DOJ probes Andreessen Horowitz board seats

The U.S. Department of Justice is investigating venture capital firm Andreessen Horowitz over concerns that its partners may be improperly serving on the boards of competing artificial intelligence companies, according to people familiar with the matter. The probe focuses on whether the firm's investment partners are violating the Clayton Act's prohibition on interlocking directorates. The companies at issue include Databricks Inc., one of the most valuable privately held technology companies, and Fivetran Inc., both backed by Andreessen Horowitz. Co-founder Bryan Horowitz sits on Databricks' board, while partner Martin Casado serves on Fivetran's board. Casado was also on the board of dbt Labs, which was acquired by Fivetran in June; the DOJ cleared that deal unconditionally after a months-long review. The nearly year-old investigation was opened around the same time as the merger review and has continued after the deal closed. Resolving such investigations typically requires directors to step down from one of the competing boards. The probe is notable given Andreessen Horowitz's close ties to the Trump administration and its influence on AI policy. The firm has $90 billion in assets under management and recently raised a $15 billion fund. The DOJ has not made final decisions and the investigation could end with no action.