protos.com
Venture capitalist and famed SPAC-enjoyer Chamath Palihapitiya appeared quite chipper about his recent AI VC play Groq on the All-In podcast this past week. However, all was not well behind the scenes for his fund, Social Capital.
In a cryptic tweet, Social Capital said “We have terminated the employment of two of our employees due to employee-specific circumstances. We have no further comments at this time.”
According to reporting from the Financial Times, Palihapitiya fired two of his partners, Jay Zaveri and Ravi Tanuku, and hired law firm Wachtell Lipton to investigate them. It’s unclear what the pair are being investigated for, but supposedly Palihapitiya’s investment in Groq, a VC-AI-sweetheart company, is at the heart of the dispute.
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Until the past few weeks, the duo had been active on social media, but have since gone quiet. Zaveri still calls himself a partner at Social Capital.
It was a little under a year ago when Palihapitiya was ridiculed for saying his investing and launching of SPACs meant he was “in the arena trying stuff.” Apparently, the SV VC has decided to enter a new arena — one where his business partners backstab him and he takes them to court.
Unfortunately for everyone, the firing will have no effect on the All-In podcast.