What flood insurance does and does not cover
That's because oftentimes insurance doesn't cover what the policyholder thinks it does — or thinks it should.
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TechCrunch
39 minutes ago
- TechCrunch
Sequoia bets on silence
There is a time-honored crisis management strategy, wherein one says nothing and waits for the outrage to pass. For Sequoia Capital, the strategy worked pretty well this week. While partner Shaun Maguire initially weathered criticism over an inflammatory social media post, that initial indignation cooled quickly. Now, some seem to think that Maguire's defiant stance may even be strengthening his position. Business Insider actually called it 'good for deal flow' — controversy as competitive advantage. Sequoia's calculated gamble carries real risk, though. Another provocative post from Maguire that hits the wrong nerve, a shift in political winds, or escalating consequences could quickly transform their unflappable partner from an asset into a liability the firm can no longer afford to ignore. A crisis communications professional who has managed reputation disasters for dozens of major brands tells this editor, 'Firms like Sequoia are bulletproof until they aren't.' What happened Sequoia's hands-off approach was put to the test earlier this week when the storied venture firm found itself in the eye of a storm over Maguire's inflammatory comments about New York City mayoral candidate Zohran Mamdani. Maguire called him an 'Islamist' who 'comes from a culture that lies about everything' in a July 4th tweet on X that has since been viewed more than five million times. More than one thousand signatures have poured in since on a petition demanding that Sequoia condemn the remarks, investigate Maguire's conduct, and apologize. There's been a lot of talk about why Sequoia hasn't done this, with many outlets noting that Maguire isn't just any partner. This status owes partly to his friendship with Stripe's co-founder. According to reports, at a 2015 Founders Fund event, Maguire—then a Founders Fund-backed entrepreneur—defended Collison during an argument with Anduril's Palmer Luckey about quantum computing, earning Collison's friendship. The connection proved valuable when Maguire joined Google Ventures in 2016; he helped secure a $20 million Stripe investment during his first week. When Maguire left Google Ventures in 2019, Collison personally recommended him to Sequoia's partners. (Stripe has been in Sequoia's portfolio since 2010, with the firm investing more than $500 million over 15 years.) Maguire also led Sequoia's investment in Bridge, a stablecoin platform that Stripe acquired for $1.1 billion, and is reportedly Sequoia's link to Elon Musk, though this is probably somewhat overstated. Musk and Sequoia's global managing director, Roelof Botha, are both native South Africans and have known each other for more than 25 years, dating back to their time together at the then-nascent PayPal, where Botha was recruited personally by Musk. Despite that long relationship, the two haven't always seen eye to eye. Botha was highly critical of Musk's management style when Musk was CEO of the merged company, where Botha was CFO. Botha once told veteran journalist Ebbe Dommisse, 'I think it would have killed the company if Elon had stayed on as CEO for six more months. The mistakes Elon was making at the time were amplifying the risk of the business.' But Musk was at odds with pretty much that entire crew at the time, and those tensions have long since been resolved. Techcrunch event Save up to $475 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW The bigger point here: when you're managing tens of billions of dollars in assets and your firm's reputation rests on backing winners like Google, Stripe, and Nvidia, you don't easily cast aside a rainmaker. Meanwhile, Maguire's behavior suggests he's not backing down. After issuing a 30-minute video on X last weekend in which he apologized for offending so many — saying he was making a point about a political ideology and not one about a religion — he has doubled down with increasingly aggressive posts this week. He has claimed he has 'reverse engineered' his critics' 'command structure' and threatened to 'embarrass' anyone who escalates against him. He added that this is him at '1% throttle' and warned people not to 'fuck w children of the internet.' The silent treatment Sequoia has precedent for its approach to this situation. The firm has historically given its partners space to express themselves publicly, with figures like Doug Leone and Michael Moritz (who left the firm in 2023) representing different political perspectives. But there's a crucial difference between political diversity and inflammatory rhetoric and clearly to some, Maguire's comments extend beyond partisan politics into territory that alienates both political opponents and potential business partners. It's also worth remembering that even for Sequoia, there is a bright line. Michael Goguen, another, earlier rainmaker with the firm, was promptly shown the door when Sequoia learned of a sexual abuse lawsuit filed against him. The situations are hardly comparable; Goguen's issues were legal and personal, not ideological. At the same time, Sequoia has shown it isn't willing to circle the wagons at any cost, not if its reputation is at stake. Presumably, several