Weeks before the board of Iterable pushed out its CEO Justin Zhu for violating a company drug policy, one of the company’s biggest investors sold about half its stake in an unusual move that could signal its dissatisfaction with his leadership.
Earlier this month, venture capital firm Index Ventures sold about $92 million worth of shares in Iterable to investment firm Silver Lake Partners. That sale came a few weeks after the San Francisco-based marketing startup raised more than $100 million in new funding led by Adams Street Partners at a $2 billion valuation. Iterable’s board fired Zhu on Monday after admitting to investors that he took a small dose of the psychedelic drug LSD before a meeting two years ago, Bloomberg first reported.
