Co-Founder of 500 Startups Christine Tsai asked for David McClure’s resignation and he accepted, according to a letter sent to limited partners.
The letter sent to LPs mentions that Tsai and the management team think it’s in the best interest for 500 startups that McClure resigns completely from all GP entities. The decision has mainly been made due to the sexual harassment report made against Dave, which Tsai and the firm have also investigated and deemed it an unacceptable behavior.
Additionally, she mentions that they cannot be certain that there wouldn’t be any future reports of harassment, thus the need to remove Dave. Since Dave is a co-founder of 500 startups, they cannot remove him without his consent, this is why he was asked to resign, and he agreed.
Here’s the letter sent by Tsai to LPs:
