Kleiner Perkins partner Ellen Pao has unleashed one of Silicon Valley’s juiciest lawsuits in recent memory, alleging discrimination, harassment, and even an out-of-the-box solution to her woes proposed by a colleague: marriage to her harasser.
But Pao didn’t let this awkward legal situation stop her from stepping out to a couple of parties in Palo Alto Thursday night, just days after news of her lawsuit leaked out. That included one held by her employers at Palo Alto’s Reposado, a busy Mexican restaurant, for some of Kleiner’s start-up companies.
SAN FRANCISCO/NEW YORK (Reuters) – Silicon Valley isn’t quite ready to dump Morgan Stanley over the Facebook IPO fiasco.
It could be said that playing a role in botching the world’s biggest tech initial public offering would be enough to kick its lead banker out of the club, or at least to the curb, but a tarnished image hasn’t necessarily dented Morgan Stanley’s position as a go-to underwriter for Silicon Valley, according to bankers, venture capitalists and start-ups.
May 22 (Reuters) – Kleiner Perkins Caufield & Byers partner
Ellen Pao is suing the venture capital firm for sexual
harassment and discrimination, according to a lawsuit filed
earlier this month in California Superior Court.
Pao, who joined the firm in 2005, alleges that former
Kleiner partner Ajit Nazre made sexual advances to her and
worked to harm her career once she rebuffed him. Nazre didn’t
return a call requesting comment.
SAN FRANCISCO, May 21 (Reuters) – Facebook’s lackluster
initial public offering performance is a black eye for many on
Wall Street and could have ramifications for similar upcoming
deals such as an offering by Twitter, but venture capitalists in
Silicon Valley are keen to shrug off Facebook’s stumble – at
least for now.
Any social networking companies planning IPOs might now be
thinking twice, although the biggest companies currently aiming
to tap public markets are enterprise-focused rather than
consumer-focused, such as online-security company Palo Alto
Networks, which has had IPO documents on file with the
Securities and Exchange Commission since April.
SAN FRANCISCO, May 17 (Reuters) – Kleiner Perkins Caufield &
Byers said it had raised a $525 million fund, less than its
previous comparable fund of $650 million, reflecting a school of
thought in Silicon Valley that smaller venture-capital funds
often outperform large ones.
The fund also has a majority of partners, known as managing
members, who focus on technology rather than green investments
and the environment, marking a shift away from an investment
area that Kleiner had tried to carve out as its own.
SAN FRANCISCO (Reuters) – For the handful of venture capitalists who backed Facebook (FB.O: Quote, Profile, Research, Stock Buzz) in its early days, a huge financial payoff is not the only thing they may be celebrating when the company goes public later this week.
In a business in which the best investment opportunities flow to a small number of firms with big reputations, the prestige boost that Accel Partners, Greylock Partners and Meritech Capital have gained from their Facebook investments dating back to 2005 and 2006 could pay dividends for years to come.
SAN FRANCISCO (Reuters) – Facebook Inc co-founder Eduardo Saverin has renounced his U.S. citizenship, according to an Internal Revenue Service report, days before the company’s initial public offering.
The news, first published by Bloomberg on Friday, was based on an IRS notice late in April that named people “who have chosen to expatriate.”
(Reuters) – The average time spent accessing Facebook via smartphone in the United States was 441 minutes in March, compared with 391 minutes via computer, according to comScore, underscoring the increasingly high-profile role of mobile in social networking.
comScore’s new Mobile Metrix 2.0 report showed U.S. smartphone users spent 441 minutes per month, or 7 hours and 21 minutes, on Facebook in March. That compares with 391 minutes, or 6 hours and 31 minutes, for people who tapped into Facebook via a computer.
SAN FRANCISCO, May 7 (Reuters) – Gumroad, a start-up
payments company run by 19-year-old entrepreneur Sahil Lavingia,
has raised $7 million in a funding round led by Kleiner Perkins
Caufield & Byers, Lavingia said in a blog post. [gumroad.com/next-steps
Lavingia represents the increasingly youthful face of
Silicon Valley, where entrepreneurs in the consumer-Internet
sector are quickly building companies with relatively little
SAN FRANCISCO, May 7 (Reuters) – San Francisco startup
Loyal3, the creator of the Customer Stock Ownership Plan, is
betting it can encourage more Americans to buy stock — right
from Facebook — by allowing them to spend as little as $10 for
a portion of a share, with no fees.
By piggybacking on Facebook and its network of more than 900
million users, Loyal3 said it customers will be able to skip
brokerage fees — which some say is stirring up anxiety among
the discount-brokerage industry that caters to small-time