Thursday, August 2, 2018
Jeff Bezos’s Parents Gambled on His Big Idea — and Now Could Be Worth Billions - TIME Business
Jeff Bezos’s Parents Gambled on His Big Idea — and Now Could Be Worth Billions
Posted: 31 Jul 2018 07:26 AM PDT
It may be the most successful venture investment of all time.
In 1995, Jackie and Mike Bezos plowed $245,573 into their son’s fledgling e-commerce website, according to a prospectus two years later. It was a big gamble, Mike Bezos, the stepfather of Amazon.com Inc. founder Jeff Bezos, recalled onstage during a 2015 event at the National Constitution Center in Philadelphia.
“I want you to know how risky this is,” the son told his parents, “because I want to come home at dinner for Thanksgiving and I don’t want you to be mad at me.”
He’s probably welcome to extra helpings of turkey — and all the gravy. One IPO and three stock splits later, his parents’ stake could be worth almost $30 billion today. That would make them wealthier than Microsoft Corp. co-founder Paul Allen, the 30th-richest person on the Bloomberg Billionaires Index.
The parents’ holdings haven’t been publicly disclosed since the end of 1999. While it’s unclear how much they still own, continuing donations of Amazon stock to their charitable foundation suggest they still control a healthy chunk of the world’s second-most valuable company.
They’ve donated 595,027 shares to the Bezos Family Foundation from 2001 through 2016, according to filings available on GuideStar, which collects data on nonprofits. The 25,000 shares they gifted in 2016 were worth about $20 million at the time. The foundation focuses on education for young people.
If they haven’t sold or donated anything else, the pair would own about 16.6 million shares, or 3.4% of the firm, making them the second-biggest individual owners after their son.
Their total return in that case would be about 12,000,000%, a performance that would make even the most celebrated venture capitalists blush. SoftBank’s $20 million bet on Alibaba has returned about 720,000% since 2000, according to calculations by Bloomberg. Sequoia Capital’s WhatsApp investment returned roughly 36,000% by the time Facebook Inc. bought the messaging service for $22 billion in 2014.
“We were fortunate enough that we have lived overseas and we have saved a few pennies so we were able to be an angel investor,” Mike Bezos, a Cuban immigrant who also goes by Miguel, said in Philadelphia. “The rest is history.”
He bought 582,528 shares in February 1995, according to the 1997 prospectus. Five months later, Jackie Bezos bought 847,716 shares. The wider Bezos family held this stock through four trusts at the end of 1999, another filing shows. The Jacklyn Gise Bezos 1996 Revocable Trust held 8.9 million shares, followed by the Miguel A. Bezos 1996 Revocable Trust with 4.8 million shares, while the Bezos Family Trust and the Bezos Generation Skipping Trust held 2.9 million and 675,000, respectively.
Any self-respecting wealth adviser likely would have pressed the family to diversify their holdings given the “heightened consequences of such extreme individual company exposures,” according to Eduardo Gruener, co-founder of Miami-based multi-family office GFG Capital.
Siblings’ Windfall
After applying historic selling patterns and accounting for the disclosed donations, Jackie and Mike Bezos would still control $10 billion of shares, according to an analysis by the Bloomberg Billionaires Index. That’s on top of their son’s $147 billion fortune, which easily makes him the world’s richest person.
Even if they had unwound all of their Amazon holdings at the lowest possible price, they still would have reaped about $100 million.
The filing also suggests a windfall for Jeff Bezos’ siblings Mark and Christina. They each bought 30,000 Amazon shares for $10,000 in 1996. If they haven’t sold any of those shares, their stakes would be worth about $640 million apiece.
The Bezos Family Foundation didn’t respond to email and telephone messages requesting comment. Amazon declined to comment.
Wozniak’s Largesse
With Amazon, Alphabet Inc. and Apple Inc. approaching market values of $1 trillion, the world could have myriad unknown tech billionaires. Only corporate insiders or shareholders with stakes exceeding 5% are required to report their interests. In the case of Apple, that means individuals with positions up to $46.7 billion wouldn’t be required to disclose their holdings.
Apple co-founder Steve Wozniak held a 7.9% stake in 1980, which shrank over time as he sold options at low prices to mid-level employees and gifted shares to those he felt had been shortchanged. His remaining stake is thought to be in the millions rather than billions.
Or take Google parent Alphabet. An early investor was reportedly none other than Jeff Bezos, who put $250,000 of his own money into the internet-search startup in 1998, according to the New Yorker. Those shares, valued at about $280 million at the IPO, would be worth more than $8 billion today.
