Chamath Palihapitiya: "Xtreme Labs Board, You Are Out, I'm Taking Over," Invest Majority Stake For $20M

You might recall us mentioningthe name Chamath Palihapitiya a few times on, he is a Canadian born guy who was one of the first employees of Facebook, and is also on the Executive Board of the NBA’s Golden State Warriors.  As a venture capitalist,  he  also invested in GoInstant, which has now been sold to for $70 million.
Chamath Palihapitiya latest move, investing upwards of $20 million into Toronto-based Xtreme Labs, and in effect buying out Co-Founders Sundeep Madra and Amar Varma, both of which he has known since his school days.

Moving forward Xtreme Labs will continue to focus on development of mobile applications with existing and new clients.