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Who's Joe Malcoun? Biden ad's 'struggling' bar owner is a rich angel investor, here's how much he earns

In the video, Joe Malcoun blames Trump and talks about how his bar has suffered amid the pandemic and may even shut down

A Michigan man who was featured as a "struggling bar owner" in a Joe Biden campaign ad criticizing President Donald Trump for his handling of the Covid-19 pandemic and for the mass closures of restaurants and bars is actually a wealthy tech investor.

In the video, Joe Malcoun blames Trump and talks about how his bar, The Blind Pig, a live music nightspot in Ann Arbor, Michigan, has suffered amid the pandemic. He fears that the establishment may need to shut down. '‘The Blind Pig has been one of those clubs that attract artists from all genres. For 50 years, the Blind Pig has been open and crowded, but right now, it’s an empty room. This is the reality of Trump's Covid response. We don't know how much longer we can survive without any revenue. A lot of restaurants and bars that have been mainstays for years will not make it through this. This is Donald Trump's economy: There is no plan and you don't know how to go forward. It makes me so angry. My only hope for my family and for this business and my community is that Joe Biden wins this election."

But soon it was revealed that Malcoun is, in fact, a wealthy investor who made a fortune because of his family inheritance. The ad campaign was removed by Biden's team after the controversy.

Who is Joe Malcoun?

Malcoun described as a "driving force of entrepreneurship" in Ann Arbor. He has been an angel investor in a few growing tech companies and leads a fast-growing software company in the hot IT space of customer-relationship management, Nutshell Inc. Under his guidance as CEO of the company since August 2014, the firm has raised $5.5M in angel and venture capital, including investments by Ann Arbor-based Plymouth Venture Partners and Invest Detroit's Detroit Innovate fund.

"I was a full-time investor when I first encountered Nutshell and was blown away by the team and their early success. Being invited to lead the company has been the most fulfilling experience in my professional life thus far. It’s also been, by far, the hardest job I’ve ever had," he told Crain's Detroit. According to Getlatka, in 2019, "Nutshell CEO Joe Malcoun said average customer pays $1.6K and the company has raised $5.0M, hit $4.7M in revenues."

Apart from this, he is also the co-founder of Cahoots Holdings LLC, where he serves as a tech incubator, it is a co-working space for early-stage tech companies. 

As soon as information about his wealth came to light, people started slamming Malcoun and the ad campaign, as one Twitter user questioned, "Why did the Biden camp pull this ad video from YouTube? Was it because the owner Joe Malcoun as being an angel investor for tech companies and not necessarily a 'struggling bar owner?'" While another one wrote, "Oh my god shady bast***s and dirty liars. 'Owner of 'struggling' bar, #JoeMalcoun, featured in Biden ad is rich tech investor.'"

While one slammed Biden and wrote, "Leave it to the left, to lie, cheat, steal and attempt to ruin America!!! Cheers Joe! #JoeMalcoun." Another one pointed out the hypocrisy and wrote, "Joe if you shut down Joe Malcoun’s bar the Blind Pig you will ruin his family. Great job hiring that guy to do your commercial. Your hypocrisy is shining bright to all the Americans you are trying to get votes. You have ZERO integrity Dude!"