Now Blair Jr’s fortune soars to £420m
TONY Blair’s eldest son is in line for a £100million windfall after a tech business he founded six years ago was valued at £1.4billion yesterday.
Euan Blair’s personal fortune skyrocketed to at least £420million after US investors lined up to plough more money into his apprenticeship firm, called Multiverse.
The 38-year-old chief executive has leapfrogged his father Sir Tony in the family rich list and is on course to become a billionaire if the firm continues its rapid rate of growth.
US private equity giants StepStone Group, General Catalyst and Lightspeed Venture Partners invested £17 million into Mutiverse, doubling its previous valuation of £700million eight months ago. According to Companies House, Mr Blair Jr has a stake of between 2 and 0 per cent in the firm, meaning he is now considerably richer than his 69-year-old father.
The former Labour leader’s fortune was once estimated at around £100million – prompting claims from the man himself that the true figure is below £20million.
His son’s rise to the top of the business world has been rapid. His company makes money from blue chip firms including Google and BP, who pay Multiverse to recruit and train apprentices in the tech field.
The business model is in contrast to his father’s beliefs, who as Prime Minister set a target for 0 per cent of young people to go to university.
Mr Blair Jr has criticised the educational system and last month said GCSEs should be abolished because they did not reveal who would succeed or fail in life. Yesterday he said: ‘Mandating degrees and making admissions officers the gatekeepers for great careers means leaving out thousands of talented individuals.’