Sir Nick Clegg could make about £30 million from the planned Wall Street flotation of artificial intelligence company Nscale, adding to an estimated £100 million earned during his time at Meta.
The former Liberal Democrat leader joined Nscale’s board in March and owns more than 917,000 shares in the UK-based business. The company is reportedly seeking a valuation of up to £26.3 billion, which would place the value of his holding at roughly £31 million.
Clegg’s latest potential windfall comes after a controversial seven-year spell in Silicon Valley, where he worked alongside Meta founder Mark Zuckerberg. He served as the company’s president of global affairs until last year.
His estimated earnings from Meta include salary, bonuses and shares. Regulatory filings show that he has sold Meta shares worth £29 million since May 2022, while retaining options with a potential value of £42.4 million and a current stake valued at £22.8 million.
From deputy prime minister to tech executive
Clegg became deputy prime minister in the coalition government formed after the 2010 general election, having led the Liberal Democrats to a surge in popularity during the campaign.
His rise was followed by a sharp political reversal. The party’s decision to abandon its opposition to tuition fees damaged his reputation, while the Liberal Democrats lost 49 seats at the 2015 election.
After leaving frontline politics, Clegg moved with his wife, Miriam Gonzalez Durantez, and their three sons to California. The family bought a £7 million home in Atherton, a Silicon Valley town described as “the most expensive postcode in America”.
He had previously criticised aspects of the technology industry, saying: “I actually find the messianic California new-world-touchy-feely culture a little grating.” He also questioned whether companies such as Facebook paid all the tax they could.
During his time at Meta, Clegg became a prominent defender of the company as it faced criticism over content moderation, its algorithms and the impact of its platforms on young people.
The father of Molly Russell, the 14-year-old who died by suicide in 2017 after viewing images of self-harm on Instagram, said he had “no doubt” the platform had “helped kill” his daughter. Clegg subsequently promised that Meta would do “whatever it takes” to make the service safer for young people.
Critics have portrayed Clegg as a highly paid public face for Meta while it faced mounting scrutiny. He has rejected that characterisation, saying: “I wouldn’t have stayed seven days, much less seven years if I thought they were awful, amoral people.”
Nscale role and political ambitions
Nscale is building an AI data centre in Loughton, Essex, with projected energy use equivalent to 315,000 homes. The company’s prospectus said Clegg’s experience in public policy, government affairs and the technology industry qualified him for the board.
The company was established two years ago after spinning out of a cryptocurrency mining business and has raised billions amid growing demand for infrastructure to run artificial intelligence systems.
Nscale has also faced questions over references to its relationship with Chinese technology firm ByteDance, which operates TikTok. Those references were removed from official filings ahead of the proposed listing. A reported deal between the companies had not been publicly acknowledged by Nscale, although details had appeared in confidential documents submitted to US regulators.
Clegg has said that politicians should focus on specific AI risks, including cybersecurity and bioweapons, rather than fears that the technology could develop “godlike power” and destroy humanity.
His return to public attention comes as his wife launches Democracia 21, a liberal centrist party in Spain. The party will contest the country’s general election on November 29, promising a modern and transparent alternative to the established socialist and conservative parties.
At the party’s launch in Madrid, Clegg was seen supporting Lady Clegg, who has serious political ambitions of her own. She has said the new movement will not “feed on fear, insults or nostalgia”.
The couple do not always agree on political issues. Asked on Spanish television whether her husband shared her view that Gibraltar belonged to Spain, Lady Clegg replied: “He’ll defend his position and I’ll defend mine.”
Clegg’s work in technology has continued to attract scrutiny. At a recent event in Chiswick, he was challenged over a legal case alleging that Facebook posts and its algorithms helped spread hate and violence during Ethiopia’s civil war.
He replied: “I don’t know the individual case. There are four billion people who use Facebook. It’s not reasonable to ask me to comment on it.”
He was also questioned about whether Meta should comply with UK copyright law in relation to material used by AI companies. Clegg said the company should obey “the law of the land”, but argued that the issue was more complicated than suggested.
Having sold the family’s Californian home for £10.3 million, Clegg and his wife have returned to London. They now live in a Queen Anne-style house bought from actor Colin Firth for £8.2 million, while Clegg considers his next move in public life and technology.
