The Atlanta-based, Black-owned networking hub and co-working space The Gathering Spot has split from the Greenwood digital banking platform.
The Atlanta Journal-Constitution reports The Gathering Spot’s two co-founders, Ryan Wilson and T’Keel “TK” Petersen, have reacquired majority ownership. The split marks the end of a partnership between two notable Black-owned companies that merged last year but whose issues became public and were pushed into court.
Despite the split, there is no animosity, and both
entities realize their importance to the city of Atlanta and the Black community at large. Greenwood CEO Ryan Glover is still a board member and adviser to The Gathering Spot, and Greenwood will remain a shareholder in the space.“Ultimately the goal is to try to position both of these companies for success,” Wilson told The Atlanta Journal-Constitution about taking the company independent. “We wish each other well. Both of these companies play an important role in the community.”
Greenwood, founded by rapper Michael “Killer Mike” Render and former Atlanta Mayor Andrew Young, purchased The Gathering Spot in May 2022 as the two companies shared an interest in closing the racial wealth gap and providing more opportunities and access for Black residents in Atlanta.
However, tensions rose between the two companies. In February, Wilson and Petersen filed a suit against Greenwood for allegedly withholding payments after purchasing the company. Greenwood countersued in June, saying The Gathering Spot founders misconstrued the agreement.
A month later, Wilson filed a second suit against Greenwood, alleging it engaged in intentional misconduct. Days later, it was announced that Petersen would no longer be the chief operating officer of The Gathering Spot.
Eventually, The Gathering Spot’s 10,000 members made a public outcry concerning the dispute, leading to the two sides settling their issues.
“Both companies remain supportive of each other’s growth as
they transition back to operating as separate entities,” Glover said. “Greenwood and The Gathering Spot remain committed to the community, continuing to offer innovative solutions and services that foster growth and empowerment.”RELATED CONTENT: The Gathering Spot Founders Ease Legal Feud With Greenwood