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Social Capital shakeup: Tony Bates and Marc Mezvinsky to leave

Social Capital founder and CEO Chamath Palihapitiya. Photo by Mike Windle/Getty Images for Vanity Fair.

Venture capital firm Social Capital on Monday will announce an organizational shakeup, including the departures of growth equity chief Tony Bates (ex-president of GoPro) and vice chairman Marc Mezvinsky (former hedge fund manager and husband of Chelsea Clinton).

Why it matters: This is a major course correction for the Silicon Valley firm, led by former Facebook executive Chamath Palihapitiya, which has invested in such companies as Box, Slack and SurveyMonkey.