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Sequoia looks to oust Michael Moritz from Klarna in boardroom dispute

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Sequoia looks to oust Michael Moritz from Klarna in boardroom dispute

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Sequoia Capital is seeking to oust its former leader Michael Moritz as chair of the fintech Klarna, an extraordinary move that reflects the venture capital group’s mounting discontent over the governance of what was once Europe’s most valuable start-up.

The boardroom dispute adds to pressure on Klarna chief executive and co-founder Sebastian Siemiatkowski as the Swedish “buy now, pay later” pioneer prepares for a public listing, people with knowledge of the situation told the Financial Times.

Moritz, who led Sequoia’s investments into Google, PayPal, YouTube and Klarna over a near-40 year career, is a crucial boardroom ally of Siemiatkowski, according to three people with knowledge of their relationship. One person with knowledge of the move said removing Moritz could be viewed as “step one to removing Sebastian”.

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When Moritz left Sequoia last year, the firm’s managing partner Roelof Botha told investors that he would “smoothly transition” off boards at Sequoia companies “over time”.

But Moritz retained an independent role on Klarna’s board even as a new Sequoia partner, Matthew Miller, was appointed. The formal procedure to oust Moritz was initiated by Miller, who sent a letter to other investors seeking an extraordinary shareholder meeting to remove his former colleague from the Klarna board.

Miller was representing Sequoia and had the full backing of Botha and the firm’s partnership, according to people familiar with the matter. They added that other shareholders were sympathetic to Sequoia’s effort.

Asked to comment on the effort to remove Moritz, Sequoia said: “As we engaged with the company with a new board member, we realised there were a series of governance changes that needed to be made to set the company up for its future.”

“We’re excited to back Sebastian and Klarna’s journey ahead. This request is about board composition to set the company up for its next chapter,” a spokesperson added.

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Sequoia is Klarna’s largest shareholder, with funds advised by the firm holding a 22 per cent stake, according to a corporate governance report published last year.

The Information first reported Sequoia’s attempt to remove Moritz as chair.

Moritz declined to comment. He remains a senior adviser to Sequoia Heritage, a wealth management fund independent from Sequoia Capital. Klarna also declined to comment.

Klarna has long been viewed as a prime candidate for a public offering, and has backing from big investors including SoftBank, Silver Lake, Permira, Canada Pension Plan Investment Board and Mubadala Investment Company, the $276bn sovereign fund of the UAE.

Behind the scenes, Klarna had been preparing for an IPO for the past year, according to a person with knowledge of the matter. The company had not yet appointed advisers but last year set up a new legal entity in the UK to simplify a potential listing, this person said. Siemiatkowski has also recently spoken about his intent to take the company public.

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A long anticipated IPO has been stalled by higher interest rates, which have hit the valuations of private start-ups over the past two years and deterred all but a handful of large companies from going public. Klarna soared to a valuation of almost $46bn in 2021, but a year later its valuation was slashed to about $7bn when it raised $800mn from investors.

The IPO drought has increased the pressure on venture capital firms, which rely on mergers, acquisitions and listings to cash out stakes in private companies and return capital to their own backers, to edge the best candidates in their portfolios towards the public markets.

Online grocery delivery company Instacart, another prominent Sequoia portfolio company, listed last year — following a corporate governance reshuffle in 2021 that saw founder Apoorva Mehta step back from his role as chief executive to become executive chair.

One investor said they did not hold out any hopes of an IPO under Siemiatkowski, despite the chief executive’s public statements that he was ready to float the company whenever market conditions improved. But another person with knowledge of the board dispute said Siemiatkowski “has no objection to the company being floated”.

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

We’re working diligently to ensure no one leaves the security in an unsecured way at an inappropriate time. No one who poses a risk to public health is walking out the front door of the streets of Omaha or beyond.

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Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

By Axel Boada

May 11, 2026

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

The man charged with attempting to assassinate President Donald Trump at the White House Correspondents’ Association dinner last month pleaded not guilty at a Monday arraignment in federal court.

