Main navigation

Billionaire Mark Cuban, Uber CEO and "Iron Man" Invest $3 Mln in New Toilet Paper Brand, Here's Why

News
Tue, 09/22/2020 - 14:40
article image
Yuri Molchan
Some top-tier investors—Mark Cuban, Uber CEO and some others—as well as Hollywood celebrities Robert Downey Jr. and Gwyneth Paltrow, to spend $3 mln on toilet paper
Billionaire Mark Cuban, Uber CEO and "Iron Man" Invest $3 Mln in New Toilet Paper Brand, Here's Why
Cover image via wikipedia.org
Read U.TODAY on
Google News
Contents

A group of top-tier investorsMark Cuban, Marc Benioff, Uber chief Dara Khosrowshahiand some others, as well as Hollywood celebrities Robert Downey Jr. and Gwyneth Paltrow, plan to support a new brand of toilet paper, Cloud Paper, with a $3 mln investment.

Toilet paper worth $3,000,000

As reported by TechCrunch, a group of top investors with such big names as Marc Cuban and Marc Benioff among them, as well as the head of Uber Ms. Dara Khosrowshahi, have decided to invest in a new toilet paper brand, Cloud Paper.

Singer Ciara joins celebrities Robert Downey Jr. and Gwyneth Paltrow. The size of the investment will be $3 mln. The trick here is that this toilet paper is made of bamboo and will not harm trees and the environment in its production.

Related
China Trials DCEP Crypto for Payment Card Operations

Founded by former Uber staffers

Cloud Paper was created by two former staffers at Uber who worked with Khosrowshahi: Ryan Fritsch and Austin Watkins. They were driven by a desire to help prevent the approaching climate change.

Statistics show that fifteen percent of the planet's deforestation comes from toilet paper manufacturing.

The choice of bamboo for the raw material to make toilet paper was not accidental; this plant absorbs more carbon than other trees and produces much more oxygen.

At the moment, the company does B2B sales; however, recently it started a direct-to-consumer service as well.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.