Semafor is a for-profit news website that debuted in October 2022. The company views itself as a “global” news service presenting news stories from around the world.

The company’s target audience is English-speaking college graduates. Its goal is to simplify and “declutter” the news. The website is also notable for its “Semaform,” which goes in depth on nearly all news stories and includes the viewpoint of the writer and an opposing viewpoint. ¹

The news outlet has come under controversy for its financial supporters. It has received advertising funds from Chevron to support ads in its climate section. ² The outlet also received initial investment funding from disgraced FTX founder Sam Bankman-Fried. After the collapse of FTX, the company returned Bankman-Fried’s investment after he was indicted for fraud. ³

Overview

Semafor is a for-profit news website with a self-described “global” focus. The company was officially launched in October 2022. The target audience for the company is the worldwide population of English-speaking college graduates. ⁴

The company debuted with coverage of U.S. and African news. The company plans to expand coverage into the Middle East, Asia, Europe, and other regions. ⁵

All news articles, with the exception of breaking news articles, are in a format that the company calls “Semaform.” The “Semaform” consists of five sections: “The News,” “Reporter’s View,” “Room for Disagreement,” “The View From,” and “Notable.” The stories also give a chance for reporters to weigh in themselves in a story, including why their take could be wrong. ⁶

Chevron Funding Controversy

In December 2022, climate editor Bill Spindle left the company in protest of its acceptance of ads from oil company Chevron in the website’s climate section. Semafor responded that it parted ways with Spindle for reasons that were unrelated to his protest of Chevron ads. ⁷

Bankman-Fried Funding

Among the initial investors in Semafor was disgraced FTX founder Sam Bankman-Fried. Bankman-Fried was indicted for fraud related to the collapse of FTX. Bankman-Fried and his brother Gabriel made an undisclosed investment in Semafor. ⁸

Semafor coverage criticized Twitter CEO Elon Musk for allegedly taking money from Bankman-Fried and FTX. Musk denied the claim and pointed out that Semafor had taken money from Bankman-Fried. ⁹

At first, Semafor resisted returning the money it received from Bankman-Fried. But after controversy spread, Semafor returned the money. ¹⁰

Leadership

Semafor was founded by former Bloomberg Media CEO Justin B. Smith, who works as Semafor’s CEO, and Ben Smith, the former editor in chief of Buzzfeed News and media columnist for the New York Times, who works as Semafor’s editor in chief. ¹¹

Finances

Semafor is an advertising-supported news website with partnerships from companies such as Verizon and Pfizer. After 12 to 18 months of operation, it plans to convert into a subscription-based model. ¹²

The company expected to generate 30% of its revenue from hosting events in its first year. ¹³

1. Sherman, Alex. “Semafor Debuts in a Tough Media Environment, with an Aim toward Decluttering the News.” CNBC. October 19, 2022. https://www.cnbc.com/2022/10/18/semafor-debuts-new-media-startup.html
2. Wulfsohn, Joseph A. “Semafor Climate Editor Exits after Complaining to Bosses about Site’s ‘over-Dependence on Chevron Sponsorship’.’” Fox News. December 6, 2022. https://www.foxnews.com/media/semafor-climate-editor-exits-after-complaining-bosses-sites-over-dependence-on-chevron-sponsorship
3. Nagarajan, Shalini. “News Startup Semafor to Return Funds Linked to FTX Founder.” Blockworks. January 5, 2023. https://blockworks.co/news/news-startup-semafor-to-return-funds-linked-to-ftx-founder.
4. Sherman, Alex. “Semafor Debuts in a Tough Media Environment, with an Aim toward Decluttering the News.” CNBC. October 19, 2022. https://www.cnbc.com/2022/10/18/semafor-debuts-new-media-startup.html.
5. Sherman, Alex. “Semafor Debuts in a Tough Media Environment, with an Aim toward Decluttering the News.” CNBC. October 19, 2022. https://www.cnbc.com/2022/10/18/semafor-debuts-new-media-startup.html.
6. Sherman, Alex. “Semafor Debuts in a Tough Media Environment, with an Aim toward Decluttering the News.” CNBC. October 19, 2022. https://www.cnbc.com/2022/10/18/semafor-debuts-new-media-startup.html.
7. Wulfsohn, Joseph A. “Semafor Climate Editor Exits after Complaining to Bosses about Site’s ‘over-Dependence on Chevron Sponsorship’.’” Fox News. December 6, 2022. https://www.foxnews.com/media/semafor-climate-editor-exits-after-complaining-bosses-sites-over-dependence-on-chevron-sponsorship.
8. Nagarajan, Shalini. “News Startup Semafor to Return Funds Linked to FTX Founder.” Blockworks. January 5, 2023. https://blockworks.co/news/news-startup-semafor-to-return-funds-linked-to-ftx-founder.
9. Nagarajan, Shalini. “News Startup Semafor to Return Funds Linked to FTX Founder.” Blockworks. January 5, 2023. https://blockworks.co/news/news-startup-semafor-to-return-funds-linked-to-ftx-founder.
10. Nagarajan, Shalini. “News Startup Semafor to Return Funds Linked to FTX Founder.” Blockworks. January 5, 2023. https://blockworks.co/news/news-startup-semafor-to-return-funds-linked-to-ftx-founder.
11. Sherman, Alex. “Semafor Debuts in a Tough Media Environment, with an Aim toward Decluttering the News.” CNBC. October 19, 2022. https://www.cnbc.com/2022/10/18/semafor-debuts-new-media-startup.html.
12. Sherman, Alex. “Semafor Debuts in a Tough Media Environment, with an Aim toward Decluttering the News.” CNBC. October 19, 2022. https://www.cnbc.com/2022/10/18/semafor-debuts-new-media-startup.html.
13. Stenberg, Mark. “Semafor Will Generate 30% of First-Year Revenue from Events.” Adweek. December 12, 2022. https://www.adweek.com/media/semafor-events-revenue/.