Connect with us

News

Social Capital sacks two partners over ‘situation’ involving AI investment

Published

on

Social Capital sacks two partners over ‘situation’ involving AI investment

Unlock the Editor’s Digest for free

Chamath Palihapitiya’s venture capital group Social Capital has fired two of its most senior partners and hired a law firm to investigate an undisclosed “situation” related to its investment in Groq, an artificial intelligence chips start-up.

In a letter to investors sent this week, Social Capital said it had fired Jay Zaveri, its head of early-stage and venture investing who had been a partner since 2015, and Ravi Tanuku, who had been head of public markets and M&A since 2020.

The letter, which was described to the Financial Times, said Social Capital had retained law firm Wachtell Lipton to investigate a “situation” it had become aware of last Tuesday, although it did not provide further information. It also said the company was working with the heads of its portfolio companies on whose boards Zaveri sat to ensure an orderly transition.

Advertisement

Social Capital said in a statement: “We have terminated the employment of two of our employees due to employee-specific circumstances. We have no further comments at this time.” Bloomberg first reported the news that the partners had been fired.

Zaveri and Tanuku did not immediately respond to a request for comment. Social Capital declined to comment further, and Groq could not immediately be reached for comment.

The development relates to Social Capital’s investment in Groq, according to two people with knowledge of the situation.

Social Capital backed the Silicon Valley company in 2017 and 2018, including investing $52.3mn in a $60mn convertible note. Groq has since boomed in value, raising $300mn in 2021 in a round led by Tiger Global Management and D1 Capital that valued it at more than $1bn.

The people with knowledge of the matter said the two partners had recently marketed a special purpose vehicle set up to sell an allocation in the convertible note fundraising.

Advertisement

Social Capital has had a volatile few years under the control of its founder, former Facebook executive and “Spac king” Palihapitiya, who was one of the most vocal promoters of the wave of blank-cheque companies that launched between 2020 and 2022.

He launched the fund in 2011, raising $1bn and making early investments in companies, including Slack. He slimmed it down in 2017 after a series of high-profile exits, effectively turning it into a family office. He attempted to raise a new fund from external backers in 2022 but abandoned the plan earlier this year.

News

Five years after the Surfside condo collapse, killing 98, what’s changed?

Published

on

Five years after the Surfside condo collapse, killing 98, what’s changed?

Andrea (left), Pablo (center), and Martin Langesfeld (right) hold a photograph of their daughter and sister, Nicky Langesfeld and her husband Luis Sadovnic, at a park in Doral, Fla., where the city named a street Nicky Langesfeld Place to honor her memory, Martin says, “as a reminder that she’ll be here with us forever.” Nicole “Nicky” and Luis were two of the 98 people killed when the Champlain Towers South condominium building collapsed in Surfside on June 24, 2021.

Meredith Nierman/NPR


hide caption

toggle caption

Advertisement

Meredith Nierman/NPR

SURFSIDE, Fla. — Just around the corner from where a beachfront condominium collapsed five years ago, there’s a makeshift memorial: a plastic banner strung up on a wood frame, with the names of the 98 victims, ranging in age from a year-old infant to a 92-year-old grandmother.

“It’s an unfortunate reminder of how big this tragedy was,” says Martin Langesfeld, locating the name of his sister Nicky, 26, and her husband Luis Sadovnik, 28. “It’s more than just names. It’s stories. It’s families.”

Two-thirds of the 12-story Champlain Towers South building collapsed just after 1 a.m. on June 24, 2021. It started when the pool deck caved in. Seven minutes later, as many of the occupants were sleeping, the tower began to fall.

Advertisement

Five escaped, and three were rescued from the rubble with severe injuries by first responders. Search teams evacuated residents in the remaining part of the building, which was demolished 10 days later for safety reasons.

Search and rescue personnel work in the rubble of the 12-story condo tower that crumbled to the ground during a partially collapse of the building on June 24, 2021 in Surfside.

Search and rescue personnel work in the rubble of the 12-story, beachfront Champlain Towers South condominium that crumbled to the ground on June 24, 2021 in Surfside.

Joe Raedle/Getty Images


hide caption

toggle caption

Advertisement

Joe Raedle/Getty Images

Hundreds were left without a home and belongings, and the state was forced to grapple with how it regulates structural safety.

Langesfeld is among those who’ve been pushing to improve what they consider a lax system of building oversight. His sister and brother-in-law were newlyweds, who had moved into the condo together just a few months earlier.

“A dream place, home, where you feel you’re safest is where they were killed,” he says.

Advertisement

He’s also frustrated there is no permanent memorial honoring the victims, while a new luxury condo is going up on the land where Champlain Towers once stood.

