They love Al Gore in Silicon Valley and why shouldn’t they? Gore never claimed, as some conservative critics have asserted, to have invented the Internet.

Still, as a Tennessee congressman and senator, he was the first national politician to see how personal computers connected to a system he popularized as the “information superhighway” would radically change the social and commercial landscape of the U.S. and the world.

He drafted the Performance Computing Act of 1991, often called the Gore Bill, which led to funding to build the system that later became the Internet.

Luck and Timing

None of this was lost on Apple when, in March 2003, Steve Jobs personally asked Gore to join the board. An Apple press release about the appointment was a techie love fest. “Al is an avid Mac user and does his own video editing in Final Cut Pro,” Jobs said.

Apple was trading at about $7.50 a share when Gore accepted the Apple board seat. The company’s stock closed at $449.98 on May 3 in New York. The escalation of his options alone would have made him rich.

Gore’s profiting from the Al Jazeera sale is another example of luck, timing or both. Gore and partners that included Los Angeles billionaire Ron Burkle, Hyatt Legal Services founder Joel Hyatt and San Francisco money manager Richard Blum bought the predecessor company for $70 million in 2004.

Re-launched as Current TV, Gore said at the time he wanted to create a “transformational” network. It would, like YouTube, thrive on youthful viewer input, be an antidote to Fox News and a liberal competitor to MSNBC.

Olbermann Suit

Instead, Current failed to make much of an impact at all while Gore was paying himself $1.2 million a year in salary and bonuses, according to 2008 SEC documents filed as part of a proposed public offering that was later withdrawn. Meanwhile, Time Warner Cable Inc., which carried the network and accounted for about 9 million of its subscribers, made noises about dropping Current from its listings along with other “low- rated” networks.

First « 1 2 3 4 5 6 7 8 9 10 11 » Next