Nick Tippmann
On Sunday we reported Naveen Seladurai one of the co-founders of Foursquare had left the company. We believed the statements made by both Foursquare and Naveen in their respective blogs. However, Business Insider is telling a different story how things went down and the new story is quite different than what was told to the public at first. Originally, we were led to believe he left under his own will as he wrote,
More after the break…
“I feel I’ve done all I can do and I’m moving on,”
Instead it was Dennis Crowley and the Foursquare board of directors who pushed him out a source has said when he talked to him. He also told the source,
He was financially “screwed” when he was forced out too.
Which now adds more merit to the being forced to leave rather than “walking away.” However, with over $71 million in funding, it is mind-boggling that he didn’t save some of the cash that the two founders received in one of their funding rounds, a cool 4.6 million for themselves. How bad has this “firing” has gone? Lawyers are now coming in to deal with the severance package and possible litigation if wrong doing has happened by his forced exit.
“Naveen is a proud guy and a real entrepreneur — someone who probably wouldn’t want to remain in a situation that wasn’t fulfilling for him,”
Stated the source, which would leave credence to him trying to force his way more into what was going on, on a day-to-day level. However Dennis Crowley the CEO and face of the company may not have wanted that; which might be the cause of the rift between them. Or could have been what pushed it over. We fully expect more information to leak as the days and weeks pass and we will continue to follow this story.
Related articles
- Cue violins: Foursquare co-founder Naveen Selvadurai leaving the company (venturebeat.com)
- Foursquare co-founder Naveen Selvadurai announces he is leaving the company to work on new projects (thenextweb.com)
