‘I hate Trump’, but the small business loan program worked
Angel investor Jason Calacanis told CNBC on Tuesday he hated President Trump, but praised the administration’s small business loan program for saving many jobs during the coronavirus pandemic.
Of the 250 or so startups in which Calacanis invests, he said in a “Alley of screams“interview that around 20% saw their incomes drop to zero as the pandemic hit the economy.
“Thank goodness for PPP loans and unemployment [payments]. I hate Trump with every fiber of my being and he’s the worst human being on the planet, “Calacnis said.” You have to give credit to him for pouring money into the system which saved lots of jobs. “
Calacanis also said that around 30% of the startups in his portfolio have seen their revenues double or triple. “These are the ones that are used by people with keyboards or who stay home and have extra time.”
Calacanis, one of the first investors in Uber, also told CNBC that he still believes in the ridesharing company. CEO Dara Khosrowshahi told “Squawk on the Street” on Tuesday that he was “very confident“Uber will become profitable in 2021 thanks in part to its acquisition of the Postmates food delivery service. Calacanis, who called the deal a “sleeper acquisition”, said the two companies had lost money so far because they were in a “dog fight.” but Uber “will be easily profitable” once the competition is reduced.
Calacanis, who founded newsletter provider Inside.com and a dot-com-era newsletter called Silicon Alley Reporter, also commented on recent disputes between tech investors and journalists. In recent weeks, tech figures have complained on social media platforms like Twitter and the new audio app. Club house about the overly negative media coverage of their industry, especially the New York Times.
Calacanis said tech investors tired of such coverage “would just go to the press. We are now getting more followers on Twitter than journalists.”
“All I’m asking is a little balance,” Calacanis said of media reports on tech companies. “If you want to beat us, if you want to criticize us… go ahead. It only makes us better at what we do… But I would love the New York Times to cover only one or two of the corporate world. positive in which I invest. “