Alex Rodriguez, Marc Lore Invest in App to Buy, Sell Athletes' Performance Value
Alex Rodriguez and business partner Marc Lore are among the latest investors in Mojo, an app that works like a stock market for professional athletes, per Kim Bhasin of Bloomberg.
The company will create a system that allows fans to buy and sell players, whose values will change based on on-field performance.
"I've always thought the idea of a sports stock market was the holy grail—the vision could transform sports, and fandom as a whole," Lore told Bhasin. "For years, I’ve heard people throw around the idea—but nobody has been able to do it. For the concept to truly work, you need underlying principles like intrinsic value and instant liquidity."
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The latest funding round brought in $75 million, including Rodriguez and Lore as well as Tiger Global Management and Joshua Kushner's venture firm, Thrive Capital.
Rodriguez has been an aggressive investor in recent years since the end of his MLB career. He recently purchased a stake in the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx alongside Lore.
Despite the latest investment, Rodriguez will not have a hand in daily operations at Mojo.
