Sequoia also had to apologize to its investors for an embarrassing bet on FTX after the crypto exchange implodedIt wasn't just the embarrassing bet. It was the way it happened: a totally amateur-hour evaluation that sounded more like a bunch of kids deciding where to get take out as opposed to a serious discussion about where to park their LPs' money.
Three months ago, one of the firm’s partners, Michelle Bailhe, offered a breathless take in a firm-sponsored story about SBF:
“Of the exchanges that we had met and looked at, some of them had regulatory issues, some of them were already public,” Bailhe wrote. “And then there was Sam.” FTX, Sequoia felt, was “Goldilocks-perfect.”
In colorful language, Sequoia partners reveled in their appreciation for his pitch for FTX.com as the center of all monetary transactions. In their own words:
“I LOVE THIS FOUNDER,” typed one partner.
“I am a 10 out of 10,” pinged another.
“YES!!!” exclaimed a third.
The firm has since deleted the article.
(https://www.thefp.com/p/the-32-billion-crypto-scammer)
Botha had been at Sequoia for years at this point, and had just been promoted to the top spot.
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