Euan Blair: How did Tony Blair’s son make £160 million?

It is an unfortunate fact of birth, known forever as the son of former Prime Minister Tony Blair. But perhaps Euan Blair’s latest achievement took the lead: By ignoring his famous father’s education policy, the 37-year-old is now the richest of them both. To a large extent.

According to reports, the Yale graduate and former Morgan Stanley banker is believed to have amassed a net worth of at least £160 million – more than three times the £44 million reported by Tony Blair.

so how did you do it? In short: in direct contrast to his father’s promise in 1999 to help half of young adults get degrees by encouraging Millennials not to go to university. Their tech education startup, Multiverse, matches young people with apprenticeships at major employers from Google to Depop. Co-founder Euan “taught him nothing” after accepting his ancient history degree from Bristol.

The happily married former US Congressional intern previously talked about how her father’s vow had not fueled social mobility, saying: “When you look at the 50 percent target, the belief was that the more people go to university, more people can access great opportunities, the more we convert people from full time education to full time employment.

“It hasn’t worked that way,” he continued: “Getting a degree doesn’t guarantee you a job … even from supposedly top universities.”

The demand for his apprenticeship-led program has increased during the pandemic. As COVID has put an end to in-person teaching at many universities, many young people are “asking questions they may not have asked before” about formal higher education, citing Multiverse’s funding of billion-dollar “unicorn” status. Extended closer. Thanks to a funding round led by a new US investor, it recently raised £95 million ($130m), raising the startup’s value to around £650 million.

From his Downing Street childhood to his venture capitalist wife, this is how the eldest of the Blair dynasty made his millions.

Downing Street to Yale

Chances are you first saw Euan Blair as a teenager standing on the steps of Downing Street with his parents and siblings. Photos from his father’s office hours show him in a variety of classic naughty outfits, from a baggy shirt to a bunny beard and shaggy teenage hair.

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Growing up as Tony Blair’s eldest son undoubtedly had its advantages in helping Euan launch himself into the working world. He became the head boy at school and studied ancient history at the University of Bristol before pursuing a master’s in international relations at Yale in the US.

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He interned in the US Congress before joining investment bank Morgan Stanley’s graduate program, where he met his future co-founder: Cambridge and Stanford graduate Sophie Edelman, who was working in recruiting.

Yuan was not the only one of his siblings to graduate to a successful career. He has brother Nicky, 36, a football agent with a £2.75 million home in north London, sister Katherine, 32, a top barrister with two homes in London and one in Buckinghamshire, and brother Leo, 20, currently Oxford. I am studying. , Clearly, Euan could not convince his youngest brother to pursue further education.

Blair’s farewell to the media on the steps of 10 Downing Street, in central London, 27 June 2007

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Start up of power couple

Euan’s Downing Street upbringing was not only a catalyst for his commercial success, but it clearly played a part in his love life as well. In 2006, former Defense Secretary Geoff Hoon introduced him to his future wife, venture capitalist Susan Ashman, who replaced Ashman with work experience.

Ashman and Blair, the daughter of motor racing entrepreneur Jonathan Ashman, were together for seven years before marrying in 2013. She currently works as a partner at the venture capital firm LocalGlobe and in 2017 was named in Forbes ’30 as a Leading European Financier. List under 30.

Here Comes the Bride: Euan Blair and Susan Ashman Leaving Church

The couple reportedly live in a £3.6 million townhouse in Marylebone, just around the corner from the co-working space in Marylebone where Blair runs his business. He has definitely been shining since his teenage days. Interviewers describe the child-facing entrepreneur as “relaxed and charming” and like any self-respecting tech founder, he has a fresh look to go with it. The 37-year-old has been spotted sporting a pair of hipster glasses over the years and once admitted to wearing a revolving wardrobe of Mark Zuckerberg and branded white hat sweatshirts, claiming they have “different colors.” so I can wear a different “every day”.

Euan Blair and Sophie Edelman of WhiteHat

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billion dollar idea

Yuan is proof that earning millions can often be down to having a bright idea and running with it. In 2016 he and Edelman founded White Hat, now rebranded into the multiverse, with the idea of ​​pairing bright school leavers with delicious apprenticeships at top employers.

It has since matched more than 5,000 interns with top employers and doubled its workforce to 400 employees, including a new office in New York. Facebook, Google, Depop, Bloomberg and Morgan Stanley are among 300 or more major companies that the multiverse has partnered with so far, and Blair says many young people have sought locations in Oxford to join the scheme. also rejected.

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The business has been growing steadily – and rapidly – in recent years. It was reported this week that Multiverse was close to a billion-dollar “unicorn” status after raising $130 million (£95 million) in a US investor-led funding round that saw backers including Google Ventures and Microsoft chairman John Thompson .

The start-up is now valued at $875 million (£639 million), up from a valuation of $200 million since January, and having reportedly owned between 25 and 50 Yuan, Yuan now has a paperwork of tens of millions. Luck is expected. percentage of shares of the company.

For Yuan, the pandemic has only reinforced his belief that many people are choosing to university. He says his own degree “taught him nothing” and feels that the rise in distance learning due to COVID has diminished the appeal of higher education. “Getting a degree doesn’t guarantee you a job… even from supposedly top universities,” he said recently in the Evening Standard’s London Rising series.

Clearly, young people and their parents are listening: A YouGov survey published in May found that 42 percent thought an apprenticeship was a better preparation for the future than university—seven times that number. Those who believe that a degree was the best start. working life.

Euan Blair and Sophie Edelman from Whitehat

, Nigel Howard ©

“Over the years, the type of people who apply to do apprenticeships has changed quite a bit. You’ve really embraced this in private schools and seen an opportunity,” Blair said of those recently changing attitudes, Explaining how apprenticeships have begun to pass the “middle-class dinner party test.”

His startup has also been praised for prioritizing social mobility. 53 percent of multiverse trainees are people of color and 36 percent come from under-resourced communities.

The company has launched a recruitment drive with rappers including Tiny Tempah and MS Bank to raise awareness about apprenticeship among more disadvantaged students, offering concert tickets in exchange for attending career workshops.

So what next? Since opening a New York office this year, Yuan says his next plan is to expand across the US. If his success in Britain is anything to go by, being three times richer than his father could be just the beginning.

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