[MONDAY MINUTE] If Influencers Like Alix Earle Got RICH From the Poppi Acquisition (Why is Josh Richards Suing?)

Almost two decades after 50 Cent reportedly made around $100 million from the Coca-Cola and Vitaminwater M&A transaction, his “equity instead of traditional endorsement fees” deal structure has become commonplace within today’s influencer partnerships involving emerging CPG brands. But one of the greatest success stories in recent years involves the popular influencer Alix Earle and modern soda brand Poppi. And though Alix Earle declined to share the size of her stake, her father/manager confirmed that his daughter chose to work with Poppi on an equity basis (along with investing some of her own capital). Moreover, that equity was converted “at a pretty significant gain” in March 2025 when PepsiCo announced its agreement to acquire Poppi for $1.95 billion. However, and maybe providing an even more lucrative “woulda coulda shoulda” example…that same M&A transaction included Josh Richards, another popular internet personality who stated a handful of years ago that he wanted to be the “first influencer billionaire.” Josh Richards participated in the Poppi August 2021 fundraising round (a few years before Alix Earle) but also signed a “marketing services for equity” type contract in 2020. Though, Josh Richards didn’t get paid out from it…and he’s reportedly suing Poppi for an alleged breach of contract involving that unpaid portion of vested equity. All I know is Poppi better hope Dave Portnoy doesn’t go all scorched earth on them…as he appears to be extremely protective of his former co-hosts on the BFFs podcast.