Jan 24, 2017

Silicon Valley lawyer Ted Wang is becoming a VC

Ted Wang is stepping down as a partner with Silicon Valley law firm Fenwick & West, in order to join Cowboy Ventures as its second partner. He is expected to remain of counsel to Fenwick, where he has worked on mergers for such companies as Jet.com (sold to Wal-Mart) and Quip (sold to Salesforce).

Why it matters: Almost any time I've worked on a story involving startup stock or M&A law, people tell me to call Ted. Not only does that mean he's a consensus expert, but he's also now more likely to return my calls.

More on Cowboy: Aileen Lee, who founded Cowboy in 2012 after a stint at Kleiner Perkins, says Wang was the attorney at RMG Networks while she was founding CEO between 2007 and 2009. Early last year he reached out to say he was considering other opportunities and, after having discussions with several venture firms, agreed to become Lee's first-ever partner at Cowboy. Lee adds that the new hire does not mean Cowboy is about to raise a new fund, as it's still investing out of a $57 million second vehicle that closed in early 2015.

"He has no track record as an investor, but lots of operators have been hired into venture firms," Lee says. "Hopefully the practice he's built over the past 10 years is a great proxy for having a nose for startups. He walked into Fenwick without any marquee clients, and demonstrated that he had a great chemistry with entrepreneurs, both for enterprise and consumer companies."

Go deeper

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 8 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.