Major VC Firm Sequoia Capital Marks FTX Investment to $0 — Says 'Liquidity Crunch Has Created Solvency Risk for FTX'
In recent days, a liquidity crunch has created solvency risk for FTX. The full nature and extent of this risk is not known at this time. Based on our current understanding, we are marking our investment down to $0. “We own FTX.com and FTX US in one private fund, Global Growth Fund III … our $150 million cost basis accounts for less than 3% of the committed capital of the fund,” the firm explained. In addition, the Sequoia Capital Global Equities fund invested $63.5 million in FTX.com and FTX US, representing less than 1% of the fund’s portfolio at fair value as of Sept. 30.At the time of our investment in FTX, we ran a rigorous diligence process.
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Yes they took the loss and moved on to other investments
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VC firm Sequoia Capital says it will mark its investment in FTX at $0Sequoia Capital says it's marking its investment in FTX down to $0 as a liquidity crunch threatens to put the crypto exchange into bankruptcy One of the biggest scams ever but because it did not happen in one of traditional industries people are ignoring it. See this is the shit y'all need to be tweeting about. BUSINESS
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