factors inform Sequoia's do-nothing PR strategy, including how quickly people, faced with a constant flurry of news, move on from a scandal. The firm is also operating in a different political landscape right now in the U.S. Along with Donald Trump's victory and the rollback of DEI initiatives has come new tolerance for controversial speech. What might have been career-ending at an earlier point in time is now weathered more easily. The firm is also likely banking on the fact that while founders want partners who fit the traditional, more genteel VC mold, they want successful ones even more. Startups being courted by multiple top-tier firms might not like or agree with Maguire, but when Sequoia comes calling with its track record and almost bottomless pockets, most founders are going to welcome the firm with open arms. There's also the very real possibility that Sequoia is working on a contingency plan. (Sequoia declined to comment on Maguire's posts when reached by TechCrunch earlier this week.) Still, Sequoia's silence carries risks. Not all the signers have been confirmed, but the petition against Maguire includes the names of some prominent Middle Eastern executives and founders who have attested to signing it, and they represent the kind of diverse, global talent pool that drives innovation. By not addressing the controversy, Sequoia risks being seen as tacitly endorsing Maguire's views. Put another way, though the venture capital world has historically been remarkably forgiving of controversial figures with exceptional deal flow, the firm is gambling with its reputation in an increasingly connected global market where alienating entire regions and communities carries real business consequences. Whether that bet pays off will depend on how long the controversy lingers, how much business it actually costs Sequoia, and whether Maguire can resist the urge to push things past Sequoia's own tolerance threshold. (He has said he doesn't post anything that hasn't been 'excrutiatingly thought out.') History suggests that established financial firms with strong track records tend to outlive their scandals, even serious ones. When Apollo Global Management's Leon Black resigned in 2021 over his $158 million payments to Jeffrey Epstein, the firm's stock barely moved and shareholders seemed largely unfazed. Apollo just continued its aggressive deal-making under new leadership. Similarly, Kleiner Perkins survived Ellen Pao's high-profile gender discrimination lawsuit in 2015. But it took years and essentially an entirely new team for the storied venture firm to regain its footing in Silicon Valley's hierarchy. The lesson here may be that while controversial partners can be endured, the recovery timelines can vary significantly depending on how firms handle the crisis. For now, the crisis communications professional, who asked not to be named, has some advice for Maguire and, by extension, Sequoia. Regarding the video Maguire published in the aftermath of his initial comments, the expert said, 'I did think that apology addressed the ambiguities in [Maguire's] post. But it's a 30-minute video — you have to be really interested to watch this.' If there's a next time, the professional said, Maguire should 'do two videos — one for three minutes' and another, longer video, for anyone who wants to keep watching. Sometimes, the expert added, 'less is more.'
Yahoo
41 minutes ago
- Yahoo
As Kerr County leaders avoid alert questions, new audio surfaces in CodeRED timeline
KERR COUNTY, Texas (KXAN) – Dispatch audio has surfaced from the critical hours before a deadly flood hit its height in Kerr County, helping piece together the timeframe local officials have yet to provide amid public scrutiny of their decisions on July 4. 'We still have water coming up,' an Ingram volunteer firefighter is heard telling a county sheriff dispatcher at 4:22 a.m. 'The Guadalupe Schumacher sign is underwater on State Highway 39. Is there any way we can send a CodeRED out to our Hunt residents, asking them to find higher ground or stay home?' LISTEN: Ingram volunteer firefighter calls Kerr County dispatch during deadly July 4 flood, requesting CodeRED alert. CodeRED is a notification system some agencies use to send emergency alerts to subscribers' cell phones. Online, the county encourages residents to sign up for the free service, which 'has the ability to notify the entire county or only the affected areas' about emergency situations – including severe weather – 'in a matter of minutes.' In the recording obtained by KXAN investigators from a credible source, the dispatcher then tells the firefighter: 'We have to get that approved with our supervisor. Just be advised we do have the Texas water rescue en route.' The timing of that request came more than three hours after the National Weather Service issued a flash flood warning – at 1:14 a.m. – for a portion of the county and around 20 minutes after the federal forecasting agency warned of a flash flood emergency – at 4:03 a.m. – in the area. Sheriff hints at 'after action' review, as records reveal warning of 'worst-case flood event' It is still unclear at what time CodeRED alerts went out, as local officials have largely sidestepped related questions. Kerrville Mayor Joe Herring, Jr. told reporters the only CodeRED notification he received was at 6 a.m., indicating a flash flood alert or 'something to that