Venture capital firm Sequoia Capital is going to cut down its investment in cyptocurrency exchange firm FTX to zero from over $210 million as bankruptcy looms over the Sam Bankman-Fried led firm, the company announced today, just months after showering heavy praise on ‘SBF’.
In an article published by Sequoia, a historian had asked a partner at the firm whether she feels the FTX founder had a chance at becoming the world’s first trillionaire. Michelle Bailhe, who knew SBF and his firm well, had then quipped: “I think he has a real chance at that.”
The author of the article also wrote: “SBF has a net worth, as estimated by Forbes, that’s higher than the vast majority (80 percent) of the world’s billionaires—and, yet, he’s only gotten started. FTX is a company in its infancy.” Just earlier this year, SBF had a net worth of $32 billion. He is only 30.
And now as the tables have turned, that article has been updated with a note.