That pales in comparison to the returns potentially reaped by his parents, who hit the jackpot backing their boy.
“Extraordinary returns don’t come around often” said Gruener, the wealth adviser.“Replace Amazon with nearly any other name in the market and the ending may have turned out as a nightmare.”
Google plans censored version of search engine in China - Reuters
AUGUST 2, 2018
Google plans censored version of search engine in China: sources
Cate Cadell, Joseph Menn
BEIJING/SAN FRANCISCO (Reuters) - Alphabet Inc’s Google plans to launch a version of its search engine in China that will block some websites and search terms, two sources said, in a move that could mark its return to a market it abandoned eight years ago on censorship concerns.
The plan comes even as China has stepped up scrutiny into business dealings involving U.S. tech firms including Facebook Inc, Apple Inc and Qualcomm Inc amid intensifying trade tensions between Beijing and Washington.
Google, which quit China’s search engine market in 2010, has been actively seeking ways to re-enter China where many of its products are blocked by regulators.
The Intercept earlier reported Google’s China plans on Wednesday, citing internal Google documents and people familiar with the plans.
The project is code named “Dragonfly” and has been underway since the spring of 2017, the news website said.
Progress on the project picked up after a December meeting between Google’s Chief Executive Sundar Pichai and a top Chinese government official, it added.
Search terms about human rights, democracy, religion and peaceful protests will be among the words blacklisted in the search engine app, which The Intercept said had already been demonstrated to the Chinese government.
The finalised version could be launched in the next six to nine months, pending approval from Chinese officials, it added.
Chinese state-owned Securities Times, however, said reports of the return of Google’s search engine to China were not true, citing information from “relevant departments”.
But a Google employee familiar with the censored version of the search engine confirmed to Reuters that the project was alive and genuine.
On an internal message board, the employee wrote: “In my opinion, it is just as bad as the leak article mentions.”
The worker, who declined to be named, said that he had seen slides on the effort and that many executives at the vice president level were aware of it. He said he had transferred out of his unit to avoid being involved.
Separately, a Chinese official with knowledge of the plans said that Google has been in contact with authorities at the Cyberspace Administration of China (CAC) about a modified search program.
The official, who declined to be named, said the project does not currently have approval from authorities and that it is “very unlikely” such a project would be made available this year.
Google declined to comment on the accounts and the CAC did not immediately respond to requests for comment from Reuters on Thursday.
A day earlier, the search giant also declined to comment on specifics mentioned in The Intercept report, but noted that it has launched a number of mobile apps in China and works with local developers as part of maintaining its domestic presence.
But the report pummeled shares of U.S.-listed Baidu, which dominates China’s search engine market. Baidu shares fell 7.7 percent on Wednesday, despite posting better than expected quarterly results.
Google’s main search platform is blocked in China along with its video platform YouTube, but it has been attempting to make new inroads into China.
In January, the search engine joined an investment in Chinese live-stream mobile game platform Chushou, and earlier this month, launched an artificial intelligence (AI) game on Tencent Holdings Ltd’s social media app WeChat.
Reports of its possible re-entry spurred a strong reaction on Chinese social media outlets on Wednesday evening, including debates over the merits of a censored search engine versus accessing the U.S. version through illegal virtual private networks.
“Let’s carry on jumping the Firewall,” said one anonymous poster. “I’d rather not have it than use a castrated version.”
Reporting by Brenda Goh and Cate Cadell, Editing by Sherry Jacob-Phillips and Muralikumar Anantharaman
Google plans censored version of search engine in China: sources
Cate Cadell, Joseph Menn
BEIJING/SAN FRANCISCO (Reuters) - Alphabet Inc’s Google plans to launch a version of its search engine in China that will block some websites and search terms, two sources said, in a move that could mark its return to a market it abandoned eight years ago on censorship concerns.
The plan comes even as China has stepped up scrutiny into business dealings involving U.S. tech firms including Facebook Inc, Apple Inc and Qualcomm Inc amid intensifying trade tensions between Beijing and Washington.
Google, which quit China’s search engine market in 2010, has been actively seeking ways to re-enter China where many of its products are blocked by regulators.
The Intercept earlier reported Google’s China plans on Wednesday, citing internal Google documents and people familiar with the plans.
The project is code named “Dragonfly” and has been underway since the spring of 2017, the news website said.
Progress on the project picked up after a December meeting between Google’s Chief Executive Sundar Pichai and a top Chinese government official, it added.
Search terms about human rights, democracy, religion and peaceful protests will be among the words blacklisted in the search engine app, which The Intercept said had already been demonstrated to the Chinese government.
