Odell's Ten31 Writes Off 2.5 million $USDT Stake In Beef Tallow Bitcoin Start Up Linked To Diddy
Matt Odell's Ten31 wrote off a $2.5 million investment in a beef tallow-based sexual lubricant bitcoin start-up known as "Diddy Tallow" according to Odell in a recent letter to the firm's investors. According to the letter Diddy Tallow's entire business model was built around selling their products to none other than iconic hip hop artist Diddy, who is now facing a litany of federal charges which could land him in prison for the rest of his life.
According to sources close to the matter, the start-up had a handshake deal to sell their beef tallow-based personal lubricant to Diddy who has a reputation for throwing large, extravagant parties requiring inordinate amount of sexual lube. With a marketing strategy centered around targeting Diddy's lavish lifestyle, Diddy Tallow was convinced that their product would become his go-to lubricant. Apparently Ten31 agreed with their thesis.
"We were all in on Diddy Tallow," said Odell in a statement to investors when they originally funded the venture. "We thought they had a real shot at disrupting the lube industry with beef tallow. But, as it turns out, their entire business model took for granted Diddy's continued incarceration-free existence."
When asked about the due diligence process that led to the investment, Odell sheepishly admitted that "we may have gotten a little too caught up in the hype surrounding their 'Diddy-centric' marketing strategy." He continued, "In retrospect, perhaps we should have done a bit more risk management."
Swan Bitcoin CEO Cory Klippsten told The Bugle he hopes this Diddy Tallow debacle will humble Odell. "He needs to take his own advice. Stay humble and stack sats. Matt likes to throw shade at Swan from his enclave on Nostr but his companies aren't making any money either."
As news of the write-off spread, investors were left scratching their heads, wondering how such a seemingly absurd business plan had managed to secure $2.5 million in funding. "I mean, come on – beef tallow-based personal lubricant for Diddy? It sounds like a bad joke," said one investor, who wished to remain anonymous.
In a bizarre twist, Diddy Tallow's CEO took to Twitter to defend the company's business model, claiming that "Diddy's incarceration is merely a minor setback" and that they would be "pivoting to target other high-profile hip hop artists with a penchant for exotic lubricants." When asked for comment, a representative for Diddy simply stated that the rapper was "unavailable for comment, as he is currently busy fighting a legal battle against the feds."
In related news, influencers shilling beef tallow products have noted that wholesale prices for beef tallow have been decreasing leading some to speculate if Diddy Tallow is liquidating their supply and flooding the market with cheap beef tallow.
