![]() ![]() Bill Gurley’s Runnin’ Down a Dream talk.If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). If you’re a student of the venture game from any angle - founder, GP, LP, etc - this is a story you need to tune in for! We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark’s next GP generation. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. The groups are due back in court in July.The Complete History & Strategy of Benchmark Capital īenchmark Capital. Adam Neumann, WeWork’s Co-Founder and former CEO, is also suing SoftBank for the same reason. The two board members are representing 850 current and former WeWork employees who were set to participate in the tender offer. The attorneys have also claimed that Frankfort and Dunlevie have connections with WeWork through investments, Dunlevie via his venture capital firm Benchmark Capital and Frankfort via two investment entities. "The Special Committee seeks to entrench itself, securing a blank check drawn from WeWork's treasury to fund litigation benefiting its members and other tendering stockholders.” SoftBank’s attorney’s said in a recent filing on the matter: WeWork has also been in conflict with SoftBank over forming a committee to find new board members. The flexible workspace aggregator has then begun pulling away from its majority investor while the company continues to struggle with the number of obstacles it’s facing. The dispute began in April when SoftBank backed out its bailout agreement with WeWork. The court's decision today allows that process to go forward.” "WeWork is pursuing best practices of corporate governance to determine what role if any WeWork should have in this contractual dispute among its shareholders. In response to the court’s decision against preventing new board members to join WeWork’s board, a spokesperson at SoftBank said: "The uncertainty created by this process will cause harm to the Company and its minority stockholders.” One of which included SoftBank's bailout. ![]() They will also decide whether or not the lawsuit against SoftBank can continue.ĭunlevie and Frankfort looked into a number of ways to save the failing workspace aggregator back in October 2019. WeWork board members Bruce Dunlevie and Lew Frankfort asked a judge to prevent WeWork's board from bringing on two temporary board directors. SoftBank has backed out of a $3 million stock buyout agreement back in April, in which two members of WeWork’s board have sued SoftBank over. The board of members has a majority of SoftBank members, which would be fine if the flexible workspace provider wasn’t in the middle of a feud with its Japanese investor. WeWork’s board is preparing to vote to add two temporary independent directors. With a failed IPO, an ousted CEO and co-founder, and office closings due to shelter-in-place measures to keep people safe from the contagious COVID-19 virus, WeWork hasn’t see a light at the end of the tunnel in a while. WeWork has seen its fair share of obstacles in the last year.
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