Sequoia says its investment in FTX is now worthless

on Twitter, laid out details of its exposure to FTX across two different funds. In total, the venerable venture capital firm stomached a $213.5 million loss.

“Sequoia Capital’s exposure to FTX is limited,” the letter reads. “We own FTX.com and FTX US in one private fund, Global Growth Fund lll. FTX is not a top ten position in the fund, and our $150 million cost basis accounts for less than 3% of the committed capital of the fund.” The letter goes on to state that although it took a $150 million loss on FTX, Sequoia’s Global Growth Fund lll is in “good shape” and has returned approximately $7.5 billion in realized and unrealized gains that offsets this loss.

“Separately, SCGE Fund, L.P. invested $63.5 million in FTX.com and FTX US, representing less than 1% of the SCGE Funds 9/30/2022 portfolio ,” it continued, detailing a separate fund’s exposure.“At the time of our investment in FTX, we ran a rigorous diligence process,” it added. “In 2021, the year of our investment, FTX generated approximately $1 billion in revenue and more than $250 million in operating incoming, as was made public in August 2022.

The letter comes after the stunning collapse of FTX, the exchange operator run by Sam Bankman-Fried. After a liquidity crunch at FTX and Alameda, a connected trading business, Binance briefly looked as though it might swoop and acquire FTX — but© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Better lend and give money to the big boys than lil but ambitious projects, greed and karma is fckd up

It always was

Sequoia should investigate decentralized projects like justmoney. But I bet they dont understand. Sequoia ftx

Hahahahaha

FCUK - my investment of $0 in FTX is now worth $0. Any suggestions on how I pitch this to my accountant?

Is there anything like it?

Always has been…

And EVERYONE ELSE THATS A LONG LIST! _CryptoCurator ☝️

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Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto CrashBinance will back out of its agreement to buy rival cryptocurrency exchange FTX, Binance said Wednesday afternoon, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion. Holy shit😭😭😭 Good morning, Forbes. This was posted by Binance like 5h ago. Thanks for playing ..
Herkunft: Forbes - 🏆 394. / 53 Weiterlesen »

Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto CrashBinance will reportedly back out of its agreement to buy rival cryptocurrency exchange FTX, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion, taking down the value of digital assets with it. cz_binance, you cunt! I want to learning cryptocurrency. Could you please send me the cryptocurrency learn package details at your earliest. Thanks and regards. Gamage
Herkunft: Forbes - 🏆 394. / 53 Weiterlesen »