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CTV News
2 minutes ago
- CTV News
A prominent venture capitalist's Islamophobic posts stir outrage among Middle Eastern and Muslim tech founders
New York — Some Muslim and Middle Eastern tech founders and leaders are among people protesting a prominent venture capitalist's recent comments blasting New York mayoral candidate Zohran Mamdani. They say when Sequoia Capital partner Shaun Maguire called Mamdani an 'Islamist' who 'comes from a culture that lies about everything' earlier this month, it shined a light on what they say is pervasive Islamophobia in their industry. Maguire earlier this month made those statements – which had 5.6 million views on X, as of July 23 – in reaction to a New York Times report that Mamdani marked his ethnicity as both 'Asian' and 'Black or African American' on his 2009 application to Columbia University. Maguire has since continued to double down on social media, posting that Mamdani defends terrorists, raising inflammatory claims about his father, and claiming that both of them are 'so excited' for a third Intifada. CNN has reached out to Mahmood Mamdani, Zohran Mamdani's father. Maguire's initial remarks on July 4 immediately drew backlash from the tech community as well as supporters of Mamdani. More than 1,100 people have signed an open letter to Sequoia on July 9 condemning Maguire's comments and demanding the venture capital firm apologize and take disciplinary action against him. The signatories list includes the names of startup founders and other business figures across the world, although CNN could not independently verify the signatures. Maguire's comments 'struck a chord with a lot of people, just because of the fact that he wasn't at some no-name shop. It was Sequoia,' said Hosam Arab, co-founder and CEO of Gulf fintech company Tabby, who signed the letter about Maguire. Arab's company raised money from Sequoia Capital's India business before Sequoia split off that arm of its business in 2024. Maguire is not the only one in the VC space to hold those views, but 'he was probably the loudest, most vocal, most consistent,' added Arab. When asked for comment, Maguire directed CNN to a 30-minute follow-up video in which he said that Islamists only made up a small fraction of Muslims and that he was 'very, very sorry' to any Indians or Muslims who aren't Islamists. 'This tweet did not land the way I thought it would. What I was trying to do is associate Zohran with an ideology that I think he has that is beyond just socialism,' he said. Sequoia has not responded to CNN's requests for comment. Mamdani, who would be the city's first Muslim mayor if elected, did not respond to requests for comment. Shaun Maquire Shaun Maguire, a partner at venture capital firm Sequoia Capital, has drawn backlash for his social media posts about New York mayoral candidate Zohran Mamdani. (for 137 Ventures/Fo via CNN Newsource) Muslim and Middle East founders respond Sequoia Capital is one of the most esteemed venture capital firms in Silicon Valley, managing around $56 billion in assets as of January. Founded in 1972, it has a remarkable track record of early investments in globally successful companies including Apple, Google, Nvidia and many, many more. Although New York is far from Silicon Valley and even farther from the Middle East, startup founders in the Middle East have condemned Maguire's comments. The Middle East has become more and more intertwined with the global investing stage, especially with the deep pockets of sovereign wealth funds and family offices. Many companies in the region received funding from Sequoia's India branch, which had its own fund, though that was spun off last year. For example, Sequoia India made a $33 million investment in Saudi fintech Lean Technologies in 2022, and Egyptian consumer money app Telda also received seed funding from the firm. By contacting Sequoia's limited partners, the letter's supporters may try to hit the venture firm where it hurts: its purse strings. In an update to the letter, the signatories said if Sequoia did not publicly condemn Maguire's remarks and launch an internal investigation into Maguire's conduct over the past two years, their next steps would be to contact Sequoia's limited partners – passive investors who provide capital to a fund but aren't involved in managing or decision-making. One Middle Eastern founder confirmed they are reaching out to wealthy family offices and sovereign wealth funds, though Sequoia has not shared exactly what percentage of its reserves come from these funds. 'As founders building the future of technology, we cannot accept leadership from a firm whose partners engage in hate speech and spread bigotry,' the original letter said. In theory, startup founders could also refuse to accept any money from Sequoia. But that may prove far-fetched, particularly for startups that typically need a wide variety of funding sources. So far there's been no public action from any partners, and it appears unlikely that any of the letter's signees will make a significant dent in Sequoia's bottom line. 'There are many idiots saying a lot of stupid things online. We don't care. We don't want to tell anybody what to say or not to say,' said one founder who signed the letter who didn't want to be named because of concerns about repercussions to their business and who doesn't receive money from Sequoia and instead receives funding from other international firms. 'We don't have a political horse in this, and we are not part of New York.' By saying nothing and not publicly responding to measures recommended in their letter, the founder said, it seems that Sequoia is essentially signing off on that rhetoric. 'Anything short of these measures signals tacit acceptance of anti-Muslim hate and racism,' the letter said. 'As the leading venture firm that shapes the future of technology and entrepreneurship globally, Sequoia's response will define whether you stand on the side of inclusion or on the side of complicity.' Islamophobia in the tech world Some of those Muslim and Middle East signees are criticizing Maguire's comments, and pointing out patterns in other major players in the finance and tech world who they say are Islamophobic and dehumanizing Palestinians, as Israel's war in Gaza has inflamed rhetoric toward Muslims and Arabs. 'He's clearly targeting certain Muslim figures, spending 30 minutes attempting to explain what his definition of Islam is,' one letter signee said, referencing Maguire's follow-up video. 'Come on, that should not be the stance of the premiere venture capital firm of the world.' There are 'people out there that genuinely have hatred towards our people in our community… what they say should not be just simply accepted as a matter of fact and part of our political discourse,' Abed Ayoub, national executive director of the American-Arab Anti-Discrimination Committee, told CNN. One founder, who signed the letter and wants to remain unnamed because of Maguire's threats toward his perceived 'enemies' on X, recalled how Sequoia had a reputation for investing in companies founded by immigrants, like Google's Sergey Brin, who was born in Moscow, and companies by other Indian immigrants. 