On August 29, 2022, Light Street Capital Management announced that it will vote against Zendesk Inc which deal to go private and instead proposed that Zendesk remain a standalone public company and find a new Chief Executive Officer. Light Street stated that it has proposed a recapitalization of the business, consisting of a $2 billion preferred equity investment arranged by Light Street and a $2 billion incremental debt facility. In addition, Light Street Capital management added Zendesk should expand the board to ten seats and include five directors from Light Street Capital Management and other preferred equity shareholders and form a committee to search for a successor to CEO Mikkel Svane.