The finalised version could be launched in the next six to nine months, pending approval from Chinese officials, it added.
Chinese state-owned Securities Times, however, said reports of the return of Google’s search engine to China were not true, citing information from “relevant departments”.
But a Google employee familiar with the censored version of the search engine confirmed to Reuters that the project was alive and genuine.
On an internal message board, the employee wrote: “In my opinion, it is just as bad as the leak article mentions.”
The worker, who declined to be named, said that he had seen slides on the effort and that many executives at the vice president level were aware of it. He said he had transferred out of his unit to avoid being involved.
Separately, a Chinese official with knowledge of the plans said that Google has been in contact with authorities at the Cyberspace Administration of China (CAC) about a modified search program.
The official, who declined to be named, said the project does not currently have approval from authorities and that it is “very unlikely” such a project would be made available this year.
Google declined to comment on the accounts and the CAC did not immediately respond to requests for comment from Reuters on Thursday.
A day earlier, the search giant also declined to comment on specifics mentioned in The Intercept report, but noted that it has launched a number of mobile apps in China and works with local developers as part of maintaining its domestic presence.
But the report pummeled shares of U.S.-listed Baidu, which dominates China’s search engine market. Baidu shares fell 7.7 percent on Wednesday, despite posting better than expected quarterly results.
Google’s main search platform is blocked in China along with its video platform YouTube, but it has been attempting to make new inroads into China.
In January, the search engine joined an investment in Chinese live-stream mobile game platform Chushou, and earlier this month, launched an artificial intelligence (AI) game on Tencent Holdings Ltd’s social media app WeChat.
Reports of its possible re-entry spurred a strong reaction on Chinese social media outlets on Wednesday evening, including debates over the merits of a censored search engine versus accessing the U.S. version through illegal virtual private networks.
“Let’s carry on jumping the Firewall,” said one anonymous poster. “I’d rather not have it than use a castrated version.”
Reporting by Brenda Goh and Cate Cadell, Editing by Sherry Jacob-Phillips and Muralikumar Anantharaman
Donald Trump: President attempts to quote Marc Thiessen's criticism of Hillary Clinton and spells it wrong - Independent
Donald Trump: President attempts to quote Marc Thiessen's criticism of Hillary Clinton and spells it wrong
Posted by Lowenna Waters on August 1, 2018 in news
UPVOTE
By now, we're all accustomed to the rather regular spelling errors that are issued from the White House and Donald Trump's Twitter accounts.
In the latest instalment, Trump attempted to criticise Hillary Clinton by quoting right-wing Washington Post columnist Marc Thiessen in order to accuse her of conspiring with Russia to gain compromising information that could be used against his campaign.
In the tweet, the president quoted Marc Thiessen, who told Fox News in an interview Wednesday: "We already have a smoking gun about a campaign getting dirt on their opponent, it was Hillary Clinton."
In the tweet, Trump continued the quote, however he made a blaring spelling error, which has been screen-shotted by The Daily Mail:
spellingerror.jpg
Smocking? Hummm....
Unsurprisingly, the original tweet was quickly deleted, and replaced with one that actually spelt the word 'smoking' correctly:
Donald J. Trump
✔
@realDonaldTrump
“We already have a smoking gun about a campaign getting dirt on their opponent, it was Hillary Clinton. How is it OK for Hillary Clinton to proactively seek dirt from the Russians but the Trump campaign met at the Russians request and that is bad?” Marc Thiessen, Washington Post
1:56 AM - Aug 2, 2018
The full quote reads:
'We already have a smoking gun about a campaign getting dirt on their opponent, it was Hillary Clinton. How is it OK for Hillary Clinton to proactively seek dirt from the Russians but the Trump campaign met at the Russians request and that is bad?' Marc Thiessen, Washington Post
Needless to say, the internet had a field day.
Jonah Goldberg
✔
@JonahNRO
Hey @marcthiessen did you really spell it “smocking”? https://twitter.com/realdonaldtrump/status/1024676935065120768 …
1:37 AM - Aug 2, 2018
Sam Vecenie
✔
@Sam_Vecenie
Oh my god he did the smocking tweet.
1:37 AM - Aug 2, 2018
100
See Sam Vecenie's other Tweets
Twitter Ads info and privacy
Others wondered whether it had something to do with the White House's guns policies?
Shannon Watts
✔
@shannonrwatts
I wonder if a “smocking gun” is a new @NRA marketing ploy to sell guns to women?
