Filling out his application form for university, Alexis Ohanian reached the housing section and made a decision that would change his life. Faced with a choice of "old dorms" or new, he ticked the box for the former, for no better reason than "it just sounded cooler".
As he wrote in his 2013 book Without Their Permission: How the 21st Century Will Be Made, Not Managed: "I can't help wondering how much different life would have been if I hadn't made that seemingly insignificant decision."
At the time, Ohanian’s ambition was to become a doctor, but on the day he moved into halls at the University of Virginia he met fellow freshman Steve Huffman and medicine went out the window. The two video-game-playing nerds quickly became friends and the choice of dorms would prove to be “one of the best, albeit most random, things that ever happened to me”.
By the time they graduated in 2005, Ohanian and Huffman had attracted US$12,000 (Dh44,062) in seed funding from start-up investment company Y Combinator to launch reddit.com, a social media site that would be billed as “The front page of the internet”. Registered users could post links to news and other items from around the internet, on which the entire community could then pass judgment, “upvoting” or “downvoting” items to create a democratically edited front page.
Within a year Ohanian and Huffman were meeting with potential buyers and “in less time than it took me to write my honours thesis”, they had sold the fledgling company to Condé Nast for a little over £20 million (Dh90m) – too early, and for too little, commented analysts. Nevertheless, just 16 months after graduating, 23-year-old Ohanian was a millionaire, living the dot.com dream.
Now 33, the man who describes himself as “a serial entrepreneur, investor and adviser” will be in Abu Dhabi next week as one of the inspirational speakers at the first Mohammed bin Zayed Majlis for Future Generations. Anyone hoping to retire in their 20s could do worse than hang on to his every word.
Yet perhaps the most inspirational thing about Ohanian’s story is how rooted it is in the now-threatened American tradition of welcoming immigrants and refugees.
Born in Brooklyn in 1983, Ohanian was raised by his parents in the leafy suburbs of Columbia, Maryland. His German-born mother, Anke, came to the United States at the age of 23 to work as an au pair. When she met and fell in love with Ohanian’s father, travel agent Chris, she outstayed her visa welcome and, until they married, remained in the US for a year as an illegal alien.
That was something her son revealed during a moving speech in November at a technology conference in Brooklyn, in which he speculated about how things might have turned out under a Trump regime. “I’m very grateful for the fact that she didn’t get deported,” he said. “I feel I shouldn’t have to bring that up, but these days it bears repeating.”
Ohanian’s immigrant roots go much deeper than one generation. In an open letter to the Reddit community, posted at the end of January in the wake of president Trump’s executive order banning visitors from six Muslim countries, he wrote movingly of being “the son of an undocumented immigrant from Germany and the great-grandson of refugees [on his father’s side] who fled the Armenian Genocide”.
As a young boy his great grandfather had watched as his parents were killed by Turkish soldiers. He survived and found sanctuary, initially in Syria and then in America, which changed everything for him and his descendants. President Trump’s order, Ohanian wrote, was “not only potentially unconstitutional, but deeply un-American. We are a nation of immigrants.”
The journey of the Ohanians from refugee to millionaire status in three generations is the American dream writ large and he is acutely aware of how lucky he is. "Being a straight, middle-class male born in the USA is life with cheat codes," he once wrote, and he credits his parents for everything. They bought him his first PC at the age of 10 and he was hooked. Teaching himself HTML, the standard language for creating internet pages, his first website was a fan page for the first-person-shooter video game Quake II and soon he was building sites for small non-profit organisations.
Stuck behind his computer through much of his adolescence, he grew overweight and his life “easily could have gone the other way – self-loathing and depression”, he told the conference in Brooklyn. Luckily, “I cared too much about video games and computers to realise how not-cool I was”.
He finally got a grip at high school, giving up fizzy drinks and junk food to lose 26 kilograms in one year, but he stuck with the video games at university, where he met fellow gamer Huffman. In between blasting aliens, they worked on the idea for a link-sharing website that would finally evolve into Reddit.
Just after graduating, they got the $12,000 cheque from Y Combinator, “which felt life-changing”, and was. They started work in a small rented apartment in Medford, Massachusetts, and the site went live after a month. At first, Ohanian later cheerfully admitted: “We were faking all of our early users.” No faking is necessary today. According to internet analytics company Alexa, with more than 230 million unique visitors every month Reddit is the seventh most-visited site in the US and number 21 in the world.
Somewhat self-aggrandisingly, Reddit says it “bridges communities and individuals with ideas, the latest digital trends, and breaking news” and that, under its voting system, “the most interesting, funniest, impactful, or simply amazing stories rise to the top”. But so too does an awful lot of hate, abuse, false news and general craziness generated by the “wisdom of crowds”.
In 2009, four years after selling to Condé Nast, Ohanian and Huffman left the company to co-found travel booking website Hipmunk. Four years later Ohanian returned to Reddit as executive chairman of the company. In the meantime he wrote his bestselling book – a manifesto and how-to guide for wannabe tech entrepreneurs – and became engaged in political activism, earning the nickname “Mayor of the Internet” after wading into the fight against the Stop Online Piracy Act and the Protect IP Act, two legislative bills that, he said, “threatened to undermine the free and open internet that made my success possible”.
The other thing it made possible was Ohanian’s conversion from overweight HTML geek who failed to get on to his high-school football team to successful man about town, a transformation that appeared complete in December when his engagement to US tennis superstar Serena Williams was announced – where else? – on the 23-times Grand Slam winner’s Reddit account.
It is this “rare intersection of tech-geek celebrity culture and actual celebrity culture”, as Slate put it – perhaps even more so than Ohanian’s overnight elevation to millionaire status – that has given hope to introspected programming nerds everywhere. After all, with a net worth of $150m to his paltry $5m, Williams is clearly not after Ohanian’s money.
weekend@thenational.ae
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
UAE currency: the story behind the money in your pockets
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
Five%20calorie-packed%20Ramadan%20drinks
%3Cp%3E%3Cstrong%3ERooh%20Afza%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20contains%20414%20calories%0D%3Cbr%3E%3Cstrong%3ETang%20orange%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20300%20calories%0D%3Cbr%3E%3Cstrong%3ECarob%20beverage%20mix%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20about%20300%20calories%0D%3Cbr%3E%3Cstrong%3EQamar%20Al%20Din%20apricot%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20saving%20contains%2061%20calories%0D%3Cbr%3E%3Cstrong%3EVimto%20fruit%20squash%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%2030%20calories%3C%2Fp%3E%0A
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
THE%20JERSEYS
%3Cp%3E%3Cstrong%3ERed%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EGeneral%20Classification%2C%20sponsored%20by%20Fatima%20bint%20Mubarak%20Ladies%20Academy%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20leader%20of%20the%20General%20Classification.%0D%3Cbr%3E%3Cstrong%3EGreen%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EPoints%20Classification%2C%20sponsored%20by%20Bike%20Abu%20Dhabi%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20fastest%20sprinter.%0D%3Cbr%3E%3Cstrong%3EWhite%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EYoung%20Rider%20Classification%2C%20sponsored%20by%20Abu%20Dhabi%20360%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20best%20young%20rider%20(U25).%0D%3Cbr%3E%3Cstrong%3EBlack%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EIntermediate%20Sprint%20Classification%2C%20sponsored%20by%20Experience%20Abu%20Dhabi%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20rider%20who%20has%20gained%20most%20Intermediate%20sprint%20points.%3C%2Fp%3E%0A
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The Vines - In Miracle Land
Two stars
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)