son

The offspring of the former Labour PM, what could go wrong?

Euan Blair blamed the losses for 44 immediate job cuts he announced on Tuesday, most of them based in the US.

“As CEO, this is the toughest decision I have made to date,” he told employees, according to to an email seen by the Guardian.

“As the individual responsible for our initial strategy, the requirement to change course, and the decision to do so, I want to explain why we’re making this change.”

“I’ve always been clear that we believe a sustainable, profitable company is the best institution to deliver our mission, and I am accountable for building it,” he said. “And that’s why this decision needed to be taken.”

Reactions

1.

LIke Father, Like Son

Euan Blair’s apprenticeship company Multiverse has a pre-tax loss of £40.5m – 7th year of losses since his dad Tony Blair set it up in 2016, yet the company was awarded the coveted tech “unicorn” status when driven by US venture capital firms last year. pic.twitter.com/EfeGFR2Csu

— Grouse Beater (@Grouse_Beater) November 28, 2023

2.

“I see none of Euan Blair’s ‘tough decisions’ involve him sacking himself instead of his low-paid workers!” is the kind of easy numbers-grab we haven’t seen on here for at least a few days. I will be getting involved imminently.

— Peter (@pickyouredge) November 29, 2023

3.

Celebrity capitalism…

Euan Blair’s apprenticeship firm Multiverse has reported:
– its seventh year of losses
– revenue of only £45m
– 44 redundancies

Yet its venture capital backers have pumped in £1.4 billion. It's the casino economy on coke.https://t.co/7iY9LyMCg1

— Steve Howell (@FromSteveHowell) November 29, 2023

4.

https://twitter.com/EmilDoubleU/status/1729602351852327348

5.

🎙"The fact is not everyone can perform at the level that we need them to."

Euan Blair addresses allegations of Multiverse's "cut-throat" culture of "fear" in an interview with City A.M.https://t.co/WT9RkKG9og

— City A.M. (@CityAM) November 28, 2023

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