1:39 AM - Aug 2, 2018
Andrew Beatty
✔
@AndrewBeatty
Overheard in the White House 'can you 3D print a smocking gun?"
1:50 AM - Aug 2, 2018
The sewing puns abounded.
Jason Isbell
✔
@JasonIsbell
So glad I quit smocking
1:41 AM - Aug 2, 2018
Joanne Buchanan
@js_buchanan
Replying to @JasonIsbell
You quilt?
1:43 AM - Aug 2, 2018 · Durham, N
Jason Isbell
✔
@JasonIsbell
Replying to @js_buchanan
Quilt bodice time last year
6:07 AM - Aug 2, 2018
Joanne Buchanan
@js_buchanan
Replying to @JasonIsbell
That is sew great! 💪
7:28 AM - Aug 2, 2018 · Durham, NC
Others got creative with sewing imagery.
Maggie Serota
✔
@maggieserota
smocking
2:13 AM - Aug 2, 2018
Kyle Griffin
✔
@kylegriffin1
· 18h
"Smocking gun" pic.twitter.com/Vf80nKcC9w
Dani Bostick
✔
@danibostick
Smocking. pic.twitter.com/rQmvc0fRcR
1:33 AM - Aug 2, 2018
Many hammered home that 'smocking' is a bad habit.
Christopher Bouzy
@cbouzy
SMOCKING IS BAD FOR YOU!
1:38 AM - Aug 2, 2018
But, the real question on everyone's lips was - is smocking the new covfefe?
Unapologetically BLACK ✊🏿✊🏿✊🏿
@misscrystal81
Does smocking = covfefe? 🤔
Kyle Griffin
✔
@kylegriffin1
"Smocking gun"
View image on Twitter
12:43 PM - Aug 2, 2018
See Unapologetically BLACK ✊🏿✊🏿✊🏿's other Tweets
Twitter Ads info and privacy
HT The Hill
Posted by Lowenna Waters on August 1, 2018 in news
UPVOTE
By now, we're all accustomed to the rather regular spelling errors that are issued from the White House and Donald Trump's Twitter accounts.
In the latest instalment, Trump attempted to criticise Hillary Clinton by quoting right-wing Washington Post columnist Marc Thiessen in order to accuse her of conspiring with Russia to gain compromising information that could be used against his campaign.
In the tweet, the president quoted Marc Thiessen, who told Fox News in an interview Wednesday: "We already have a smoking gun about a campaign getting dirt on their opponent, it was Hillary Clinton."
In the tweet, Trump continued the quote, however he made a blaring spelling error, which has been screen-shotted by The Daily Mail:
spellingerror.jpg
Smocking? Hummm....
Unsurprisingly, the original tweet was quickly deleted, and replaced with one that actually spelt the word 'smoking' correctly:
Donald J. Trump
✔
@realDonaldTrump
“We already have a smoking gun about a campaign getting dirt on their opponent, it was Hillary Clinton. How is it OK for Hillary Clinton to proactively seek dirt from the Russians but the Trump campaign met at the Russians request and that is bad?” Marc Thiessen, Washington Post
1:56 AM - Aug 2, 2018
The full quote reads:
'We already have a smoking gun about a campaign getting dirt on their opponent, it was Hillary Clinton. How is it OK for Hillary Clinton to proactively seek dirt from the Russians but the Trump campaign met at the Russians request and that is bad?' Marc Thiessen, Washington Post
Needless to say, the internet had a field day.
Jonah Goldberg
✔
@JonahNRO
Hey @marcthiessen did you really spell it “smocking”? https://twitter.com/realdonaldtrump/status/1024676935065120768 …
1:37 AM - Aug 2, 2018
Sam Vecenie
✔
@Sam_Vecenie
Oh my god he did the smocking tweet.
1:37 AM - Aug 2, 2018
100
See Sam Vecenie's other Tweets
Twitter Ads info and privacy
Others wondered whether it had something to do with the White House's guns policies?
Shannon Watts
✔
@shannonrwatts
I wonder if a “smocking gun” is a new @NRA marketing ploy to sell guns to women?
1:39 AM - Aug 2, 2018
Andrew Beatty
✔
@AndrewBeatty
Overheard in the White House 'can you 3D print a smocking gun?"
1:50 AM - Aug 2, 2018
The sewing puns abounded.
Jason Isbell
✔
@JasonIsbell
So glad I quit smocking
1:41 AM - Aug 2, 2018
Joanne Buchanan
@js_buchanan
Replying to @JasonIsbell
You quilt?
