Sean Parker has cut ties with Founders Fund.
Parker helped raise Facebook, invested in Spotify via Founders Fund and facilitated the partnership between the two companies. The maverick executive is a director at Spotify, and on his Facebook page Parker is still listed as “executive general partner” at Founders Fund. But he's not mentioned as a team player on the Founders Fund Website.
The news of Parker’s departure was almost buried by the news that Founders Fund had raised $1 billion for its fifth fund -- which he apparently wasn't involved in.
The FT joins the dots and suggests the development is further proof Parker is shifting well away from Silicon Valley, and is now firmly ensconced in New York.
A spokesperson for Founders Fund tells the FT that Parker “has been winding down his involvement with Founders Fund over the last several years”, and that he “remains a friend and advisor to several members of the team, but he’ll no longer be investing on behalf of the firm.”
A co-founder of the original Napster, Parker was named to Billboard’s inaugural 40 Under 40 list back in 2012, and made the ranks of the Billboard Power 100 (No. 60) in the same year. “He may have started out in illegal downloading, but he's helping guide the marketplace to a future where streaming and social create better listening,” Billboard wrote at the time.
Since 2005, Founders Fund has raised over $2 billion. Its portfolio includes Facebook and Spotify.