Buying homes with family money, Fyre Festival II, and more newsy numbers

Plus: Women of color continue to get a raw deal in VC, and the first crypto insider trading case is over.

$500-$8k: how much you’d have to pay to attend Billy McFarland’s Fyre Festival II, which he claims to have conceived while in prison for conning the first Fyre Festival’s investors and attendees out of $26m+. The first batch of presale tickets supposedly sold out, despite few event details.

Buying homes with family money, Fyre Festival II, and more newsy numbers

38%: the share of recent homebuyers under age 30 who used family money for the down payment, per Redfin. It’s an eye-popping figure that… actually seems a little low? To put the rising share of “nepo-homebuyers” — those who use a cash gift or inheritance money from relatives — in context: Kids born into homeowning families are far more likely to own in adulthood (79% of current homeowners had a parent who owned their home).

~$76k: in penalties, plus three months in prison, for Nathaniel Chastain, the former OpenSea product manager convicted in a first-of-its-kind crypto insider trading case. Authorities sought more prison time to deter future cryptocurrency crimes, but the judge felt a case built on illegal trades worth ~$50k wouldn’t have been pursued had it not been in the “slightly sexy” crypto space.

79%: the share of seed funding earmarked for diverse founders — women and people of color — that has gone to white women, per Crunchbase data. Through June, diverse founders have tallied $3.2B over ~32k deals, but women of color have only seen 5.2% of that capital, a miniscule slice of an already tiny piece of the overall VC pool (where $238B+ was allocated last year). Companies with all-white male founding teams aren’t hurting, scoring 86.3% of last year’s seed dollars.

Topics: Digits

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