1:43 AM - Aug 2, 2018 · Durham, N
Jason Isbell
✔
@JasonIsbell
Replying to @js_buchanan
Quilt bodice time last year
6:07 AM - Aug 2, 2018
Joanne Buchanan
@js_buchanan
Replying to @JasonIsbell
That is sew great! 💪
7:28 AM - Aug 2, 2018 · Durham, NC
Others got creative with sewing imagery.
Maggie Serota
✔
@maggieserota
smocking
2:13 AM - Aug 2, 2018
Kyle Griffin
✔
@kylegriffin1
· 18h
"Smocking gun" pic.twitter.com/Vf80nKcC9w
Dani Bostick
✔
@danibostick
Smocking. pic.twitter.com/rQmvc0fRcR
1:33 AM - Aug 2, 2018
Many hammered home that 'smocking' is a bad habit.
Christopher Bouzy
@cbouzy
SMOCKING IS BAD FOR YOU!
1:38 AM - Aug 2, 2018
But, the real question on everyone's lips was - is smocking the new covfefe?
Unapologetically BLACK ✊🏿✊🏿✊🏿
@misscrystal81
Does smocking = covfefe? 🤔
Kyle Griffin
✔
@kylegriffin1
"Smocking gun"
View image on Twitter
12:43 PM - Aug 2, 2018
See Unapologetically BLACK ✊🏿✊🏿✊🏿's other Tweets
Twitter Ads info and privacy
HT The Hill
Hillary Clinton teams up with Steven Spielberg to bring female voting rights story to television - CNBC News
August 1, 2018.
Hillary Clinton teams up with Steven Spielberg to bring female voting rights story to television
Hillary Clinton said on Wednesday she was working with director Steven Spielberg to bring "The Woman's Hour," a book about women's fight for voting rights, to television.
The project will mark Clinton's debut as a TV producer and follows a deal in May between Netflix and former President Barack Obama and his wife Michelle to produce films and other content for the streaming service.
Reuters
Matthew Eisman
Hillary Clinton speaks onstage during OZY Fest 2018 at Rumsey Playfield, Central Park on July 21, 2018 in New York City.
Hillary Clinton is adding a new skill to her resume: television producer.
The losing 2016 U.S. presidential candidate said on Wednesday she was working with director Steven Spielberg to bring a book about women's fight for voting rights to television.
"I'm thrilled to be joining forces with Steven Spielberg to bring author Elaine Weiss' book 'The Woman's Hour' to TV," Clinton said on her Twitter account.
"It's about the women who fought for suffrage nearly 100 years ago. We stand on their shoulders, and I'm delighted to have a hand in helping to tell their stories," she added.
Spielberg's Amblin Television said in a statement that Clinton would be one of four executive producers on the show, which is being developed for a cable channel or a streaming platform.
No writer or network has yet signed on, but The Hollywood Reporter said Clinton is expected to have hands-on involvement in the development of the show, including casting.
The project will mark Clinton's debut as a TV producer and follows a deal in May between Netflix and former President Barack Obama and his wife Michelle to produce films, documentaries and other content for the streaming service.
"The Woman's Hour," set in 1920, tells the story of the long crusade by American women to get the right to vote. It was published in March.
Clinton called it "both a page-turning drama and an inspiration for everyone, young and old, male and female, in these perilous times."
Since losing her bid to become the first female U.S. president, Clinton has written a memoir about her campaign, "What Happened," and launched the political action group Onward Together.
She is also due to make a guest appearance as herself in an October episode of television's "Madam Secretary," about a fictional female U.S. Secretary of State that is widely thought to be inspired by Clinton's own time at the U.S. State Department from 2009 to 2013.
Hillary Clinton teams up with Steven Spielberg to bring female voting rights story to television
Hillary Clinton said on Wednesday she was working with director Steven Spielberg to bring "The Woman's Hour," a book about women's fight for voting rights, to television.
The project will mark Clinton's debut as a TV producer and follows a deal in May between Netflix and former President Barack Obama and his wife Michelle to produce films and other content for the streaming service.
Reuters
Matthew Eisman
Hillary Clinton speaks onstage during OZY Fest 2018 at Rumsey Playfield, Central Park on July 21, 2018 in New York City.
Hillary Clinton is adding a new skill to her resume: television producer.
The losing 2016 U.S. presidential candidate said on Wednesday she was working with director Steven Spielberg to bring a book about women's fight for voting rights to television.
"I'm thrilled to be joining forces with Steven Spielberg to bring author Elaine Weiss' book 'The Woman's Hour' to TV," Clinton said on her Twitter account.
