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Binary Capital website

Jonathan Teo, co-founding partner of San Francisco-based venture capital firm Binary Capital, has offered to resign from the company, Axios has learned. Justin Caldeck, the other co-founder, had previously resigned amid sexual harassment allegations against him. The firm's third partner, Matt Mazzeo, also quit.

Investors are likely to accept Teo's resignation from both of Binary's funds. In note to LPs (seen by Axios), Teo refers to "continued questions regarding my behavior."

  • Our thought bubble: Don't be surprised to soon see one (or more) stories about Teo in the press. This is, in part, preemptive.
  • Teo to LPs: "I intend to address my personal circumstances after we determine the best course for the Funds and Binary Capital."
  • One outstanding issue: LPs want to make sure Caldbeck has legally resigned before letting Teo resign too.

Go deeper

Updated 12 mins ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Louisiana officials find "probable" Omicron case in cruise ship COVID outbreak — CDC director says number of U.S. Omicron cases "likely to rise" — Two years of COVID-19.
  2. Vaccines: Data demonstrates most-vaccinated counties less vulnerable to worst of COVID — Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters.
  3. Politics: NYC to impose vaccine mandate on private employers — Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy.
  4. World: U.S. announces $400M for global COVID vaccine distribution — Vaccine mandates lose steam in the U.S. while Europe doubles downWHO: Delta health measures help fight Omicron.
  5. Variant tracker: Where different strains are spreading.
Updated 21 mins ago - Health

NYC to impose vaccine mandate on private employers

New York City Mayor Bill de Blasio (D) on Monday announced a new COVID vaccine mandate for all private companies.

Why it matters: De Blasio, speaking on MSNBC's "Morning Joe," said the "first-in-the-nation measure" will go into effect starting Dec. 27. It will apply to approximately 184,000 businesses.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

A big part of America's supply chain is for sale

Illustration: Allie Carl, Sarah Grillo/Axios

America's supply chain crisis is a series of intersecting bottlenecks, including insufficient labor and warehouse space, all driven by surging U.S. consumer behavior. But one piece has gotten short-shift on the attention meter: Chassis, the steel frames on which trucks carry shipping containers.

Driving the news: Apollo Global Management is seeking a buyer for Direct ChassisLink, the largest U.S. intermodal chassis provider, as first reported by Bloomberg and confirmed by Axios.