'That's what we all as founders were looking up to – the American way of investing – which is kind of colourblind. And I think therefore this episode is even more shocking,' they said. Maguire has called video that appeared to show a dead child in Gaza a 'doll' on X, called the United Nations a 'terrorist organization' and reposted content from Laura Loomer, a right-wing activist who once described herself as a 'proud Islamophobe.' The Council on American-Islamic Relations, the nation's largest Muslim advocacy group, said in a letter that Maguire's posting history on X, including ones before July 4, 'reflects a dangerous pattern of anti-Muslim hate speech.' The controversy comes in the shadow of Israel's war in Gaza, which people who signed the letter told CNN is the catalyst for a lot of Islamophobic rhetoric. Islamophobia has risen to 'alarming levels' across the world, including against Muslims, warned United Nations experts in March 2024. The Council on American-Islamic Relations said in its 2025 civil rights report that Islamophobia remains at record levels in the US. The group received 8,658 complaints in 2024 — the highest number ever recorded since its first civil rights report in 1996. The open letter to Sequoia also has signatures from non-Muslim Arabs and founders based in the United States. On July 9, Maguire posted to his 'enemies' that he is aware of their 'command structure' and that he is 'going to play nice for now, but am ready to embarrass any of you should you escalate.' Zohran Mamdani New York City mayoral candidate Zohran Mamdani speaks in New York on July 10. (Jeenah Moon/Reuters/File via CNN Newsource) Attacks on Mamdani Mamdani has come under fire from opponents for his stance on the Israel-Gaza war. Mamdani, for example, refused to condemn the phrase 'globalize the intifada,' during his primary campaign, saying although he would not use the phrase himself, he believes it's a rallying cry for Palestinian human rights. However, he recently told a group of New York City business leaders he would discourage use of the phrase, CNN reported Wednesday. On the campaign trail, Mamdani has expressed the impact of Islamophobic attacks and has said frequently there is no room for anti-Semitism in New York. 'I get messages that say the only good Muslim is a dead Muslim,' Mamdani said in June, adding that he is characterized by rivals 'as being a monster' with 'language that describes almost a barbarian looking to dismantle a civilization.' Still, Maguire has received some public support. On July 10, less than a week after Maguire's initial post, another Sequoia partner posted a lengthy statement in support of Maguire. 'Shaun is one of the few people with the courage and mental acuity to wade into these incredibly complex waters and attempt to provide clarity, fully knowing that the slightest misstatement will cause the extremists to pounce,' Pat Grady said. However, he also reiterated that he does 'not agree with everything my partners say' and that he supports the Muslim community. At the same time, another letter signed by prominent tech leaders defends Maguire against the backlash, this one with more than 1,400 signees. 'Whether one agrees with his views or not, his words were not hate speech - they were the reflections of a principled thinker and a partner to countless founders who span geographies, faiths, and political beliefs,' the letter said, adding the undersigned 'stand against ideological bullying.' By Ramishah Maruf, CNN
Globe and Mail
2 minutes ago
- Globe and Mail
Schrödinger to Announce Second Quarter 2025 Financial Results on August 6
Schrödinger (Nasdaq: SDGR) will report its second quarter 2025 financial results on Wednesday, August 6, 2025, after the financial markets close. The company will host a conference call and webcast at 4:30 p.m. ET. The live webcast can be accessed in the 'Investors' section of Schrödinger's website and will be archived for approximately 90 days following the event. About Schrödinger Schrödinger is transforming molecular discovery with its computational platform, which enables the discovery of novel, highly optimized molecules for drug development and materials design. Schrödinger's software platform is built on more than 30 years of R&D investment and is licensed by biotechnology, pharmaceutical and industrial companies, and academic institutions around the world. Schrödinger also leverages the platform to advance a portfolio of collaborative and proprietary programs and is advancing three clinical-stage oncology programs. Founded in 1990, Schrödinger has approximately 800 employees operating from 15 locations globally. To learn more, visit follow us on LinkedIn and Instagram, or visit our blog,
Globe and Mail
2 minutes ago
- Globe and Mail
Global Partners Declares Second-Quarter 2025 Cash Distribution of $0.7500 on Common Units
Global Partners LP (NYSE: GLP) ('Global Partners' or the 'Partnership') today announced that the Board of Directors of its general partner, Global GP LLC, has declared a cash distribution of $0.7500 per unit ($3.00 per unit on an annualized basis) on all of its outstanding common units from April 1, 2025 through June 30, 2025. The distribution will be paid on August 14, 2025 to unitholders of record as of the close of business on August 8, 2025. Non-U.S. Withholding Information Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold Global Partners LP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of Global Partners LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, Global Partners LP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not Global Partners LP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors. About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, operates and/or supplies approximately 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune's Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Global Partners, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol 'GLP.' For additional information, visit Forward-looking Statements Certain statements and information in this press release may constitute 'forward-looking statements.' The words 'believe,' 'expect,' 'anticipate,' 'plan,' 'intend,' 'foresee,' 'should,' 'would,' 'could' or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global's current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership's control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC). For additional information regarding known material factors that could cause actual results to differ from the Partnership's projected results, please see Global's filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