"It's about the women who fought for suffrage nearly 100 years ago. We stand on their shoulders, and I'm delighted to have a hand in helping to tell their stories," she added.
Spielberg's Amblin Television said in a statement that Clinton would be one of four executive producers on the show, which is being developed for a cable channel or a streaming platform.
No writer or network has yet signed on, but The Hollywood Reporter said Clinton is expected to have hands-on involvement in the development of the show, including casting.
The project will mark Clinton's debut as a TV producer and follows a deal in May between Netflix and former President Barack Obama and his wife Michelle to produce films, documentaries and other content for the streaming service.
"The Woman's Hour," set in 1920, tells the story of the long crusade by American women to get the right to vote. It was published in March.
Clinton called it "both a page-turning drama and an inspiration for everyone, young and old, male and female, in these perilous times."
Since losing her bid to become the first female U.S. president, Clinton has written a memoir about her campaign, "What Happened," and launched the political action group Onward Together.
She is also due to make a guest appearance as herself in an October episode of television's "Madam Secretary," about a fictional female U.S. Secretary of State that is widely thought to be inspired by Clinton's own time at the U.S. State Department from 2009 to 2013.
Illinois lawmaker Nick Sauer quits after 'catfishing' claim - BBC News
August 2, 2018.
Illinois lawmaker Nick Sauer quits after 'catfishing' claim
Mr Sauer's former girlfriend has reportedly also filed a police report in Chicago
An Illinois state representative has resigned following allegations he used photos of his ex-girlfriend to "catfish other men".
Republican Nick Sauer allegedly used the photos on a fake Instagram account to lure men into "graphic conversations of a sexual nature".
His former girlfriend Kate Kelly made the allegations in a formal complaint.
Catfishing refers to creating fake personas to trick others into bogus online conversations.
Mr Sauer said in a statement his duties would be affected "by the distraction of addressing these allegations.
"After speaking with my family, I feel it best to step away from my public responsibilities," the first term lawmaker said.
Illinois house Republican leader Jim Durkin called the allegations "troubling", saying the "proper authorities" should be allowed to investigate.
Publishing private sexual images without consent is a crime in the state of Illinois.
Mr Sauer was serving as representative in Illinois' 51st district
Ms Kelly filed the complaint with the Office of the Legislative Inspector General on Wednesday, according to reports on US news website Politico.
The article says that Ms Kelly has also filed a report with the Chicago Police Department.
Speaking to the website, Ms Kelly said she and Mr Sauer, both unmarried, met on the dating app Tinder in 2016 but broke up earlier this year when she discovered he had been seeing other women.
What is catfishing?
Catfishing is when people create fake online personas to trick or bully others
The fraudster can try to scam others into romantic or sexual relationships
A documentary called Catfish was released in 2010 about a man uncovering the true identity of an online love interest
The film's lead, Nev Schulman, later made a television series with the same name
Should 'catfishing' be made a crime?
In July, a man allegedly contacted Ms Kelly on her Instagram account saying he had been speaking to a person for the past four months pretending to be her.
Ms Kelly's complaint says Mr Sauer later "came to my house and confessed to catfishing men with my photos".
Mr Sauer represented Illinois' 51st district, and was a member of the House Sexual Discrimination and Harassment Task Force.
Earlier this year, Missouri Governor Eric Greitens resigned after claims he photographed a naked woman without her consent.
Illinois lawmaker Nick Sauer quits after 'catfishing' claim
Mr Sauer's former girlfriend has reportedly also filed a police report in Chicago
An Illinois state representative has resigned following allegations he used photos of his ex-girlfriend to "catfish other men".
Republican Nick Sauer allegedly used the photos on a fake Instagram account to lure men into "graphic conversations of a sexual nature".
His former girlfriend Kate Kelly made the allegations in a formal complaint.
Catfishing refers to creating fake personas to trick others into bogus online conversations.
Mr Sauer said in a statement his duties would be affected "by the distraction of addressing these allegations.
"After speaking with my family, I feel it best to step away from my public responsibilities," the first term lawmaker said.
Illinois house Republican leader Jim Durkin called the allegations "troubling", saying the "proper authorities" should be allowed to investigate.
Publishing private sexual images without consent is a crime in the state of Illinois.
Mr Sauer was serving as representative in Illinois' 51st district
Ms Kelly filed the complaint with the Office of the Legislative Inspector General on Wednesday, according to reports on US news website Politico.
The article says that Ms Kelly has also filed a report with the Chicago Police Department.
Speaking to the website, Ms Kelly said she and Mr Sauer, both unmarried, met on the dating app Tinder in 2016 but broke up earlier this year when she discovered he had been seeing other women.