effect.' Ceslie Armstrong, who identified herself as a San Antonio-based producer and journalist – and longtime Hill Country resident who is subscribed to CodeRED – provided KXAN investigators with call recordings and text messages she said she received during the flood. The first was a text received at 5:34 a.m., saying a 'The NWS has issued a Flash Flood Warning for your… location.' It was followed a minute later by a pre-recorded audio message, saying the same, adding to 'take immediate action for your protection.' CodeRED alerts from Kerr County on July 4 (Courtesy Ceslie Armstrong) Another person near the flooded area who spoke with KXAN shared a cell phone screenshot, showing a much earlier alert time with a voicemail left at 1:14 a.m. from a number traced back to CodeRED. It suggests inconsistencies in recipients countywide. Responding to CodeRED concerns during a Wednesday press event, Kerr County Sheriff Larry Leitha said an 'after action' review would happen after recovery and notifying victims' families. 'I know that's going to be asked over and over,' Leitha said. 'Please understand that… We're not going to hide from everything, that's going to be checked into at a later time.' On Thursday morning, officials updated the county's death toll to 96. A total of 161 people were still missing. County commissioners approved the use of CodeRED in 2009 for $25,000 a year. On the county's website, it states the 'system delivered pre-recorded emergency phone messages' when 'rapid and accurate notification is essential for life safety.' Historically, the sheriff has had the ultimate authority on sending an alert to the public. KXAN is awaiting a response and fulfillment of records requests we made to the county and other local officials to better understand decisions regarding the notifications during this flood. On Tuesday, Leitha told reporters: 'It's not that easy, and you just push a button. OK? There's a lot more to that.' When asked if that happened, he responded: 'I can't tell you at this time.' Critics point to challenges with CodeRED using publicly available phone numbers and voluntary registration to send texts, voicemails and emails – meaning warnings may not reach all residents or visitors in a disaster area. However, the company behind CodeRED has explained it can also utilize IPAWS, the Integrated Public Alert & Warning System funded by FEMA – which alerts all phones in a geographical area, regardless of enrolling in the system. According to FEMA, 135 Texas agencies or entities use IPAWS, including Kerr County and the City of Kerrville. 'Each local jurisdiction independently determines their intended use of tools such as CodeRED as well as their local process to dispatch notifications and alerts using the tool,' a CodeRED corporate spokesperson told KXAN investigators. 'Local governments also determine whether to send alerts through IPAWS during the alert creation process within CodeRED.' In 2012, The Kerrville Daily Times reported 18,451 people had signed up for CodeRED alerts in the area. In 2020, county commissioners approved incorporating IPAWS into CodeRED, so that tourists could be reached even if they were not in the local database, according to meeting minutes and a video archive KXAN investigators reviewed. 'The easiest way to explain it is, say you're traveling through this area and we've had something happen here, it could still notify you if we send it out,' former Kerr County Sheriff William 'Rusty' Hierholzer told commissioners in a November 2020 meeting. Since last week's flood, officials have fielded questions regarding the effectiveness of CodeRED alerts in the county's rural areas where cell service can be spotty. Officials have also said many of the children at camps along the Guadalupe River did not have phones with them. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
41 minutes ago
- Yahoo
Flood resource recovery center opens Thursday for Travis County flood victims
LEANDER, Texas (KXAN) — A new resource to help flood victims in parts of northwest Travis County opens Thursday in Leander. The center will give those who are affected by recent flooding places to shower, charging stations for devices and computers. It will also have health screenings, first aid and counseling. There will also be food available. How to help local Texas communities impacted by flooding The center is located at Danielson Middle School, 1061 Collaborative Way, Leander. It is open from noon to 6 p.m. on Thursday and then 9 a.m. to 6 p.m. daily, including weekends. The county said there will also be a free shuttle that will pick-up and drop-off at the Round Mountain Baptist Church, 14500 Round Mountain Rd., Leander, which has been a home base for many of the rescue efforts. The center is not accepting donations or a place for volunteers to show up, according to the county. If you are interested in volunteering, the county is asking you to use and sign up on this website. Out-of-town volunteers rush in to help with Central Texas flood cleanup Information on other resources, including finding missing loved ones or information on debris pick-up, can be found online here. A full list of services offered at the center includes: Food Showers Cleaning supplies Charging stations and computers Health screenings, first aid, crisis counseling Crisis clean-up and case management Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
