Steve Bannon Invested $60 Million in a World of Warcraft Gold-Farming Company – CraveOnline

Information regarding one of Steve Bannon‘s unusual business decisions is doing the rounds online, with it having been revealed that he once funneled $60 million into a company that sold virtual goods in World of Warcraft.In an old article recently unearthed by WIRED, it was revealed that before Bannon took over as the CEO of Donald Trump’s presidential campaign, he once used a reported $60 million of financial company Goldman Sachs’ money to invest in Internet Gaming Entertainment. IGE is a company that trades virtual currency and accounts in MMOs, specifically Blizzard’s hugely popular World of Warcraft.

Bannon convinced Goldman Sachs to allow him to pile the extortionate amount of money into IGE in 2006, before the company was hit by a major lawsuit in 2007. The article reads:“Goldman Sachs started making visits, inspecting the Asian operations and talking with Bannon and others about terms. Finally, on February 7, 2006, the deal was inked: Goldman Sachs, together with a consortium of private funds, made a reported $60 million investment in the company. Part of the money was used to buy Pierce, Salyer, and IGE’s general counsel, Randy Maslow, out of some of their stock in the company. Pierce walked away with $20 million and still retained the controlling share of a company that was doing more than a quarter of a billion dollars in sales a year. “

Source: Steve Bannon Invested $60 Million in a World of Warcraft Gold-Farming Company – CraveOnline

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