What is catfishing?
Catfishing is when people create fake online personas to trick or bully others
The fraudster can try to scam others into romantic or sexual relationships
A documentary called Catfish was released in 2010 about a man uncovering the true identity of an online love interest
The film's lead, Nev Schulman, later made a television series with the same name
Should 'catfishing' be made a crime?
In July, a man allegedly contacted Ms Kelly on her Instagram account saying he had been speaking to a person for the past four months pretending to be her.
Ms Kelly's complaint says Mr Sauer later "came to my house and confessed to catfishing men with my photos".
Mr Sauer represented Illinois' 51st district, and was a member of the House Sexual Discrimination and Harassment Task Force.
Earlier this year, Missouri Governor Eric Greitens resigned after claims he photographed a naked woman without her consent.
Zimbabwe election: International calls for restraint - BBC News
August 2, 2018.
Zimbabwe election: International calls for restraint
BBC captures footage of post-election violence in Harare
A government crackdown in Zimbabwe after Monday's elections has prompted international calls for restraint.
The UN and former colonial power the UK both expressed concern about the violence, in which three people were killed after troops opened fire.
Parliamentary results gave victory to the ruling Zanu-PF party in the first vote since the removal in November of long-time leader Robert Mugabe.
But the opposition says Zanu-PF has rigged the election.
The result of the presidential vote is not yet known.
The opposition MDC Alliance insists its candidate, Nelson Chamisa, beat the incumbent President Emmerson Mnangagwa.
Zanu-PF, which has been in power for 38 years since the country gained its independence, denies there has been any rigging and has called for calm.
Can post-Mugabe vote heal Zimbabwe?
President Mnangagwa said the government was in talks with Mr Chamisa to diffuse the crisis and "we must maintain this dialogue in order to protect the peace we hold dear".
In a series of tweets, he said he wanted an independent investigation to ensure that those behind Wednesday's violence were brought to justice.
President of Zimbabwe
✔
@edmnangagwa
I wish to extend my sincere condolences to the families of the victims of yesterday’s violence. All human life is sacred, and their deaths are a tragedy, irrespective of the circumstances. I would also like to wish a speedy recovery to all those injured in yesterday’s events
5:41 PM - Aug 2, 2018
UN Secretary General Antonio Guterres urged Zimbabwe's politicians to exercise restraint, while UK foreign office minister Harriett Baldwin said she was "deeply concerned" by the violence.
The US embassy in Harare urged the army to "use restraint" on Twitter, saying the country had an "historic opportunity" for a brighter future.
Opposition supporters are angered by the delay in results and mistrust the electoral commission
Human rights group Amnesty International's acting secretary general Colm O Cuanachain said in a press release that the "militarisation" of the election aftermath was "muzzling freedom of expression, association and assembly".
"People must be guaranteed their right to protest," he said.
No violence was reported on Thursday. A truckload of armed policemen and soldiers were driving around the city shouting, "Behave yourself, people of Zimbabwe."
What happened after the vote?
The country's electoral commission said that Zanu-PF had won a two-thirds majority in parliament - prompting protests in the capital, Harare.
Home Affairs Minister Obert Mpofu said the government would not tolerate the protests.
Police officers remain on the streets of the capital
The opposition "are testing our resolve", he said, "and I think they are making a big mistake."
A spokesman for Mr Chamisa condemned the deployment of soldiers and the subsequent loss of life.
"Soldiers are trained to kill during war. Are civilians enemies of the state?" he asked.
"There is no explanation whatsoever for the brutality that we saw today."
Which results have been declared?
The Zimbabwe Electoral Commission (Zec) has so far announced victory in 140 seats for Zanu-PF, with 58 for the MDC Alliance, ZBC state media reported. There are 210 seats in the National Assembly's lower house.
More than five million people were registered to vote, and there was a turnout of 70%.
ZBC had reported that the electoral commission would announce the presidential results at 12:30 local time (10:30 GMT) on Wednesday, but only parliamentary results were read out.
The BBC's Shingai Nyoka reports that the announcement on the presidential poll was not made because representatives of some of the 23 candidates had failed to turn up to verify the results.
A presidential candidate needs more than 50% of the vote to win outright. Otherwise, a run-off election will be held on 8 September.
What are election observers saying?
The EU mission criticised the delay in announcing the presidential results. Zec has until Saturday to do so.
The electoral commission says 70% of registered voters took part in the election
It said it had observed several problems, including media bias, voter intimidation and mistrust in the electoral commission, adding that there was an "improved political climate, but un-level playing field and lack of trust".