“It’s been almost five years and there’s no development for the memorial,” he says. “And the development for the new building is very well underway.”

The North Tower of the Champlain Towers condominium complex stands on April 27, 2026, overlooking the vacant site where its sister building, Champlain Towers South, collapsed on June 24, 2021. The collapse resulted in 98 deaths and remains one of the largest structural failures in U.S. history. A new luxury condominium complex, the Delmore, is slated for construction on the empty lot.

The North Tower of the Champlain Towers condominium complex stands on April 27, overlooking the vacant site where its sister building, Champlain Towers South, collapsed on June 24, 2021. The collapse resulted in 98 deaths and remains one of the largest structural failures in U.S. history. A new luxury condominium complex, the Delmore, is slated for construction on the empty lot.

Meredith Nierman/NPR


hide caption

Advertisement

toggle caption

Meredith Nierman/NPR

Technical findings released Monday by the National Institute of Standards and Technology concluded the problem started about three weeks before the collapse when two connections between garage columns and the pool deck failed, causing cracks to grow and loads to shift to connections that were not strong enough to support them.

Advertisement
Continue Reading

News

Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

Published

on

Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

Washington — President Trump on Monday said proof will be provided in court of his allegations that vandals “cut” a massive slit in the Lincoln Memorial Reflecting Pool, which he claims is the reason the paint is peeling on the recently renovated but algae-plagued project. 

In an exchange with CBS News senior White House correspondent Ed O’Keefe, Mr. Trump insisted that vandals, rather than questionable craftsmanship, are responsible for the enduring problems following the $14.7 million sealant job. The president claimed vandals cut a 350-foot slit in the pool between the World War II Memorial and the Lincoln Memorial. Five people have been arrested for vandalism related to the Reflecting Pool, and five additional individuals were issued federal citations, according to the U.S. Park Police, although neither the company behind the project nor the U.S. Park Service has said a cut slit was responsible for the peeling. 

Asked if he had proof, such as photos or video, that vandals used a knife to cut a massive slit in the pool, Mr. Trump responded: “Well, let’s put it this way, when you have a 350, I think it’s 350, not 250, when you have a 350-foot slit, from one end to the other, you think that’s proof? You think that’s proof?” 

O’Keefe noted that reporters had been to the site and found no evidence of a slit.

“Well, you’d have to go see the Parks Department. They’ll show it to you, or see, see the secretary, but I saw it,” Mr. Trump said, likely referencing Interior Secretary Doug Burgum. “They cut it, they cut it very violently. The same thing with the floor, they cut it, and then they lifted it. They pulled it, and that’s what it is.”

Advertisement

After defending the project, the president said, “We also have pictures.”

O’Keefe asked the president for evidence of his claims. 

“Yeah, at the right time you’ll see it,” Mr. Trump said. “You’ll see it in court. You’ll see it in court, but all you have to do is call the Parks Department, call the Department of Interior.”

Blue coating is seen among algae in the Lincoln Memorial Reflecting Pool Sunday, June 21, 2026, on the National Mall in Washington. (AP Photo/Jon Elswick

Advertisement

Jon Elswick


The president also suggested someone may have placed fertilizer in the water to create the algae that teams have been attempting to clear. 

“If you put fertilizer in the water, you get algae, but somebody said they might have put fertilizer, they did something to create the algae,” the president said, again without providing evidence for his claims.

CBS News has reached out to the National Park Service and the Department of the Interior. So far, there’s been no response.  

Atlantic Industrial Coatings, which received a no-bid contract to install the sealant on the floor of the Reflecting Pool, told CBS News there are “some areas” that “require repairs.” 

Advertisement

“These areas are a very small part of the massive 7-acre project, and do not indicate a failure of the liner,” the company said. “These repairs can not be made until the pool is drained. As soon as it’s feasible for the park, the pool will be drained and AIC will be back to make those needed repairs as part of the warranty.”

Advertisement
Advertisement
Continue Reading

News

Video: The Rise of Deadly Trucks and S.U.V.s

Published

on

Video: The Rise of Deadly Trucks and S.U.V.s

new video loaded: The Rise of Deadly Trucks and S.U.V.s

A once-steady decline in pedestrian deaths in the United States has reversed, even as other countries have grown safer. Michael Keller, a New York Times investigative reporter, used crash test results, 3-D visibility scans and real-world reconstructions to explore how the boom in taller, heavier trucks and S.U.V.s has changed what happens when a person is struck.

By Michael H. Keller, Danielle Ivory, Irineo Cabreros, Eli Murray, Gabriel Blanco and Joey Sendaydiego

June 22, 2026

Continue Reading
Advertisement

Trending