Just came here to submit this. It's a fascinating development. He's pulling an end-run around mid-level VCs.

Tim has a good eye for startups + the ability to personally boost their efforts + get them publicity. Now he can get them money without the hassle of individual negotiation with investors.

Can someone more knowledgeable comment: is there a maximum amount of money this can be used for? Or could this conceivably be used for much larger rounds as well?