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The people at Sequoia did not lose money. They are fine, and their investors are probably fine. The people who lost money were actual FTX users, who probably tr
by burkaman 4y ago
The people at Sequoia did not lose money. They are fine, and their investors are probably fine. The people who lost money were actual FTX users, who probably trusted FTX in part because it was so well-marketed and endorsed by so many "trustworthy" organizations like Sequoia.
- stephc_int13 4y agoI am not worried about the financials of Sequoia, but I think this could be a big stain on their reputation. They've been spectacularly wrong and lazy on this one.
- drexlspivey 4y agoWhat? They bought shares in a company that went to zero, they lost all the money. The only way their investment is worth anything is if every single FTX customer gets their money back because in a liquidation lenders get paid first before equity investors.
- burkaman 4y agoYes, but the actual people involved, the employees of Sequoia, did not lose anything. I guess the word "lose" is ambiguous here, but I mean that they will not be personally affected by this failure.
- stephc_int13 4y agoWell, they might consider renaming their fund going forward. https://www.newcomer.co/p/sequoias-bad-year-just-got-much-worse https://www.newcomer.co/p/sequoias-bad-year-just-got-much-wo...