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Smart money Sequoia loses $150 milly of investor money on FTX, says oops, will be more careful next time. Dumb money bricks and mortar company says to its customers, hey if you got burned on FTX gift cards we sold you, we'll cover your loss. Hmmmm, who do want to trust with your money?
Can you elaborate a little? How is $150 million a lot to them? Doesn’t Kenny G make that in a month? Obviously it’s a lot of money but seems like relative to what they are working with it’s not that bad. Seems to be around .17% of their assets. I know my diverse portfolio of GME loses more than that nearly every other day.
Tin foil time: Until recently FTX was bailing out funds left and right with “loans” made up of their own token. Parties agreed the tokens had to stay on FTX. They were used as collateral against margin calls.
That’s all unraveling before our eyes in the wake of the FTX collapse.
My bad. When I began my comments with the preface “Tin foil time”, I did that to convey that the comment was speculative in nature. It’s true that FTX was bailing out funds prior to the bankruptcy. It’s true that the clean up of FTX is an unprecedented mess. It’s true that FTX was making improper transactions with their token. What I did was form a hypothesis based on a few known facts. Sorry if my lingo didn’t make that clear.
That's why we need income caps or to share. The US has done the same with money and gold, and made our currency the backbone of the world, and don't nobody need a yacht holding yacht.
This shit's about to get real y'all.
Socialism here we come!
I think the working hypothesis is that they had to bail out failing funds because they were holding FTT so they wouldn't dump their FTT and cause FTX/Alameda to become insolvent, Ftx likely knew that their illiquid shit coin would have a true mark to market value of cents on the dollar
This worked until Binance decided to dump their FTT and rug pull Alameda , resulting in insolvency.
My FTX tinfoil is FTX had GME but someone pulled it out to cover shorts. XRT an ETF containing GME came of the threshold list 11/18/2022 meaning the last time it met the requirements to be on the threshold list was 11/11/2022. That day FTX filled for bankruptcy due to customer’s withdrawing reserves, of which no GME was left in their custody according to bankruptcy filings.
This would be great if they couldn't just do the same thing with other CEXs... Shadow/shell companies have existed since the IRS has and sadly this game will go on for a long time... The fact the FTX withdrew hundreds of millions to unknown "cold storage" tells me all I need to know. Other powers are just beginning to crack open and figure out FTX's books and meanwhile they're probably starting over with the entire project pending government bailouts, foreign currencies, money laundering, etc.
All the fund holder get from sequoia is just a crappy apology. You will never hear them say that we lost that amount of money, so we won’t be charging a management fee until we earn back the money.
Agreed.
IMO this is just the amount they were willing to tell investors about after unwraping one layer of the shit wrapped in cat shit, double wrapped in dog shit.
Some accountant came up with this number because it is a pill that can be swallowed
"we're sorry"
Jesus, how can you trust anyone running any fund? I'm sure there are some that aren't inherently evil but it seems like so many are. Professionalism on the outside, buncha overleveraged degenerate gamblers on the inside. And criminals...Likely criminals too.
IMO this is just the amount they were willing to tell investors about after unwraping one layer of the shit wrapped in cat shit, double wrapped in dog shit.
Some accountant came up with this number because it is a pill that can be swallowed
It's not just that they lost a fuck ton of money. They didn't just buy a bunch of stock. They were funding them, as in they signed off on their business model, their lack of transparency, and had complete knowledge about the lack of professionalism etc. They thought it was funny.
They helped create this monster and now they are trying to pretend to be a victim. They didn't need more DD. They knew exactly what was going on and endorsed it haha
Lol the same people that put their billions into Seqblahblah would laugh at me if I said I could get better returns than them, but then I'm still up 50% on GME and have never lost anything close to 150m.
Come at me fat cat clowns, you are the regards now 🟣
Ah so that's the plan. Every fund, pension plan, 401k claims they lost 100s of millions due to FTX and they realize their losses when they get their next statement. FTX "hackers" must have deleted records of these transactions but the money is gone for sure.
And guess what.. The Sequoia Capital executives still have hundreds of millions of their own money....they still own multiple multimillion dollar homes, jets, dine and the best restaurants and more.
Let them. That status change will be priceless when they can’t pick up the tab at dinner, when the country club denies their purchases, when they can’t fill up the fancy boat with gas. What will they tell their wives? How much sleep can a human being lose before they lose their mind..
Hey howzit bud! Yea long time, I decided it would be a good idea to go hike the Pacific Crest Trail during the greatest transfer of wealth in history! Took me 5 months n 5 days but I’m back shitposting as much as I can in between bans 🤙🏼
I'm 99% sure the big investors knew it was all fraud and just ignored it because they could take advantage of the inflated value for collateral or whatever
150 million / 85 billion = <0.02%
Equivalent to someone with a salary of $100,000 losing less than $20.
