Earlier this week, news emerged that investment firm Sequoia Capital had lost a significant amount of money due to the implosion of crypto-exchange, FTX. In an update blog post on Monday, the firm admitted that they had valued their FTX stake at $200 million but as of Wednesday night it was reported that the stake was now worth “zero”.
This news has caused many investors to question Sequoia’s investment principles in the near future, as it is likely that other investments may be impacted if similar disasters occur in the future.
However, in a recent Reddit AMA (Ask Me Anything) session, co-founder and Managing Partner at Sequoia Capital, Sam Bankman-Fried revealed that he played League of Legends during the company’s meeting where FTX was discussed. This revelation seems to contradict statements previously made by management about their disinterest in the gaming industry. Nevertheless, no news has emerged regarding Sequoia’s League of Legends account suspension.
Sequoia wrote down the value of its stake in FTX to zero
It’s been a tough few weeks for investors in Sequoia, as the company announced that it has sold off its stake in FTX. In a statement, Sequoia vowed to “dream less” about the debacle and stated that it values its shareholders more than anything. However, no information was given about why FTX’s League of Legends account was recently taken down. It’s still unclear whether or not the platform will be back up and running soon. In the meantime, investors should monitor Sequoia’s social media for updates on the status of FTX.
FTX’s implosion may affect Sequoia’s investing principles in the near term
Sequoia’s recent implosion may have some far-reaching consequences for the company’s investing principles in the near future. In a blog post released on September 12, investors expressed their dissatisfaction with FTX’s recent performance. As a result, Sequoia has decided to “temporarily suspend all trading and investment activities” as of right now. While they have not cancelled any future ICOs or closed any existing investments (yet), this move may have negative implications for their future investments. Sequoia still stands by their original vision and principles, which they plan to continue pursuing even while taking some time off from investing in major securities markets.
Sam Bankman-Fried played League of Legends during Sequoia meeting
Earlier this year, Sequoia CEO Sam Bankman-Fried was caught playing League of Legends during a meeting. Since then, speculation has been rampant as to why his account was deleted and when it will be reinstated. In response, Bankman-Fried posted an apology on LinkedIn and said that he plans to “dream less” in order to focus on work and future company growth opportunities. While the future of his League of Legends account remains unknown, it’s clear that his mistakes won’t be repeated.
Sequoia has taken to their official blog to make an apology for their recent FTX stock exchange debacle. The company has also outlined some of the principles they will be using in the future when it comes to investments. However, no news has been released about the take-down of Sequoia’s League of Legends account. Stay tuned for future updates!
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