MongoDB Inc.

Uh, okay.

MongoDB CEO of one whole year, uh, CJ, has quit-

11 months

...

Uh, word on the street is he gave two weeks' notice.

He said literally, without any conversation, he was just like, "Peace out, my brothers," um, and left to join Meta.

Uh, Dev Ittycheria, the legendary founder and CEO of MongoDB, uh, is back in as interim CEO, uh, in order, while they sort it out.

Um, you know, the take here was, was pretty consistent.

I've got a lot of friends there.

Like, that is an awesome company, and they've done a great job.

But I think in a lot of ways, to me at least, when I see that, it kind of reminds me of what happened with coding and with cursor and cognition in the face of the labs.

And our view was kind of, this is such an important new paradigm where you've got, you know, these consumer agents that are, I think Ben Thompson described it as like the aggregator of aggregators.

How do you think about sizing it then when you're writing growth checks at early stage risk material?

You still, to the extent that you can, I'm a believer that this is sort of like something I've kind of picked up from the crew, that you still need enough investments, no matter how accurately you think you can pick.

At the early stage, let's define this, forget the price, but early on in a company's life, you just need enough shots on goal to get something that's going to really matter.

And so on some level, I would say the sizing is constrained by wanting the fund to have enough chances to get something great.

Well said.

Uh, can you, uh, r- r- refresh everyone on, on your journey, uh, both in your career broadly, but also, uh, with MongoDB specifically? Because, uh, this is not, uh, this is not a wild card that you're in this seat [laughs].

Like, you are a very logical selection for this interim role.

But, uh, if you could give us some background on, on your journey in tech and then your relationship to MongoDB, I think it'd be really helpful, uh, to understand.

Yeah, sure.

So I was a two-time founder.

Yeah.

And at the same time, um, being a VC, I was doing a lot of work on next generation databases.

I guess that was kind of an obvious statement, huh? Just wanted to bring it up.

MongoDB shares plunged big time yesterday, 18 to 20%, man, because the announcement that president and CEO Sharentan CJ Desai has stepped down effective immediately.

Well, he's going to meta, isn't he? That's a pretty big deal.

He's going to meta.

He was poached by meta platforms.

Bad timing.

The resignation caught Wall Street off guard because it occurred just one day before MongoDB's highly anticipated investor day at the Nasdaq market site.

That's today.

Today is Monday, September twenty-eighth, and I'm your host, Kim Khan.

Our top stories so far: MongoDB shares are plunging more than fifteen percent after CEO CJ Desai stepped down to lead Meta Platforms' new enterprise platform.

Following the success of its recent news agent, along with its massive AI infrastructure build-out, Meta now has plans to offer AI tools and software to enterprises.

Meta shares were down more than four percent.

Desai will serve as Meta's newly created chief enterprise platform officer and report directly to CEO Mark Zuckerberg.

Zuckerberg said, "Initially, we will focus on bringing our full technology stack, including the Muse agent, Meta business agent, Muse API, Muse code, and more to businesses and developers to help them grow." MongoDB's board appointed Dev Ittycheria to serve as interim president and CEO.

Among other active stocks, NVIDIA announced that its board of directors has increased the size of its buyback program by a hundred and fifty billion dollars, bringing the total authorization to two hundred and thirty-five billion, the largest in US history.

Several major international banks have approached UBS about a potential merger or other combination as Switzerland's largest bank faces pressure from tougher capital requirements, according to Swiss newspaper Blick.