Friday, January 22, 2021

Sequoia’s Doug Leone Turns On Trump

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Doug Leone, a venture capitalist at Sequoia Capital, was among the few prominent supporters of President Donald Trump in the tech community.

While silent on the media in his support, the investor donated hundreds of thousands of thousands to Trump-linked re-election campaigns and reportedly sought to use his ties to help keep a company out. Sequoia portfolio, supported by China. social media company ByteDance, to be banned in the United States

The influential venture capital firm’s investor publicly denounced Trump’s actions following the storming of Capitol Hill last week.

“I strongly condemn the attack on the United States Capitol and all acts of violence,” Leone wrote in a statement first released by Recode. “After the horrific events of the past week, President Trump has lost a lot of his supporters, including me. The actions of the president and other speakers at the rally incited rioters.

And to nod to President-elect Joe Biden, he continued, “We need to find the best way to move forward as a country, support our newly elected president and start working on the many difficult issues facing the country. America is facing. ”

Sequoia himself declined to comment. Although in particular, Mike Moritz, another investor in Sequoia, made a large donation to Democratic causes and has not shied away from criticizing Trump in recent years.

In any case, eyes are now on others who have supported Trump in the past in the tech arena, including Oracle President Larry Ellison and venture capitalist Peter Thiel, who has distanced himself in recent months Trump absolutely.

THE POP OF THE FIRST DAY: The fintech Affirm went public yesterday after significantly raising the price of its IPO. And then the stock rose by more than double on its first day of trading, enriching investors and founder Max Levchin, but inevitably raising the question of whether the company had left money on the table.

The markets are sparkling right now. Airbnb is now valued at over $ 105 billion on an undiluted basis, a new high. The explanations for the rise in the title centered on optimism towards a return to normalcy and a rejuvenation of the travel industry. This makes sense, as the vaccines are coming back. But if that’s the case, then why the hell is DoorDash’s stock also reaching an all-time high? Shares of the food delivery business have skyrocketed as social isolation became the norm. Today, the company is valued at $ 66 billion.

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