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Sequoia thought FTX founder had the Midas touch. His company has now gone kaput

Sequoia has pulled out investment from FTX and Binance, the world's largest cryptocurrency exchange, has also backed out of a bailout agreement with the Sam Bankman-Fried led firm.

November 10, 2022 / 04:13 PM IST
Sam Bankman-Fried had a net worth of $32 billion earlier this year.

Sam Bankman-Fried had a net worth of $32 billion earlier this year.

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.