Sippin’ bubbly, feelin’ lovely means a lot more for 24kGoldn this month. The West Coast rapper is cashing in on PepsiCo’s nearly $2 billion acquisition of Poppi soda after investing in the soda brand a few years ago.
24kGoldn Wins Big With Early Investment in Poppi
Last week (March 17), PepsiCo announced the company is buying Poppi prebiotic soda for $1.95 billion. 24kGoldn, an early investor of the brand, is winning big as a result of the massive sale. The acquisition has $300 million in anticipated cash tax benefits, which brings the purchase price to $1.65 billion.
24kGoldn celebrated the news of the PepsiCo-Poppi acquisition in a fitting tweet this week (March 25). “Thank you @drinkpoppi,” the 24-year-old San Francisco native posted along with a hilarious video of comedian Druski filming fellow jokester BenDaDonnn flashing money in the club.
NBA star Russell Westbrook, singer Ellie Goulding and actress Olivia Munn are among several other celebrity figures who backed the gut-friendly beverage in 2021. Poppi closed a $13.5 million funding round that year to help grow the company.
Poppi was launched by founders Allison and Stephen Ellsworth in 2018. They famously appeared on the business reality show Shark Tank that same year and landed a $400,000 investment from Guest Shark Rohan Oza.
While 24kGoldn’s exact stake in Poppi hasn’t been revealed, the estimated numbers when he locked in four years are looking good. According to Forbes, the rapper and others who invested in the soda brand in 2021, likely saw their money accumulate with 144x returns.
A former student at the University of Southern California’s Marshall Business School, 24k probably relied on his biz savvy to put his money where it mattered. He may be a bit quieter on the music front these days, but that’s no big deal when the cash coming in on this investment is quite major. Big mood.
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Take a look at 24kGoldn celebrating his Poppi win below.
See 24kGoldn’s Poppi Tweet
Watch a News Report on PepsiCo Acquiring Poppi
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