The first cash outer of 2017 will be founder and CEO of online retailer Brian Lee, according to Bloomberg.
Lee, an entrepreneur who founded the online retailer, has $20 million in his account, and is expecting to cash out of the company in the next three months, Bloomberg reported.
Lee was previously listed as the third wealthiest American on the Forbes Billionaires list.
Lee’s investment in the company came after the retail chain, which has seen its stock price tumble by nearly half since the beginning of the year, suffered an August sales downturn that saw it lose more than $1 billion in the three months to June 30.
The online retailer has struggled to recover from the downturn.
As of the end of the quarter, Lee’s stake was worth just over $3 million.
Lee and his company have said that the decline in sales is due in part to the recession and the continued use of the controversial drug Desmoines, which is a stimulant and has been linked to a slew of fatal and nonfatal drug overdoses.
Lee announced that he was launching a new startup, T-Vent, which will be a platform for selling products from his business, Lee Ventures, in 2018.
Lee said that he plans to be the chief executive officer of T-VDent for five years.
Lee Ventures has raised over $30 million to date and has raised $8.8 million in seed capital.
Lee has not yet commented on the timing of his next exit, but has previously said that there is no timeline for the company’s return to profitability.
Lee Venture raised $15 million in the first quarter of 2018, which was more than double the amount of money invested by the company during the same period a year earlier.
Lee is not the first entrepreneur to take the plunge into the venture capital game.
Last year, Mark Cuban invested $5 million in T-VPent.