Latest More details emerge from the Matt Mullenweg coup/counter-coupFoursquare’s founder writes the eulogy—and shares the blameRave Restaurant Group’s CEO accused his board of harassment. He’s still running the place.Evening links — October 15, 2026Evening links — October 14, 2026
Boardroom intrigue

More details emerge from the Matt Mullenweg coup/counter-coup

by CranDiscuss

The gossip around Matt Mullenweg’s 33-hour ouster is getting better. Fortune’s Eva Roytburg has found an unnamed person familiar with BlackRock’s Automattic investment who learned of the board revolt from news reports. And still can’t fathom the comeback.

“I don’t understand how he basically reinstated himself and reversed the decision of the vote,” the person said. “That makes no sense to us.”

The source also questioned Mullenweg’s claimed 84% voting control, doubting investors had simply handed him their votes. Mullenweg’s own account, published in 2021, was that funding since 2011 included voting proxies assigning him those rights.

Roytburg’s former-employee interviews supply another curious detail. Senior leaders were expected to defend Mullenweg’s fight with WP Engine without being told his strategy, according to someone who worked closely with him. The source saw little endgame beyond hurting the rival—and wanted anonymity for fear of retaliation.

There are loyalists, too. One former senior employee who took the exit payout praised Mullenweg’s openness to disagreement, and former WooCommerce engineering lead Naman Malhotra defended Mullenweg’s demands for open-source contributions.

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Mergers and Acquisitions

Foursquare’s founder writes the eulogy—and shares the blame

by CasaubonDiscuss

Foursquare’s 17-year story ended with a sale to Infillion and, according to founder Dennis Crowley, nothing for common or preferred shareholders. The company that made checking in a social event had run out of rewards.

Illustration of Dennis Crowley wearing a paper crown, seated on a blue location-pin throne and looking into an empty purse.

Launched at SXSW in 2009, Foursquare turned visiting bars and restaurants into a competition for badges and virtual mayorships. By March 2011, it was approaching 7.5 million users. Your local coffee shop suddenly had an electoral system.

The excitement outran the business. Financing was already difficult in 2012; debt and a lower-valuation funding round followed. By 2014, user growth had slowed considerably. Crowley’s remedy was to split the app: check-ins went to Swarm, while Foursquare became a discovery service intended to challenge Yelp. The original attraction was now something management wanted to escape.

A location-data business survived, eventually reporting annual revenues above $100 million. Crowley now faults later leadership for destroying value, but his own account acknowledges that his financing and strategic decisions created the need for more capital. He ran the first seven years and remained on the board.

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Boardroom intrigue

Rave Restaurant Group’s CEO accused his board of harassment. He’s still running the place.

by Jacopo BelboDiscuss

Rave Restaurant Group’s September earnings release pitches a pizza promotion with Dr Pepper, then gets to the awkward bit: the CEO says his board is harassing him.

Brandon Solano runs the Dallas-based company behind Pizza Inn and Pie Five. For some godforsaken reason, this thing trades on Nasdaq under the ticker RAVE. According to Rave’s annual report, he asked in August for a board seat and a pay package reaching $2.3 million a year by fiscal 2029. The company’s entire fiscal 2026 profit was $2.9 million.

Chairman Mark Schwarz called the proposal a “non-starter.”

Four days later, Solano formally accused the board of harassment and race- and national-origin discrimination, saying other employees got raises he was denied. He said he’d complained to the Texas Workforce Commission.

Rave hired outside investigators and revealed that it raised Solano’s base salary from $350,000 to $370,000 last year. An October 16 stock filing still lists him as CEO.

So the CEO is still running the company whose board he wants investigated by the state, he hasn’t quite and they haven’t fired him. This is one conference call I’m adding to my calendar.

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Links

Evening links — October 15, 2026

by LizDiscuss

KFC is finally breaking a 40-year habit: its U.S. restaurants will swap Pepsi for Coke by the end of March 2027, ditching the drinks supplier that once owned the chain. [Amelia Lucas]

ThredUp’s CEO was surprised by its AI costs and “didn’t care at all,” betting that future productivity gains will justify today’s bill. [Dani James]

Universal Music’s €250 million-a-year savings drive is thinning the executive ranks: Def Jam boss Tunji Balogun is among the departures, with the cost-cutting program due to run through 2027. [Tim Ingham]

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Links

Evening links — October 14, 2026

by LizDiscuss

AI is creating jobs at Bank of America: Brian Moynihan says the bank hired 1,000 contractors to patch software flaws exposed by models including Anthropic’s Mythos, on top of a 3,000-person internal team. [Hugh Son]

Netflix is cutting roughly 1,000 jobs in its biggest layoffs since 2022, even as its co-CEOs say the company remains on track for its full-year earnings forecast. [The Wall Street Journal]

Saks is selling “Main Character Energy” for its first post-bankruptcy Christmas, after closing more than half its stores and cutting its parent’s debt from $3.4 billion to $840 million. [Nicole Silberstein]

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Boardroom intrigue

Authormattic

by LewDiscuss
Satirical portrait of Matt Mullenweg against an orange brush blot.

