Michael Moritz

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Sir Michael Moritz
Moritz at TechCrunch40, September 2007
Moritz at TechCrunch40, September 2007
Born 1954/1955 (age 60–61)[1]
Cardiff, Wales
Residence San Francisco, California
Ethnicity Jewish
Citizenship United States
Education Christ Church, Oxford
Wharton School of the University of Pennsylvania
Occupation Partner at Sequoia Capital[2]
Known for Venture Capitalist
Net worth Increase US$3 billion[1]
Spouse(s) Married, 2 children

Sir Michael Jonathan Moritz KBE (born 12 September 1954)[3] is a Welsh venture capitalist with Sequoia Capital in Menlo Park, California in Silicon Valley, a former member of the board of directors of Google,[4][5]a philanthropist and author of the first history of Apple Inc., The Little Kingdom.

Early life and education[edit]

Moritz was born to a Jewish family[6] in Cardiff, Wales. He was educated at Howardian High School in Cardiff before moving on to Christ Church, Oxford, where he earned a Bachelor of Arts in history. In 1978, he received a Master of Business Administration degree from the Wharton School of the University of Pennsylvania as a Thouron Scholar.[4][7]

Career[edit]

Journalist[edit]

Moritz first worked for many years as a journalist. When he was a reporter for Time Magazine, Steve Jobs contracted him in the early 1980s to document the development of the Mac for a book he was writing about Apple.[8] According to Andy Hertzfeld, Jobs stated that "Mike's going to be our historian," a comment made in response to the fact that a year early a history had been written about another computer company. As he was close in age to many on the development team, he seemed to be a good choice.[8] By late 1982, Moritz was Time Magazine's San Francisco Bureau Chief and working on the special Time Person of the Year issue. His work on that issue (which was initially supposed to be about Jobs) included a lengthy interview with Jobs' high school girlfriend, Chrisann Brennan, in which she discussed the history of their child, Lisa.[9] Moritz's follow up interview with Jobs on the subject led to denial of paternity on his part.[10][11][12] The issue also contained negative commentary on Jobs from other Apple employees.[8]The special issue was later renamed Machine of the Year prior to publication,[11][12] celebratedThe Computer[8] and declared that, "it would have been possible to single out as Man of the Year one of the engineers or entrepreneurs who masterminded this technological revolution, but no one person has clearly dominated those turbulent events. More important, such a selection would obscure the main point. TIME's Man of the Year for 1982, the greatest influence for good or evil, is not a man at all. It is a machine: the computer."[8] Jobs cut off all ties with Moritz after the issue was published and threatened to fire anyone who communicated with him.[8] According to Hertzfeld, "some of us talked with Mike again surreptitiously, as he was putting the finishing touches on his book around the time of the Mac introduction" and the resulting text, The Little Kingdom: the Private Story of Apple Computer, "remains one of the best books about Apple Computer ever written."[8]

In the Prologue to Return to the Little Kingdom: Steve Jobs, the Creation of Apple, and How It Changed the World (the 2009 updated reissue of The Little Kingdom) Moritz states that he was as incensed as Jobs was about the Time Magazine special issue: "Steve rightly took umbrage over his portrayal and what he saw as a grotesque betrayal of confidences, while I was equally distraught by the way in which material I had arduously gathered for a book about Apple was siphoned, filtered, and poisoned with a gossipy benzene by an editor in New York whose regular task was to chronicle the wayward world of rock-and-roll music. Steve made no secret of his anger and left a torrent of messages on the answering machine I kept in my converted earthquake cottage at the foot of San Francisco’s Potrero Hill. He, understandably, banished me from Apple and forbade anyone in his orbit to talk to me. The experience made me decide that I would never again work anywhere I could not exert a large amount of control over my own destiny or where I would be paid by the word. I finished my leave [and] published my book, The Little Kingdom: The Private Story of Apple Computer, which I felt, unlike the unfortunate magazine article, presented a balanced portrait of the young Steve Jobs." [13]

Venture capitalist[edit]

In 1986, he joined Sequoia after co-authoring "Going for Broke: The Chrysler Story" (with Barrett Seaman, TIME's Detroit bureau chief). After leaving Time, Moritz co-founded Technologic Partners, a technology newsletter and conference company.[4]

His internet company investments include Google, Yahoo!, PayPal, Webvan, YouTube, eToys, and Zappos.[14] He currently sits on the boards of; 24/7 Customer, Earth Networks, Gamefly, HealthCentral, Green Dot Corporation, Klarna, Kayak.com, LinkedIn, Stripe and Sugar Inc.. Moritz previously served on the boards of A123 Systems, Aricent Group, Atom Entertainment, CenterRun, eGroups, Flextronics, Google, ITA Software, Luxim, PayPal, Plaxo, Pure Digital, Saba Software, Yahoo!, and Zappos.[15] Google was a rare co-investment with John Doerr of rival venture capital firm Kleiner Perkins Caufield & Byers,[16] and the initial public offering of the company in 2004 made him one of Wales' richest men.[17] His investment in Google helped him achieve the number one listing in Forbes' "Midas List" of the top dealmakers in the technology industry in 2006 and 2007,[18] and a place on the 2007 "TIME 100".[19] He ranked number 2 on the Midas List for 2008[20] and 2009.[21] He is listed by The Sunday Times as having a fortune of UK£558 million (circa US$1.1 billion).[22]

In 2009, 25 years after "The Little Kingdom," Michael Moritz published a revised and expanded follow-up: "Return to the Little Kingdom: How Apple and Steve Jobs Changed the World" is available from The Overlook Press.[23]

On 12 July 2010, Michael Moritz was conferred an Honorary Fellowship from Cardiff University,[24] where his father Alfred had previously been Vice-Principal and Professor of Classics.[25]

He lives in San Francisco with his wife and two children.[4][17] He was a prominent supporter of President Barack Obama's candidacy.

