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Vinod Khosla leaves mobile payment company Square's board

Khosla, who is the co-founder of Sun Microsystems, confirmed his departure in a tweet. He owns 17.3 per cent stake in Square.

Kshitiz Goliya   Bengaluru     Last Updated: October 27, 2015  | 11:30 IST
Vinod Khosla
Vinod Khosla, founder and partner of Khosla Ventures, arrives on the red carpet during the second annual Breakthrough Prize Awards at the NASA Ames Research Center in Mountain View, California November 9, 2014. (Photo: Reuters)

Mobile payment company Square said Director Vinod Khosla, the company's second largest shareholder, had left its board ahead of its initial public offering.

"Khosla will remain an adviser to Square's board," the company said in a filing on Monday.

Khosla, who is the co-founder of Sun Microsystems, confirmed his departure in a tweet. He owns 17.3 per cent stake in Square.

 


The company, headed by Twitter Chief Executive Jack Dorsey, filed for an IPO on October 14.

Square also reported a 49 per cent jump in net revenue to $892.8 million for the nine months ended September 30.

The company's net loss widened to $131.5 million, or 88 cents per share, from $117.0 million, or 84 cents per share, a year earlier.

(Reuters)

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