Waywire, the video sharing startup founded by Newark mayor Cory Booker and funded by Google's Eric Schimidt, Oprah, and LinkedIn's Jeff Weiner, is for sale. What a shock! But no one's really certain how much the company is worth, and it's increasingly becoming a headache for Booker when he wants to focus on a Senate campaign. But that problem may not last much longer.
This morning, The New York Times reported Waywire's leadership have been trying to cash in via a purchase or merger with another company. So far, nobody's buying. They've approached multiple companies in the last few months, unprompted, inquiring about a potential interest in buying Waywire. But no one is certain how much the startup is worth, and the looming departure of its biggest asset, Cory Booker, would certainly drive down the asking price:
Spurring that push by Waywire, according to people who were told the thinking of the partners, were two factors: an increasingly clear sense that the company was not making progress toward its goals, and the likely need to sever ties with Mr. Booker, a Democrat, once he entered the race — and instantly became the front-runner — for the now-vacant Senate seat in New Jersey.
If Waywire loses one of the few things keeping them relevant -- their relation to Booker and his millions of Twitter followers -- once he enters the Senate race, it will go south, fast. You know, in case things weren't heading there already.