The stock market may be flashing red, and this time, Hollywood’s fingerprints are all over it.
A growing list of celebrities are diving into Silicon Valley like it’s the next gold rush — and that’s what has investors terrified. The latest example? Matthew McConaughey and a roster of A-listers throwing their money into a cybersecurity company called 1Password, a move that many experts say could be the canary in the coal mine for another tech bubble ready to burst.
Hollywood’s Favorite Tech Toy Hits a Milestone
Toronto-based password manager 1Password just hit an eye-popping $400 million in annual recurring revenue, marking a huge leap for a company that barely existed in the mainstream a few years ago. It’s now backed by a who’s who of celebrity investors — Ryan Reynolds, Scarlett Johansson, Matthew McConaughey, Justin Timberlake, and Trevor Noah, along with cybersecurity heavyweight George Kurtz of CrowdStrike.
CEO David Faugno bragged to CNBC that the company expects to reach $1 billion in annual recurring revenue within the next “several years” as artificial intelligence ramps up new cybersecurity threats.
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