Amazon CEO Jeff Bezos and other financiers have invested $5 million in the business news website Business Insider. Business Insider CEO and editor Henry Blodget said in a memo to staff, posted on the site:
Basically, Jeff Bezos is making a significant investment in the company. Our existing investors are also chipping in some more. In total, we're raising $5 million.
This capital will allow us to continue to invest aggressively in many areas of the business, including editorial, tech/product, sales and marketing, subscriptions, and events. As we mentioned last night, it will also allow us to expand our office.
Bloomberg broke the news of the investment. Business Insider executive editor Joseph Weisenthal tweeted that he is "pretty sure the money is being invested to be spent."
Read Blodget's full memo at Business Insider.