Hey did you know that Automattic's Matt Mullenweg officiated sci-fi novelist Hugh Howey's wedding?! Well he slips that humblefact into a post on his blog where he re-frames his boardroom drama as experience that he will use to help writers who are joining corporate boards…

After shouting out a milquetoast list of sci fi authors as people he could rep, he suggests that his boardroom drama has led him to "become a bit of an expert in board protections, dynamics, compensation, and such. 🙂"

He takes his self-perceived adorable anecdote one step further by dreaming up deal terms: "1% fee, donated to the WordPress Foundation or Locus Magazine." How altruistic. Altrumattic, even.

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Links

Evening links — October 13, 2026

by LizDiscuss

Character.AI has filed for Chapter 11 and may shut down without a buyer—a reminder that keeping people chatting also keeps the AI bill running. [Ivan Mehta]

Bending Spoons’ acquisition machine keeps producing pink slips: it says a “large part” of Airtable’s team is being laid off a month after the purchase. [Emma Roth]

Luxury brands raised prices until some of their aspirational customers could only aspire; HSBC now expects sector organic sales growth below 3% in Q3, down from 7% the quarter before. [Daphne Howland]

David Solomon says he’s “really enjoying the job” and denies that a Goldman Sachs succession transition or timeline is underway, despite reports naming John Waldron as his likely replacement. [CNBC]

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Links

Evening links — October 12, 2026

by LizDiscuss

A supermarket hack goes straight for the frozen food <AFP>
A cyberattack hit refrigeration systems at at least 300 Intermarché and Netto shops and more than 100 Coopérative U outlets; Intermarché says affected stores must throw away their fresh and frozen products.

Starbucks takes the burrito megadeal off the menu <CNBC>
Starbucks says it is not buying Chipotle, quashing takeover speculation that had lifted Chipotle shares while alarming Starbucks investors about an expensive distraction from its own turnaround.

Saba’s cash-exit campaign has a curious holdout <The Guardian>
Saba Capital wants new directors to offer Baillie Gifford US Growth Trust shareholders a cash exit near asset value—but, as Nils Pratley notes, the trust says Saba declined just such an exit for its own stake.

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Links

More turmoil at Matt Mullenweg’s Automattic: Interim CFO out! Company posts bizarre farewell on X

by CranDiscuss

Another abrupt departure since Matt Mullenweg’s return to Automattic after last month’s thrilling boardroom coup drama: interim CFO Jeremy Klaperman, out after less than a month, Sarah Perez reports at TechCrunch.

The departures have piled up since Mullenweg’s return. He let CFO Mark Davies and legal chief Andy Missan go; board members Toni Schneider and Sue Decker resigned, while Mullenweg fired other board member Ann Dunwoody.

Automattic originally put out a boilerplate departure message. “Automattic will always be grateful for Jeremy Klaperman’s leadership.” TechCrunch’s Sarah Perez wrote an article citing an unnamed company source who said that Klaperman resented the outside-candidate search and resigned after a demotion following a disagreement with Mullenweg over a performance-review project.

Then Automattic took to X with a snarky vaguepost:

At Automattic, we consider it best practice to evaluate external candidates for critical roles alongside internal people stepping up. We are always talking to and recruiting the best talent. Sometimes people are offended or surprised by this and they resign, sometimes it has led to amazing mentoring or advising situations. We won't comment on any specific person, but as a company we're always trying to optimize and redefine ourselves to serve our customers better and promote the ideals we aspire to around Open Source, freedom, liberty, autonomy, and hackers.

Text version

At Automattic, we consider it best practice to evaluate external candidates for critical roles alongside internal people stepping up. We are always talking to and recruiting the best talent. Sometimes people are offended or surprised by this and they resign, sometimes it has led to amazing mentoring or advising situations. We won’t comment on any specific person, but as a company we’re always trying to optimize and redefine ourselves to serve our customers better and promote the ideals we aspire to around Open Source, freedom, liberty, autonomy, and hackers.

 

Petty-posting about a departure followed by an appeal to esprit de corps, wild.

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Links

Morning links — October 12, 2026

by LizDiscuss

The restaurant-brand buyer may start selling <Restaurant Business>
After building a portfolio of more than 80 restaurant brands, MTY Group has ruled out selling itself but may shed weaker chains as third-quarter same-store sales fell 1.9%.

Sony’s Facebook drama finds few friends at the box office <Variety>
Sony’s $30 million Facebook drama “The Social Reckoning” opened to an estimated $5.5 million in North America—below even the studio’s $7 million–$8 million forecast.

Ledger finds a hardware implant in a customer’s wallet <The Verge>
Ledger says one affected customer’s wallet contained an unauthorized hardware implant and has asked a reseller to halt sales; there is no indication that devices bought directly from Ledger were affected.

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