has placed Sequoia Capital in an unfamiliar position: damage control mode.
The early backer of Apple Inc., Alphabet Inc.’s Google, and Airbnb Inc. —and one of Silicon Valley’s most successful venture-capital firms—apologized to its fund investors in a conference call Tuesday for its $150 million loss on the crypto exchange FTX and vowed to improve its due diligence process for future investments, said people familiar with the matter.
Even the VCs knew that’s things had gotten too crazy and decisions were being made so fast that they couldn’t do proper due diligence, but they had serious FOMO so went along w/ it
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