Hulk Hogan May Have Had a Financial Backer With a Grudge

Hulk Hogan won a landmark defamation lawsuit against Gawker Media in March 2016. Hogan, whose birth name was Terry Gene Bollea, became famous as a WWE wrestler and has also starred in reality television shows. Gawker released a video of the former wrestler engaging in sexual relations with Heather Clem in 2007. The act was recorded by Bubba “The Love Sponge” Clem, his best friend at the time and the husband of Heather Clem, without either’s knowledge or consent. Clem provided the video to Gawker, leading Hogan to sue the company as a result of their release of the video. A settlement of over $140 million was awarded to the reality star in  May 2016. However, information may have been uncovered that Hogan had a third-party financial backer with a grudge against Gawker.

On May 23, 2016, Gawker was denied an appeal by the courts to reopen the case or reduce the amount of the large settlement. During the years of litigation of this case, rumors began to circulate among independent lawyers that Hogan had a third-party financial backer. The rumors reached Gawker founder Nick Denton. Denton has spent over $10 million dollars on his side of the case, and he was also aware that Bollea had a precarious financial situation, yet he dismissed the rumors as unfounded gossip. However, additional lawsuits against the media company being brought by the same litigator as Hogan’s, as well as strange legal moves during the trial with the wrestler, sparked Denton to pay more attention to the rumors.

In an interview with “The New York Times,” Denton expressed the revelation that there may have been a third-party financial backer funding the Hogan case as well as the new cases being brought against Gawker. The money is believed to be connected to Silicon Valley. Gawker has had a tumultuous relationship with many heavy hitters in the Valley, possibly leaving some very rich individuals holding a grudge against the media company. Denton’s first clue that the case with the former wrestler may have been about more than a defamation charge was when Charles J. Harder, the litigator for Hogan and two other cases against Gawker, removed a clause allowing the company’s insurance agency to offset costs in a lawsuit. Harder is also working the high-profile cases on a contingency basis, meaning the extensive legal fees would only be covered if his clients won. The level of expense associated with these cases makes a contingency suit unrealistic. Denton implied to “The New York Times” that individuals who may have been unhappy with their coverage by the company could help a third party bankrupt the media group while staying out of the spotlight or revealing being motivated by a grudge.

Denton cannot say for sure who the third party may be. However, there is one likely Silicon Valley billionaire that multiple sources are confident is Hogan’s financial backer. Peter Thiel, co-founder of PayPal and early backer of Facebook,  may be holding the most significant grudge against Gawker.  Sources who spoke on the condition of anonymity to “Forbes” revealed that Thiel financially backed the wrestler’s case. Thiel was outed by Gawker as a homosexual in 2007 before Thiel had opened up publicly about his sexuality. The Silicon Valley billionaire has made it known that he held a severe grudge against the media company. In 2009, Thiel referred to Gawker publications as psychological terrorists. Denton let everyone know that Thiel, in a series of messages, had threatened to destroy him if he ran the story about his sexuality. The Hulk may have simply been a lucky pawn in a game to bring down the company.

Many may have a hard time finding sympathy for Gawker, since its stories may seem predatory. The company may have many powerful enemies holding a grudge related to the publication’s coverage of their lives. There is nothing illegal about a third-party financial backer for Hogan or any other individual. Many may find it ironic that a gossip publication is now the center of a conspiracy. Denton is hoping that Hogan’s financial backer reveals himself so that all the details of the case are exposed, even if it is someone who may have a grudge against the company.

By Gichele Cocrelle

Sources:
Forbes: This Silicon Valley Billionaire Has Been Secretly Funding Hulk Hogan’s Lawsuit Against Gawker
The New York Times: Peter Thiel Is Said to Bankroll Hulk Hogan’s Suit Against Gawker
Money.cnn: Gawker Seeks Rematch with Hulk Hogan

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