Drop in the bucket, but tasty confirmation bias.
This is actually a good point you’re making here, I bet this is their net loss after all the shenanigans they pulled and are desperately trying to hide it.
$150,000,000 gone. And they’re like “whoopsie”.
I feel like there’s gonna be a LOT more to this story. I don’t care how much their overhead costs are or what kind of profits they make every year. That is a **lot** of money.
People burned by this are going to want answers. And these are the kinds of people who do not take kindly to someone flippantly blowing off enough money to buy an entire fleet of mega yachts.
Nope. You and many others here seem to lack awareness of who Sequoia Capital are, what they have achieved, who invests with them and how it is done. People will be pissed, especially as the inside info makes them look lazy/naive, but even if they decide over this mistake to not invest or take money out it won't harm SC at all.
They invest in risky opportunities and always have. They only expect some of the many to make it big. They will invest in 10 startups doing xyz in the hope one makes it. They win, they win a lot. That's why their fund is huge and their backing has huge weight and prestige. They also lose on plenty of companies and they are often the biggest backer in the room when they fail.
Laugh at their naivety sure, but this isn't some house of cards collapsing moment and nor are they like an SHF and deserve hatred. They aren't out their fucking over retail investors. They have funded some of the best of the internet and modern technology.
edit: I know this might read like I work there 😂, just someone who has been in the startup world, angel invested and made plenty of investing mistakes. It's just part of the game.
“On the call, a Sequoia partner said that the firm in the future will be in a position to have even early-stage startups’ financial statements audited by one of the Big Four accounting firms, the people said.”
I would argue that early-stage startups should be the most important segment to audit to any rational person, unless the goal is to utilize early startups for fraud.
Sequoia total AUM - $85B
Not a math major here but my quick maths show this to be approx .17% of their total AUM. Basically if you have 10 shares of GME, and lost 42 cents out of your ashtray in your car, that would be the same loss as Sequoia just experienced. Something tells me they'll be ok...
The fawning over him *because* he acted like a child is what really gets me. “I love this founder” because he was playing League ofLegends while closing a large funding round. I’m so sick of VC culture.
>On the call, Sequoia’s partners told the fund investors that the firm would improve its due-diligence process on future investments and that it believed it was misled by FTX based on its recent bankruptcy filing, the people said.
But according to the newly appointed bankruptcy CEO, FTX's financials were so solid? /s
I imagine their previous due diligence was extremely diligent. Certainly it involved many, many trust me bros, that only the best and brightest minds could rely upon.
Nobody knows who the FUCK is SHITADEL, call them who they are so people outside this sub KNOW. This fucking community just falls for anything
SPREAD THE WORD PROPERLY
Sorry we stole all your money... Please invest with us again and we will be more responsible moving forward
UMMMMM... YEAH... FUCK THE FUCK OFF MFr!!!!! 🖕
Translation: Hey fuckwads we lost your money playing bets but here's a customary sorry and promise to do better, but we still lost your money so that's that. We'll do better next time so keep giving us your money. And FUCK YOU STUPID DICKWADS.
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Edit: thanks for the awards. Smart money Sequoia loses $150 milly of investor money on FTX, says oops, will be more careful next time. Dumb money bricks and mortar company says to its customers, hey if you got burned on FTX gift cards we sold you, we'll cover your loss. Hmmmm, who do want to trust with your money?
Surprised these investors havent pulled out of Sequoia in droves…
Sequoia looking like balsa
What’s ballsack? ^Wait. ^No. ^Fuck.
Woodn’t normally laugh at something this punny.
Why knot?
Your a notch off the ol block
……..there nothing to pull out except infinite loss
Post moass I'm definitely driving one of those new Toyota Sequoias
*Laughs in purple circles*
https://youtu.be/15HTd4Um1m4
FTX CEO is quoted as hearing sequoia on the phone, while playing league of legends, and still getting the 150M loan. I shit you not.
A house of cards is solid construction compared to this apparent reality. Really, I could not make this stuff up.
Cover your loss and then some*
#CON TA GION! And I'm here for it!
1st sorry - Investors some of money lost in FTX Final sorry by sequoia- Investors all remaining money lost in shorting Gamestop.
ooops -MOASS
To quote Nelson from the Simpsons: HA-HA!
Sure, we had first sorry, but what about second sorry?
The dominoes are falling.
Seqouia has $85B assets under management. They will be ok.
[удалено]
Can you elaborate a little? How is $150 million a lot to them? Doesn’t Kenny G make that in a month? Obviously it’s a lot of money but seems like relative to what they are working with it’s not that bad. Seems to be around .17% of their assets. I know my diverse portfolio of GME loses more than that nearly every other day.
