Could this be Silicon Valley’s take on the deranged sorority girl email? In a stream of consciousness email to Binary Capital’s portfolio companies this weekend, Jonathan Teo, cofounder of the scandal-plagued firm, railed on the media and pointed fingers at “a leak” in a strategy right out of President Trump’s playbook. Perhaps some of these digs sound familiar:
The news we read and have access to is a problem. Media has been corrupted. The voice of many have been diluted by the agendas of a few. My offer of resignation was made to quell a news cycle that we are almost positive was exacerbated by a leak from someone in our investor base that had an agenda not in the best interest of the entrepreneurs we work with . . . Yes my offer quelled the cycle by giving the blunt-tooled media activists what they wanted.
Keep in mind that the news in question was that Teo’s cofounder, Justin Caldbeck, had harassed a slew of female entrepreneurs over the past few years—allegations that Teo had been aware of when he chose to start Binary with Caldbeck. Teo goes on to warn the portfolio companies against buying back shares from Binary:
The story in the public that you are all trying to buy back shares should be revised. Not for my sake. If that’s what any of you want, okay, but know this. I strongly urge you not to be considered part of a group of entrepreneurs that would, at the first sign of trouble or opportunity, choose to renege. It is dishonorable. And it is opportunistic grandstanding. It will hurt the perception of your integrity and it will hurt your ability to raise capital down the line.
Teo claims to be “angry that women have felt hurt,” but caps off the email with this bluster:
As for those who are moronic enough to ask for a general partner replacement as long as it is a woman, please question their motives. We must choose the best person, male or female. But that net must be cast wide. Far and wide. Talent is universal if we only choose to recognize it. Anything else is again grandstanding for a personal agenda.