US DOJ Probes a16z Over Interlocking Directorates in AI

The revival of a 1914 interlocking-directorate statute against a top venture firm signals that antitrust enforcers are now treating AI board seats, not just deals, as competitive choke points. That matters for every fund whose partners sit across rival portfolio companies in the same sector, since governance overlap can become a standalone liability even when a transaction clears. Whether the probe produces a formal action or remains a deterrent is the open question, and it will shape how AI-focused investors structure board representation.