US lawmakers and researchers have urged president Joe Biden to pressure Tunisian President Kais Saied to reinstate “democratic rule” in the country.
Fifty-one people comprising diplomats, ex-representatives, and academics, have sent an open letter to the US president published on the Project on Middle East Democracy website. The letter highlights their increasing concern over the current situation in Tunisia that they claim is going through the “rapid decline back to an authoritarian system.”
The letter said: “Since President Kais Saied’s power grab on the 25th of July 2021, he’s effectively established a one-man-rule over Tunisia by establishing unchecked authority over the legislative, executive, and judicial branches of the government. The president has unlawfully frozen the parliament and closed up the independent National Anti-Corruption Authority, dissolved the Supreme Judicial Council, side-lined the Independent High Authority for Elections (ISIE), and has ignored the country’s highly acclaimed 2014 democratic constitution.”
“In December, as a reaction to international and domestic tensions, Saied finally announced a road map for Tunisia’s politics for the coming months. The plan, however, did not provide sufficient details and was developed unilaterally without input or transparency from other Tunisian civil and political players. While it is not a route towards democracy, the plan extends Saied’s power without any checks until, at minimum, the end of this year. Saied’s other anti-democratic actions include bringing people to court–some in military trials for criticizing the government, employing police violence on peaceful demonstrators, and even drafting an unconstitutional new law for NGOs,” continued the letter.
The letter also said, “While some Tunisians initially supported Saied’s power grab with the hope that he could end the country’s economic crisis and a growing dysfunction in the political system. However, support for him has steadily declined as time has passed. Saved has not offered a good plan to tackle the current economic crisis and has refused to collaborate with Tunisia’s ruling civil society or political parties (including that of the Nobel Peace Prize winner National Dialogue Quartet) to tackle the challenges facing Tunisia. A survey conducted in January 2022 indicates that optimism for the country’s prospects has nearly doubled since July.”
The letter’s authors believe: “The absence of a significant US response to Saied’s attack on democracy could have pushed Saied to continue on his destructive course.”
Profile Ventures and Snowflake Levy IPO.
The success of these companies is due to their innovative products and services, which are helping businesses to make more data-driven decisions. In addition, the continued coverage of these companies by CNBC is also a testament to their growth potential.
Sutter Hill is one of Silicon Valley’s oldest and most successful venture firms. Its biggest wins, Pure and Snowflake, are still growing at a rapid pace.
nCino is making a big impact on the technology industry with its innovative solutions. Its products and services help financial institutions modernize their operations and make data-driven decisions. NCINO and Snowflake have been featured in several news articles, including those on CNBC. This increased visibility has helped them to reach more potential customers and grow their business.
Mike Speiser, a managing partner at Sutter Hill Ventures, invested in Snowflake back in 2012, when the company was still an idea. The investment is now worth billions, putting Speiser’s firm in the same league as Accel and other early-stage funds that made massive returns when Facebook went public in 2012.
In recent months, NCINO has continued to grow its business and expand its market. In addition to partnering with new partners, the company has expanded its data footprint. NCINO also announced a deal with Fox, NBCUniversal, and Paramount to offer common audience targeting solutions across multiple platforms. This expansion reinforces the company’s commitment to transforming TV advertising through OpenAP.
Founded in 2012, Snowflake is the only data warehouse built for the cloud. Its unique architecture combines performance, concurrency, and simplicity to provide organizations with the power of data warehousing in the cloud. Unlike traditional data platforms that lock customers into long-term contracts, Snowflake offers a pay-as-you-go model and provides users with the ability to manage data at scale.
Snowflake’s impressive market debut reflects investors’ hearty appetite for new stocks. The company’s cloud-data warehouse software has been in high demand among blue-chip firms that are leveraging data to drive their business and increase profitability. In addition, the IPO demonstrates the strength of the industry as a whole.
The stock also benefits from a robust revenue model and strong customer traction. The company boasts more than 3,100 customers, including 146 of the Fortune 500 companies. Furthermore, the company’s robust NRR provides reasonable validation that its Data Cloud solutions remain in high demand despite the recent signs of IT spending weakness.
Moreover, the company’s massive stock-based compensation spend has weighed on its non-GAAP profitability profile. Consequently, visibility into its path to sustainable profitability remains opaque, especially in the current macroeconomic environment.
Venture capitalist Mike Speiser has a large stake in the company and is the largest individual shareholder. He led the initial round in 2012 and remained on the board until 2014. The investment has paid off big time for Speiser, who is now a billionaire after the company’s massive IPO. Other investors who have made big bets on Snowflake include Sutter Hill Ventures and Altimeter Capital. The latter led a $45 million investment in Pure Systems in 2015 and owns 27% of the company, worth about $700 million.
Salesforce Ventures has invested in a number of startups that are developing on the Salesforce ecosystem. These investments are helping these startups to accelerate their growth and reach new customers. They are also driving innovation and competition in the technology industry. In addition, they are enabling companies to develop smarter products that meet the demands of today’s customers.
Salesforce has a reputation for being one of the best corporate venture capital firms. It has launched several funds that target particular geographies or industries, including Japan and Europe. It has also invested in the nCino and Snowflake, two companies that are developing data warehousing solutions.
The company’s success as a venture investor is based on its ability to make the right decisions regarding which startups and technology companies to fund or acquire. It has a strong track record in the cloud software space, and its IPO backings have been extremely successful. For example, its investment in nCino and Snowflake paid off with share prices that were far above their valuation.
The Salesforce Ventures team is looking for candidates who have a deep understanding of the business landscape and emerging technologies. They are also interested in making investments that have a positive impact on society. The ideal candidate has a strong academic background and substantial experience in finance, management consulting, or private equity.
Founded in 2012, Snowflake provides data warehouse software to help companies analyze massive amounts of data. It combines the performance of traditional database systems with the flexibility of big-data platforms and the elasticity of cloud computing. Its customers include many Fortune 500 companies. The company was founded by engineers Benoit Dageville, Thierry Cruanes, and Marcin Zukowski, all of whom have deep roots in legacy databases.
Snowflake’s IPO debuted on the New York Stock Exchange this week, raising more than $3 billion. The company’s revenue nearly doubled in the first half of this year, and its headcount grew by more than 50%. The IPO’s success is a testament to the popularity of cloud computing and the global appetite for tech stocks.
Investors have a lot of confidence in Snowflake’s growth prospects, as evidenced by the sky-high price-to-sales multiples it is trading at. The company is expected to post annual revenues of more than $500 million and expects its headcount to grow to 2,000 employees.
Investors like Speiser have also benefited from getting in on the ground floor, when prices are still low and the market is receptive to new shares. He snagged a big stake in the company at the incubation stage and has since added to his holdings. He owns a 5.9% stake, worth about $3.9 billion.