BY LINCOLN ANDERSON | Just days after the shocking news of the implosion of the cryptocurrency market, Michael Novogratz, one of the biggest boosters and investors in digital currency, has resigned as the head of the main fundraising group for purpose. Hudson River Park nonprofit, Hudson River Park Friends.
On Thursday it was reported that Bitcoin and similar cryptocurrencies had plunged to their lowest prices in over a year and were in a startling “free fall”.
According to the New York Post, Novogratz is among the five “biggest losers” in “selling crypto” – his fortune dropping from around $8.5 billion last November to $2.5 billion today. Other big losers included the Winklevoss twins – whose fight with Mark Zuckerberg over Facebook rights was portrayed in the 2010 film ‘The Social Network’ – who reportedly lost an estimated $2 billion, or 40% of their wealth , in the crypto crash.
The precipitous collapse of one particular digital currency, LUNA, is considered the “most spectacular”. Novogratz, who was previously a director of Fortress Investment Group, is currently the CEO of Galaxy Investment Partners, which focuses on cryptocurrency investments. Novogratz was one of LUNA’s biggest supporters, even getting the digital coin tattooed on his shoulder four months ago, of which he posted a photo on Twitter. In a previous tweet of his new arm ink, he sang, “I’m officially crazy!!!”
—Mike Novogratz (@novogratz) January 5, 2022
However, seasoned investors like Warren Buffet have warned that Bitcoin and the like are a dangerous investment and little more than a “speculative bubble.”
On Saturday, Hudson River Park Friends announced that Novogratz is stepping down as chairman of the group’s board of directors and will be replaced by Diana Taylor.
Novogratz served as president of the Friends from 2013 to 2022, before which he was a member of the board of directors of the Hudson River Park Trust, the state city authority that builds and operates the 4-mile-long Hudson River Park. miles.
Taylor was chairman of the Hudson River Park Trust from 2007 to 2021 and served on the Trust’s board of directors from 1999, when the organization was established.
“I couldn’t be more proud of the work we’ve done for Hudson River Park and all who appreciate it during my nine years leading Hudson River Park Friends,” Novogratz said. “I’ve always been a big fan of the park and a big user of the park. But, over the past two years of COVID, it’s hard to express how important this has been to me and my entire community. It’s just an amazing asset to have in a stressed out place like New York and has an amazing team of dedicated professionals who are committed to keeping it nice, clean and green. I couldn’t be happier to have Diana Taylor as president. I know how much she cares about the park and the town, and I couldn’t leave Friends in better hands.
Novogratz personally donated $1.3 million to the Pier 26 science playground in the Tribeca section of the park last year.
“Mike Novogratz has done a fabulous job as President for the past nine years, and I’ll try to fill his shoes as best I can!” Taylor said. “I look forward to working with the park’s fan community to ensure Hudson River Park is the best it can be to serve millions of people and create a wonderful place to learn, play, exercise. and relax by the Hudson River.”
Connie Fishman, executive director of Hudson River Park Friends, thanked Novogratz for her work and expressed her confidence that Taylor will take over and continue the work of the park.
“From securing funds for essential recreational, sustainability and educational programs in the park, to expanding volunteer opportunities and building new playgrounds, the Hudson River Park Friends are extremely grateful for all that has been accomplished under the leadership of Mike Novogratz,” said Fishman. “With the final stages of park construction underway, I am confident that Diana’s tireless advocacy and longstanding involvement with Hudson River Park will help us achieve our mission to ensure the park remains an exceptional public space that all New York will be able to enjoy.”
Taylor currently serves on the board of directors of Citigroup and Brookfield Properties and chairs several nonprofit boards, including Accion, Hot Bread Kitchen, and the New York City Ballet. She is the longtime girlfriend of former Mayor Mike Bloomberg.
Prior to Fortress, Novogratz spent 11 years at Goldman Sachs, where he became a partner. In recent years, Novogratz has made criminal justice reform the primary focus of his family’s foundation, Galaxy Gives. He is president of The Bail Project, whose stated mission is to “disrupt the bail system”. He is also a founding partner of the REFORM Alliance, which aims to “transform probation and parole”. A former college wrestler, he was also a champion in the US Olympic wrestling and also the local wrestling promotion.