Sequoia Capital’s Investments in Airbnb and DoorDash Pay Off
Sequoia Capital invested $385 million in Airbnb (ABNB) and DoorDash (DASH) in multiple rounds over the years. The venture-capital firm was one of Airbnb’s earliest backers, first investing in its seed round in 2009.
After Airbnb’s and Doordash’s enormous initial public offerings last week, that initial investment has turned into more than $20 billion.
It has been a great year overall for the venture-capital industry, especially the Silicon Valley-focused firms. Airbnb and DoorDash are particular standouts, but there have been dozens of highly valued technology IPOs in 2020.
Special Purpose Acquisition Companies Raise $77 Billion in IPOs in 2020
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Glass Lewis announced updates to its United States Proxy Voting Policy Guidelines late November 2020. The 2021 Proxy Voting Policy Guidelines include a variety of changes from the 2020 version, including new provisions addressing board diversity requirements, board refreshment, environmental and social risk oversight, special purpose acquisition companies (SPACs) and long-term and short-term incentives. In addition, Glass Lewis announced clarifications to several existing policies. These changes and clarifications, which generally apply to shareholder meetings beginning in 2021, are described in greater detail in the following alert.
Board Diversity
Glass Lewis has decided to expand its gender diversity policy by increasing the number of women that must sit on a company’s board of directors. Beginning with shareholder meetings held after January 1, 2022, for boards with more than six members, Glass Lewis will generally
Look at the performance this year of stock markets in the United States and you would never know the country has suffered almost 300,000 deaths during a global pandemic that affected it more than any other place on earth.
The S&P 500, the most broad-based US stock index, is up 13.7% so far this year, while the Dow Jones Industrial Average is up by 5.4%.
The Nasdaq, meanwhile, is up by an astounding 41.58%. Image: The performance of US stock markets seems at odds with the toll inflicted by the pandemic
There is a good deal of exuberance among US investors now and this has led to what the Wall Street Journal has described as euphoria in the Initial Public Offering (IPO) market.