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Billionaires take sides in the Gawker-Hogan fight

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National

Billionaires take sides in the Gawker-Hogan fight

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COMING UP:Billionaires take sides in the Gawker-Hogan fight

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00:00:02
>> Silicone Valley billionaires battling it out over Gawker, the news and gossip website that brought us the sex tape of Hulk Hogan, got sued for it, and is now on the hook for $140 million to the pro wrestler. Gawker getting its own billionaire backer, eBay co-founder Pierre Omidyar and his First Look media after it was reported that PayPal co-founder Peter Thiel was bankrolling Hogan's lawsuit.
00:00:28
Reuters correspondent Sarah McBride.>> Peter Thiel, who is gay but hadn't always made that public. But Gawker made it very public a number of years ago and Peter Thiel recently said he'd been providing financial support to a lawsuit against Gawker that a number of people think was driven just by his bitterness.
00:00:51
Thiel says that's not right, that larger constitutional issues are at stake.>> Omidyar's media group says it's reaching out to other media organizations to file friend of the court briefs in support of Gawker, which is facing bankruptcy and is exploring a sale. Thiel has called Gawker's now defunct tech culture blog Valleywag, quote, Silicon Valley's equivalent of Al Qaeda.
00:01:17
The site reported such trends as growing a beard to mask pure evil, that's Uber CEO Travis Kalanick, to detailed coverage of Elon Musk's love life.>> Now what's interesting about the battle is it's become a proxy for how much influence wealthy individuals can have over our legal system.
00:01:38
>> This week, a Florida judge declined to reduce the damages awarded to the celebrity wrestler, or to allow a new trial.