This is the first time in 16 years that the government has allowed EU and US election monitors into the country.
The African Union mission has said the elections "took place in a very peaceful environment" and "were highly competitive".
It added that it could not confirm opposition parties' complaints of vote-buying, intimidation by the state and bias by traditional leaders.
A preliminary report by the Southern African Development Community (Sadc) observers said the elections were largely peaceful and conducted in accordance with the law.
Zimbabwe election: International calls for restraint
BBC captures footage of post-election violence in Harare
A government crackdown in Zimbabwe after Monday's elections has prompted international calls for restraint.
The UN and former colonial power the UK both expressed concern about the violence, in which three people were killed after troops opened fire.
Parliamentary results gave victory to the ruling Zanu-PF party in the first vote since the removal in November of long-time leader Robert Mugabe.
But the opposition says Zanu-PF has rigged the election.
The result of the presidential vote is not yet known.
The opposition MDC Alliance insists its candidate, Nelson Chamisa, beat the incumbent President Emmerson Mnangagwa.
Zanu-PF, which has been in power for 38 years since the country gained its independence, denies there has been any rigging and has called for calm.
Can post-Mugabe vote heal Zimbabwe?
President Mnangagwa said the government was in talks with Mr Chamisa to diffuse the crisis and "we must maintain this dialogue in order to protect the peace we hold dear".
In a series of tweets, he said he wanted an independent investigation to ensure that those behind Wednesday's violence were brought to justice.
President of Zimbabwe
✔
@edmnangagwa
I wish to extend my sincere condolences to the families of the victims of yesterday’s violence. All human life is sacred, and their deaths are a tragedy, irrespective of the circumstances. I would also like to wish a speedy recovery to all those injured in yesterday’s events
5:41 PM - Aug 2, 2018
UN Secretary General Antonio Guterres urged Zimbabwe's politicians to exercise restraint, while UK foreign office minister Harriett Baldwin said she was "deeply concerned" by the violence.
The US embassy in Harare urged the army to "use restraint" on Twitter, saying the country had an "historic opportunity" for a brighter future.
Opposition supporters are angered by the delay in results and mistrust the electoral commission
Human rights group Amnesty International's acting secretary general Colm O Cuanachain said in a press release that the "militarisation" of the election aftermath was "muzzling freedom of expression, association and assembly".
"People must be guaranteed their right to protest," he said.
No violence was reported on Thursday. A truckload of armed policemen and soldiers were driving around the city shouting, "Behave yourself, people of Zimbabwe."
What happened after the vote?
The country's electoral commission said that Zanu-PF had won a two-thirds majority in parliament - prompting protests in the capital, Harare.
Home Affairs Minister Obert Mpofu said the government would not tolerate the protests.
Police officers remain on the streets of the capital
The opposition "are testing our resolve", he said, "and I think they are making a big mistake."
A spokesman for Mr Chamisa condemned the deployment of soldiers and the subsequent loss of life.
"Soldiers are trained to kill during war. Are civilians enemies of the state?" he asked.
"There is no explanation whatsoever for the brutality that we saw today."
Which results have been declared?
The Zimbabwe Electoral Commission (Zec) has so far announced victory in 140 seats for Zanu-PF, with 58 for the MDC Alliance, ZBC state media reported. There are 210 seats in the National Assembly's lower house.
More than five million people were registered to vote, and there was a turnout of 70%.
ZBC had reported that the electoral commission would announce the presidential results at 12:30 local time (10:30 GMT) on Wednesday, but only parliamentary results were read out.
The BBC's Shingai Nyoka reports that the announcement on the presidential poll was not made because representatives of some of the 23 candidates had failed to turn up to verify the results.
A presidential candidate needs more than 50% of the vote to win outright. Otherwise, a run-off election will be held on 8 September.
What are election observers saying?
The EU mission criticised the delay in announcing the presidential results. Zec has until Saturday to do so.
The electoral commission says 70% of registered voters took part in the election
It said it had observed several problems, including media bias, voter intimidation and mistrust in the electoral commission, adding that there was an "improved political climate, but un-level playing field and lack of trust".
This is the first time in 16 years that the government has allowed EU and US election monitors into the country.
The African Union mission has said the elections "took place in a very peaceful environment" and "were highly competitive".
It added that it could not confirm opposition parties' complaints of vote-buying, intimidation by the state and bias by traditional leaders.
A preliminary report by the Southern African Development Community (Sadc) observers said the elections were largely peaceful and conducted in accordance with the law.
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