Cole Tomas Allen, 31, wearing an orange shirt and trousers, was handcuffed and shackled as he was brought into the courtroom in Washington, D.C., federal court. His handcuffs were attached to a chain around his waist, which clanked as he was led to the defense table.

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Speaking on behalf of Allen, federal public defender Tezira Abe said her client “pleads not guilty to all four counts as charged,” including attempting to assassinate the president of the United States, in connection with the April 25 incident at the Washington Hilton hotel.

Assistant U.S. Attorney Charles Jones advised the court that they plan to start producing their first tranche of discovery to the defense by the end of the week.

Officials said Allen, a California teacher and engineer, was armed with multiple guns, as well as knives, when he sprinted through a security checkpoint near the event where Trump and other White House officials had gathered with journalists.

He was arrested after an exchange of gunfire with a U.S. Secret Service officer who fired at him multiple times, a criminal complaint said. Allen was not shot during the exchange. The officer, who was wearing a ballistic vest, was shot once in the chest, treated at a hospital and released.

Trump and top members of his Cabinet and Congress were quickly evacuated from the room as others ducked under tables.

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Allen was initially charged with attempting to assassinate the president, transportation of a firearm and ammunition through interstate commerce with intent to commit a felony, and discharge of a firearm during a crime of violence. On Tuesday, a federal grand jury indicted him on a new charge in the shooting of a Secret Service agent.

Moments before the attack, Allen had sent his family members a note apologizing and criticizing Trump without mentioning the president by name, according to a transcript of some of his writings provided to NBC News by a senior administration official. Allen also wrote that “administration officials (not including Mr. Patel)” were “targets.”

He also appeared to have taken a selfie in his hotel room. Prosecutors said Allen, who was dressed in a black button-down shirt and black pants, was “wearing a small leather bag consistent in appearance with the ammunition-filled bag later recovered from his person,” as well as a shoulder holster, a sheathed knife, pliers and wire cutters.

Officials have said they believe Allen had traveled by train from California to Washington, D.C., before checking into the hotel.

Allen’s sister, Avriana Allen, told law enforcement that her brother would make radical comments and constantly referenced a plan to fix the world, but said their parents were unaware that he had firearms in the home and that he would regularly train at shooting ranges.

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Records show that he had purchased a Maverick 12-gauge shotgun in August 2025 and an Armscor Precision .38 semiautomatic pistol in October 2023.

After his arrest, Allen told the FBI that he did not expect to survive the incident, according to Assistant U.S. Attorney Jocelyn Ballantine. He was briefly placed on suicide watch at the Washington, D.C., jail, where he’s being held.

Allen is expected to appear in court for a June 29 hearing.

At Monday’s arraignment, his legal team said they plan on asking for the “entire office” of the U.S. attorney for the District of Columbia to be recused because of U.S. Attorney Jeanine Pirro’s apparent involvement in the case in a “supervisory role.” Federal public defender Eugene Ohm said some of the evidence they receive from the government will further inform that decision.

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Maps: Earthquakes Shake Southern California

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Maps: Earthquakes Shake Southern California

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Shake intensity

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Pop. density

Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown.  All times on the map are Pacific time. The New York Times

A cluster of earthquakes have struck near the U.S.-Mexico border, including ones with a 4.5 and 4.7 magnitude, according to the United States Geological Survey.

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As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Aftershocks detected

Subsequent quakes have been reported in the same area. Such temblors are typically aftershocks caused by minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

Quakes and aftershocks within 100 miles

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Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

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When quakes and aftershocks occurred

 All times are Pacific time. The New York Times

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Sources: United States Geological Survey (epicenter, aftershocks, shake intensity); LandScan via Oak Ridge National Laboratory (population density) | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Saturday, May 9 at 11:55 p.m. Eastern. Aftershocks data is as of Sunday, May 10 at 11:54 p.m. Eastern.

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