In his first interview since his removal as CEO, Nadav Shoval reflected on his ouster as a cautionary tale, primarily triggered by a disagreement over a major investment from BlackRock that escalated tensions with OpenWeb's board.
Shoval explained that the conflict began when OpenWeb received several term sheets for additional investments, with BlackRock's offer seen as a potential 'game changer' for the company, enabling planned growth and a possible IPO.
Despite high expectations and support from top bankers, the investment process faced resistance from certain board members, creating a rift that ultimately led to Shoval's ouster from the company he co-founded.
The ongoing legal battle in Israel highlights the depth of the conflict within OpenWeb, as Shoval claims that disagreements over the BlackRock investment were central to his dramatic removal from the company.
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