Carlos Watson, the co-founder of Ozy Media, stood before the jury on Monday, adamantly denying any conspiracy to deceive investors. Instead, he painted a picture of a young media company striving to build partnerships, secure advertising revenue, and attract investors. “We really thought we had a chance to do something special that could be around for a long time,” Mr. Watson passionately expressed.
His testimony serves as the cornerstone of his defense against allegations of misrepresenting financial data, fundraising, and audience metrics to investors and lenders between 2018 and 2021. The prosecution has presented witness after witness, with potential investors claiming Mr. Watson misled them in an attempt to secure funding.
Facing the prospect of up to 37 years in prison if convicted, Mr. Watson vehemently asserted his innocence, stating he had not intentionally misled anyone. As a former MSNBC anchor, he emphasized his personal dedication to Ozy Media, even making financial sacrifices to demonstrate his whole-hearted commitment.
Mr. Watson highlighted the challenges faced by a Black entrepreneur in building something innovative and garnering support. He co-founded Ozy with Samir Rao in 2013, starting with news articles and newsletters before expanding into podcasts and television productions. Despite attracting investments from prominent backers, Ozy met its downfall with a controversial incident in 2021 involving Mr. Rao impersonating a YouTube executive during a fundraising call, leading to Ozy’s collapse.
In his defense, Mr. Watson’s legal team has shifted blame onto Mr. Rao for the impersonation and misrepresentation of Ozy’s financials to potential investors. Testifying about his leadership style, Mr. Watson portrayed himself as a hands-off leader, entrusting key operational tasks to others within the company.
Despite several witnesses testifying against him, including Google’s CEO Sundar Pichai who refuted claims of a potential $600 million takeover offer, Mr. Watson remains resolute in his innocence. He is set to continue his testimony on Tuesday, facing further examination from the prosecution.
