A growing list of start-up founders are circulating an open letter to Sequoia Capital urging the prominent venture capital firm to take action against one of its partners, Shaun Maguire.
The letter, which had more than 520 digital signatories as of Monday afternoon, follows a July 4 post on X in which Mr Maguire referred to New York City mayoral candidate Zohran Mamdani as an “Islamist”.
Mr Maguire, an avid X poster best known for his investments in SpaceX and xAI, claimed in the disputed X post that Mr Mamdani “comes from a culture that lies about everything” and is willing to lie “if it advances his Islamist agenda”.
Bloomberg reported that the signatories, not all of which could be immediately verified, include start-up executives, employees and venture capitalists from around the world, as well as entrepreneurs who have raised from funds affiliated with Sequoia.
Among them are Hosam Arab, chief executive of Tabby, and Hisham Al Falih, chief executive of Lean Technologies – co-founders of Saudi FinTech start-ups that raised funding from Sequoia Capital India before it separated from Sequoia Capital in the US, they said.
Ahmed Sabbah, co-founder of Egyptian payments company Telda, which raised funding from Sequoia in 2021, also signed the letter.
Mr Al Falih said in an email to Bloomberg that he does not endorse Mr Mamdani but found Mr Maguire’s comments over the holiday weekend “appalling”.
“His tweet was not only a sweeping and harmful generalisation of Muslims, but part of a broader pattern of Islamophobic rhetoric that has no place in our industry,” Mr Al-Falih said.
After Mr Maguire’s comments went viral, he responded with a 30-minute video posted to X on Sunday in which he apologised several times for offending anyone. He said that Islamism is a political ideology, not a race or religion and clarified that his primary concerns are with Mr Mamdani’s father, Mahmood Mamdani, a Columbia University professor who Mr Maguire says practices “radical left-wing Islamism”.
Mr Maguire declined to comment beyond the video. A representative for Sequoia Capital declined to comment. A representative for Mr Mamdani’s campaign did not respond to a request for comment.
The open letter, a rare show of defiance against one of the most powerful and influential VC firms, calls for Sequoia to make a public apology for Mr Maguire’s actions. It also asks that Sequoia launch an investigation into his conduct, publish a zero‑tolerance policy on hate speech and create a hotline for founders to safely report discrimination or hate speech made by Sequoia employees. The letter asks for a formal response to these demands by July 14.
“As founders building the future of technology, we cannot accept leadership from a firm whose partners engage in hate speech and spread bigotry,” the letter states. “Maguire’s conduct not only tarnishes Sequoia’s reputation, it also undermines your ability to serve a global, diverse founder ecosystem.”
Other tech workers who signed the letter include Mudassir Sheikha, co-founder and chief executive of the Uber-owned Middle Eastern ride-hailing company Careem; Omar Almajdouie, the founding partner of Saudi investment firm Raed Ventures; and Zaheer Mohiuddin, chief executive of Cupertino-based start-up Levels.fyi, the executives confirmed in emails to Bloomberg.
Eslam Hussein, co-founder and chief executive of Dubai-based start-up Invygo and another signatory, said he signed the letter because “[Mr] Maguire’s comments were Islamophobic and completely unacceptable, especially coming from someone in a leadership role at one of the most powerful firms in venture capital”.
Mr Maguire is known in VC and technology circles for his frequent X posts and controversial statements. In January, he posted a photo of himself at one of the presidential inaugural celebrations in Washington DC. Later that same month, he called diversity, equity and inclusion policies “structural racism”.
Last year, shortly after Donald Trump, at the time US presidential candidate, was convicted of falsifying business records, Mr Maguire wrote in a lengthy post on X that he had donated $300,000 to Mr Trump's campaign for the presidency. The post included a disclaimer clarifying that his views did not reflect those of his employer, and that he was “lucky to work at a place that tolerates spirited debate and independent thinking”.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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- Land was originally the Bishop of London's hunting park, hence the name
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3 stars
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Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
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England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
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The five pillars of Islam
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
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Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
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Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
Western Clubs Champions League:
- Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
- Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
- Friday, Sep 22 – Kandy v Bahrain
India squads
T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur
Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant
