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| 3 minutes read

3 minutes read

American Billionaire Tim Draper Tweets In Disagreement with CAA

| Published on December 24, 2019

After the Citizen Amendment Bill (CAB) was passed by the Indian Parliament, it not only faced criticism from the countrymen but also global leaders. Tim Draper who is the leader of capitalistic ventures in the world also joined the agitation against the government.

Background check!

He’s well known for his early and huge investments in Indian companies. He’s an investor in many companies like Skype, Tesla, SpaceX, and Twitter, in blockchain startups such as crypto exchange Coinbase, Tezos, and Authenteq. One of the prominent faces of Silicon Valley, who also runs the famous Draper University for entrepreneurs, said that this act might affect his plans to fund businesses and startups in the country.

Professional history with India

In the year 2007, he first entered the country with his firm Draper Fisher Jurvetson and invested $70 in many companies including Cleartip, Komli Media and iYogi. However, in 2013 he sold his Indian portfolio to a Hong Kong-based NewQuest Capital Partners recognizing the corrupt environment and issues with the Indian entrepreneurs.

Again, in the year 2017, he re-entered India after exiting the country for six with a partnership of Blumer Ventures with his Draper Venture Network (DVN). This venture connects leading entrepreneurs and investors around the world.

The tweet!

He took to Twitter to draft his opinion on Indian economic condition, that said that the new citizenship rules make him rethink his investments in India. For him, freedom is an important thing and his organizations are a source of fairness, openness, and transparency.

The strong opinion

According to him, the Government is in competition with the others for the citizens, businesses, money, and startups but what they actually need to do is show fairness so that they can compete better. He feels that more rules and regulations lead to more corruption. His head companies guide the invested ones towards free markets and freedom of religion and speech. He says that partiality spreads like cancer in society and it would not be good for him to support this bad behavior.

Not the first!

This is not the first time when Tim Draper has expressed disagreement with the new policies and regulations of the Indian Government. Back in July 2019 when the cryptocurrency was banned in India, he said India is leaving itself vulnerable to corruption and said people should leave this country and move somewhere where the nation is less backward so that they can lead a better life.

Where’s the end?

According to the reports the protests have reached at a point where the police are attacking students in many parts of the nation. There have been several clashes between authorities and protestors and has also led to internet shutdown for the past few days in many parts of the country. Although the situation has improved in states like West Bengal, Meghalaya and Assam, peace is nowhere to be found, neither physically nor emotionally.

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