Semafor

Talking Biz News reported before launch that Semafor had raised about $25 million from investors including Sam Bankman-FriedSam Bankman-FriedSam Bankman-Fried (SBF) is an American entrepreneur and the co-founder of the cryptocurrency exchange FTX and the crypto hedge fund Alameda Research. After FTX collapsed in November 2022, he was charged in the United States with misappropriating customer funds; in November 2023 a jury found him guilty on seven counts of fraud and conspiracy, in March 2024 he was sentenced to 25 years in prison and ordered to forfeit about $11 billion, and in 2026 the U.S. Court of Appeals for the Second Circuit rejected his appeal.Open the full entry and his brother Gabe Bankman-Fried, Jessica Lessin, David G. Bradley and John Thornton; it planned about 30 journalists with bureaus including London, New York and Washington, starting with advertising and events and adding subscriptions later.⁠[1]

Its founders are Justin B. Smith, the former chief executive of Bloomberg Media, as chief executive, and Ben Smith, former editor-in-chief of BuzzFeed News and New York Times media columnist, as editor-in-chief; the two are not related.⁠[2][1]

Semafor launched on October 18, 2022 in the United States and sub-Saharan Africa (Semafor Africa). Its stories use the “Semaform” structure, separating facts, reporter analysis and other views.⁠[3][4][2]

On November 22, 2022 Semafor published a scoop on texts between Bankman-Fried and Elon MuskElon MuskElon Musk is an entrepreneur who founded SpaceX and has long served as chief executive of Tesla; he also took part in creating PayPal, OpenAI, Neuralink, The Boring Company, and xAI. He acquired Twitter in 2022, and his businesses span spaceflight, electric vehicles, energy, artificial intelligence, and social media.Open the full entry, noting that “Bankman-Fried is also an investor in Semafor.” When Musk accused it of a conflict, Ben Smith replied, “Like you and many others, we took an investment from him.”⁠[5][3]

TheWrap reported that in a December 2 staff memo Justin Smith said the Bankman-Fried investment had not been converted to equity, had no influence on coverage, and that the company was awaiting guidance from authorities.⁠[6]

That month climate and energy editor Bill Spindle left, saying it was not appropriate to run Chevron advertising alongside climate stories; Semafor said the departure was unrelated to any advertising partnerships.⁠[7]

TheWrap reported on January 3 that Semafor intended to redeem the investment. PYMNTS, citing The New York Times, said Bankman-Fried had put in about $10 million, making him the largest outside investor; Justin Smith said, “We are planning to repurchase Sam Bankman-Fried’s interest in Semafor,” with the money to be held in a separate account until authorities advised.⁠[6][8]

Justin B. Smith wrote about the new “China and Global Business” initiative, partnering with the Center for China and Globalization and the China Public Diplomacy Association, with a forum planned in Beijing that October.⁠[9]

Variety reported that Semafor had raised $19 million, bringing its total to $34 million, partly to repurchase the roughly $10 million tied to Bankman-Fried, with that money to go back to FTX creditors as officials direct.⁠[10]

In a first-anniversary piece the founders said Semafor had nearly 500,000 newsletter subscriptions, three million monthly readers and 40 marketing partners, and that Semafor Africa had 16 journalists and more than 100,000 subscribers. “The new battle is for conversations, not traffic,” they wrote.⁠[4]

In July 2024 Semafor hired Mohammed Sergie to lead a new Gulf edition, and Semafor Gulf launched that September.⁠[11][12]

Its two-year anniversary piece said Semafor had more than 750,000 newsletter subscriptions and partnerships with more than 65 companies, expected 75 events in 2024 in Washington, Zurich, Lagos, Doha and New York, and aimed to make its World Economy Summit the “Davos of the United States.”⁠[12]

Talking Biz News reported that Semafor had hired Shelly Banjo from Bloomberg as deputy editor-in-chief.⁠[13]

Talking Biz News, citing The Wall Street Journal, reported that Semafor had raised $30 million at a $300 million valuation, more than 60% from existing backers including Kravis and Rubenstein, with new investors including PSP, Thomas Leysen and Antenna Group, and would expand its business coverage.⁠[14]

Semafor named Reed Albergotti San Francisco bureau chief and launched a weekly AI show, Future Proof.⁠[15]

In a fourth-anniversary piece the founders said Semafor was profitable, had 1.2 million subscriptions to its briefings, journalists in 11 countries and more than 16,000 attendees at its convenings, and planned an Asia launch the following year and a Silicon Valley convening from November.⁠[16]

Semafor: Official website: https://www.semafor.com/ (opens in a new window)⁠[2]

Semafor World Economy: Event website: https://www.semaforworldeconomy.com/ (opens in a new window)⁠[16]

X: Co-founder Justin B. Smith: https://twitter.com/Justin_B_Smith (opens in a new window); co-founder Ben Smith: https://twitter.com/semaforben (opens in a new window)⁠[2]