In May 2012 he announced that he was diagnosed with a rare, incurable medical condition and would step back from his day-to-day responsibilities at Sequoia Capital while also being elevated to the position of chairman of the firm.[26]

On 7 November 2014, Sir Michael Moritz was given the Honorary Doctorates (Doctor of Letters honoris causa) from the HKUST based on his outstanding in recognition of his distinguished achievements and contributions.[27]

Philanthropy[edit]

On 18 June 2008, Michael Moritz and his wife, American novelist Harriet Heyman, announced a donation of US$50m to Christ Church, Oxford, his former college, the largest single donation in the college's history.

On 11 July 2012, it was announced Moritz had donated £75m to Oxford University to support students from families with an income below £16,000 per year.[28]

Moritz is a signatory of The Giving Pledge committing himself to give away at least 50% of his wealth to charitable causes.[29]

On 13 February 2013 he gave $5 million for Juilliard School's Music Advancement Program.[30]

On 24 September 2013 he and his wife gave $30 million to UC San Francisco to create the UCSF Discovery Fellows Program, an endowed program for PhD students (UCSF will raise $30 million in matching funds). This program forms the largest endowed program for PhD students in the history of the University of California.[31]

Moritz was appointed Knight Commander of the Order of the British Empire (KBE) in the 2013 Birthday Honours for services to promoting British economic interests and philanthropic work.[32]

References[edit]

  1. ^ a b "Michael Moritz – Forbes". Forbes. 9 March 2011. Net worth: $1.8 billion 
  2. ^ "Michael Moritz Bio". Retrieved 14 November 2007. 
  3. ^ NNDB
  4. ^ a b c d Michael Moritz's profile, LinkedIn.com
  5. ^ "Michael Moritz Will Not Seek Re-Election to Google's Board of Directors", Google press release, 22 March 2007
  6. ^ Times of Israel: "Jewish billionaire Michael Moritz gives $115 million to Oxford - Funding a scholarship program in honor of his father who escaped Nazi Germany and studied at Oxford with similar financial assistance" July 16, 2012
  7. ^ http://www.thouronaward.org/docs/thouronnewssu07.pdf
  8. ^ a b c d e f g Hertzfeld, Andy. "The Little Kingdom". Folklore.org. Retrieved 2015-01-28. 
  9. ^ Cocks Jay. Reported by Michael Moritz. "The Updated Book of Jobs" in Machine of the Year: The Computer Moves in. Time Magazine, January 3, 1983.
  10. ^ Cocks Jay. Reported by Michael Moritz. "The Updated Book of Jobs" in Machine of the Year: The Computer Moves in. Time Magazine, January 3, 1983:27.
  11. ^ a b Brennan, Chrisann. THE BITE IN THE APPLE: A Memoir of My Life with Steve Jobs. St. Martin's Griffin. p. ebook. 
  12. ^ a b Isaacson, Walter (2011). Steve Jobs. Simon & Schuster. p. ebook. 
  13. ^ Moritz, Michael (2009). Return to the Little Kingdom: Steve Jobs, the Creation of Apple, and How It Changed the World. Overlook Press. p. ebook. 
  14. ^ "Gags-to-riches tale of the Welsh wizard who bet on YouTube", Heather Connon, The Observer, 15 October 2006
  15. ^ "Michael Moritz". Sequoia Capital. Retrieved June 4, 2015. 
  16. ^ "Google Receives $25 Million in Equity Funding", Google press release, 7 June 1999
  17. ^ a b "Google investor to earn £1.3bn", BBC News, 1 May 2004
  18. ^ "#1 Michael Moritz", Forbes.com Midas List 2007, 25 January 2007
  19. ^ "Builders & Titans: Michael Moritz", Eric Schmidt, TIME, May 2007
  20. ^ "#2 Michael Moritz", Forbes.com Midas List 2008, 24 January 2008]
  21. ^ "#2 Michael Moritz", Forbes.com Midas List 2009, 29 January 2009]
  22. ^ "Sir Terry still 'Wales richest'", BBC News, 29 April 2007
  23. ^ [1]
  24. ^ [2], Cardiff University Fellows 2010
  25. ^ "Obituaries" (PDF). Institute of Classical Studies, University of London. Retrieved 20 October 2013. 
  26. ^ [3], GigaOm, 21 May 2012
  27. ^ "HKUST Holds 22nd Congregation Conferring Honorary Doctorates on Five Distinguished Academics and Community Leaders". Hong Kong University of Science and Technology. July 11, 2014. 
  28. ^ [4], BBC News, 11 July 2012
  29. ^ Jewish Voice New York: "Jewish Billionaires Join Group Pledging Majority of Their Wealth to Charity" by Sholom Schreiber 25 April 2005
  30. ^ MAP
  31. ^ Michael Moritz, Harriet Heyman Form UC's Largest Endowed Program for PhD Students
  32. ^ The London Gazette: (Supplement) no. 60534. p. 25. 15 June 2013.

External links[edit]