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Under the hood of Leon Black’s decision to step down

It was the big closer on Monday: After facing scrutiny for his business dealings with accused sex trafficker Jeffrey Epstein, Apollo Global Management’s Leon Black will step down as CEO in July. An investigation started by Apollo’s Conflicts Committee found that the CEO paid some $158 million to the now deceased Epstein for financial advice and to his philanthropies between 2012 and 2017, the company announced late Monday. Black...

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Sequoia’s Doug Leone turns on Trump

Doug Leone, a venture capitalist at Sequoia Capital, was among the few prominent supporters of President Donald Trump in the tech community. While quiet to the media in his support, the investor has donated hundreds of thousands to Trump-related re-election campaigns and reportedly sought to use his ties in a bid to help keep a Sequoia portfolio company, Chinese-backed social media company ByteDance, from being banned in the U.S. On...

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SoFi will go public via SPAC

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers. Sign up to get it delivered free to your inbox.  The SPAC attack continues.  Lending startup SoFi on Thursday announced that it had agreed to merge with Social Capital Hedosophia Holdings Corp V, a blank-check company led by investor Chamath Palihapitiya, in a deal valuing the company at $8.7 billion.  Backed by investors including...