The firm plans to go public with its new take on big tech business models
A burgeoning social media platform is offering its users a chance to own a piece of a company that has sustainability at its core.
Social media has been dominated by a handful of big names for some time, but new platforms frequently try to tempt users to join them. Most try to do this with cool new user experiences, functionality, or simply by not being Facebook, Twitter, or Instagram.
But a former hedge fund manager believes the future of social media is giving its users a slice of the big tech pie through shareholdings, alongside philanthropy.
Users of abillion (styled with a lower case ‘a’ of course), are encouraged to eat and shop sustainably. When they share these purchases on the platform, they are rewarded with US$1 that they can’t withdraw but can donate to any of more than 60 non-profits supported by the company.
The company has donated $1.4 million to sustainability and social impact projects worldwide since its launch.
While giving has been part of the platform since it launched in 2018, users will soon be able to use their dollars to buy shares in the company, with plans for an IPO.
Hedge fund to social media
Vikas Garg is the company’s CEO, which he launched after two decades in the financial services industry. He was an analyst at New York’s One Zero Capital, VP at Credit Suisse, and an alternative investment head at California’s pension fund, and managing director at Dymon Asia Capital.
"We're uniquely positioned as a social media and technology company that's built around shared values that extend beyond our staff and offices and embody the values of our members,” he explained. “As a community built around a mission, we want to break the mold of Silicon Valley founders that own and control companies without bearing any responsibility to their users and society at large.”
If this sounds like a swipe at the biggest social media firms, Garg leaves no doubt.
“Companies like Facebook and Twitter take no responsibility for the damage their platforms have done, from spreading hate, violence and misinformation to helping dictators and disrupting elections," he added.
Garg’s vision has captured the imagination – and money – of investors, with the company raising a total of US$17 million to fund the company, including a US$10m Series A in December 2021.
Its app has been downloaded over a million times across 166 countries.
