Sequoia Capital marks down entire $214M FTX stake to zero

Sequoia Capital marks down entire $214M FTX stake to zero

The venture capital firm assured partners it ran a rigorous due diligence assessment when it invested in FTX, finding the exchange to generate $1 billion in revenue and $250 million in operating income. Venture capital firm Sequoia Capital tweeted out a letter sent to its partners on Nov. 10 revealing the firm had marked its $213.5 million investments in FTX and FTX US down to $0, claiming them as a complete loss.The letter said that the crisis facing FTX has “created a solvency risk” but claimed its exposure to the exchange is “limited” in its Global Growth Fund III, where its cost basis....


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