Icahn Questions Motricity Investment; Has Faith In The Technology
Activist investor Carl Icahn, who poured about $100 million into Motricity last year, said that he now questions the decision following the news that Motricity will layoff 250 of its 600 employees and move to Washington state to be closer to its InfoSpace (NSDQ: INSP) acquisition, according to LocalTechWire.com.
Icahn told Private Equity Hub's Dan Primack about his second-thoughts. He said: "I did ask Icahn why he did a pure venture capital deal last year for Motricity, which is now laying off 250 workers and moving its headquarters out of North Carolina. He answered that his son came to him with the deal one night, and he basically said "Why not?" He now admits it probably wasn't a good decision, but still expressed faith in the company's technology." Video of his talk here and here.
Brett, who is Icahn's son, is a member of Motricity's board.
If Icahn expresses faith in the company's technology, he must be referring to the technology the company purchased through the acquisition of InfoSpace since going forward most of the company's cellphone infrastructure platform will be based on the mCore platform built by InfoSpace.
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