TechFlow news — According to the Wall Street Journal, Sequoia Capital apologized to investors during a conference call for losing $150 million in the FTX incident. The firm stated that it had conducted due diligence on FTX but was misled by its founder, Sam Bankman-Fried (SBF), regarding the relationship between FTX and Alameda Research. Sequoia said it will improve its due diligence process for future investments and will have one of the Big Four accounting firms audit financial statements of early-stage startups.
Earlier reports indicated that Sequoia has written down its investments in FTX and FTX.US as losses, including $150 million from its private fund Global Growth Fund III and $63.5 million from SCGE Fund, LP. [Original link]
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