Gao’s ascent was meteoric. But he also cut crucial corners. A Fortune investigation has discovered that unbeknownst to Ackman and his other investors, Gao created a secret offshore entity and funnelled assets belonging to his venture fund into the corporation set up under his own name. — PRNewswire/The New York Times
When Yida Gao returned to MIT in 2022, the former varsity pole vaulter and Phi Beta Kappa honoree had big shoes to fill. The prestigious university had asked him to teach a graduate course at the business school on crypto and finance, a position recently vacated by Securities and Exchange Commission chair Gary Gensler.
Just a decade removed from his time as an MIT undergrad, Gao was undaunted. The Chinese immigrant was riding high in the crypto world after landing on the Forbes 30 under 30 list, and he had his own blockchain-focused venture firm, Shima Capital. In a short time, Gao raised US$200mil (RM941.5mil) from finance heavyweights like Bill Ackman and prominent crypto firms including Dragonfly and Galaxy, soon becoming one of the most active investors in crypto by participating in more than 300 deals.
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