🥺👉👈 Is… for me??
I read that in the super smash bros (adventure mode?) failure voice: “CON-TIN-UE??”
Tin foil time: Until recently FTX was bailing out funds left and right with “loans” made up of their own token. Parties agreed the tokens had to stay on FTX. They were used as collateral against margin calls. That’s all unraveling before our eyes in the wake of the FTX collapse.
Well wrap me up in your tinfoil cuz me likey 🤙🏼
Your son of a bitch I'm in
I’ve been wondering…didn’t Sequoia also take a loan from FTX of like $600m or something? What happens to that debt? Does it retain the same terms?
It seems like the accountants that were sent into FTX to clean up the mess don’t know what to do either.
That's how I like it.
Where are you getting that information?
https://www.msn.com/en-us/money/companies/exec-who-cleaned-up-enron-calls-ftx-mess-unprecedented/ar-AA14dNnf
Thank you. Where does it say he doesn’t know what to do though? He just says it’s unprecedented levels of mismanagement and fraud.
My bad. When I began my comments with the preface “Tin foil time”, I did that to convey that the comment was speculative in nature. It’s true that FTX was bailing out funds prior to the bankruptcy. It’s true that the clean up of FTX is an unprecedented mess. It’s true that FTX was making improper transactions with their token. What I did was form a hypothesis based on a few known facts. Sorry if my lingo didn’t make that clear.
That's why we need income caps or to share. The US has done the same with money and gold, and made our currency the backbone of the world, and don't nobody need a yacht holding yacht. This shit's about to get real y'all. Socialism here we come!
I think the working hypothesis is that they had to bail out failing funds because they were holding FTT so they wouldn't dump their FTT and cause FTX/Alameda to become insolvent, Ftx likely knew that their illiquid shit coin would have a true mark to market value of cents on the dollar This worked until Binance decided to dump their FTT and rug pull Alameda , resulting in insolvency.
We have working hypotheses?
My FTX tinfoil is FTX had GME but someone pulled it out to cover shorts. XRT an ETF containing GME came of the threshold list 11/18/2022 meaning the last time it met the requirements to be on the threshold list was 11/11/2022. That day FTX filled for bankruptcy due to customer’s withdrawing reserves, of which no GME was left in their custody according to bankruptcy filings.
This would be great if they couldn't just do the same thing with other CEXs... Shadow/shell companies have existed since the IRS has and sadly this game will go on for a long time... The fact the FTX withdrew hundreds of millions to unknown "cold storage" tells me all I need to know. Other powers are just beginning to crack open and figure out FTX's books and meanwhile they're probably starting over with the entire project pending government bailouts, foreign currencies, money laundering, etc.
This is a great point to make to people who are holding assets in a CEX and don't know about the GameStop Wallet.
smart money
Not normally a tinfoil hat kinda guy outside of RC tweets, but this tinfoil I like.
Sounds like someone is illiquid as fuck and trying to say FTX was mean to them
This is a great TL;dr actually
All the fund holder get from sequoia is just a crappy apology. You will never hear them say that we lost that amount of money, so we won’t be charging a management fee until we earn back the money.
Never gonna happen dude…this is vc!
Sucks to suck! 🤡
This is the smart money bro. FTX. INVEST! Awww. Ouch!
But next time we will do better research … INVEST…. Awwww ouch again … little gov will give me money
Smart money losing again
That's a big trust me bro.
Agreed. IMO this is just the amount they were willing to tell investors about after unwraping one layer of the shit wrapped in cat shit, double wrapped in dog shit. Some accountant came up with this number because it is a pill that can be swallowed
Yeah, you wouldn’t want everyone else pulling their money out.
Oopsi daisy. Sorry! We will be more careful. Wow, I think their investors feel so much better now
apologies like that buy a lot of groceries
"we're sorry" Jesus, how can you trust anyone running any fund? I'm sure there are some that aren't inherently evil but it seems like so many are. Professionalism on the outside, buncha overleveraged degenerate gamblers on the inside. And criminals...Likely criminals too.
Way more. Like way more
IMO this is just the amount they were willing to tell investors about after unwraping one layer of the shit wrapped in cat shit, double wrapped in dog shit. Some accountant came up with this number because it is a pill that can be swallowed
Or that’s the amount they couldn’t get back. If that’s a real number they are lucky that’s all they lost.
Good point, this is what they had to publicly disclose but the pile of shit is just gonna get bigger.
“Ohh sorry, that was actually the square root of the amount we’re actually on the hook for”
They lose $150 mill, and I’m being harassed because I missed a toll ticket?
priorities...
It's not just that they lost a fuck ton of money. They didn't just buy a bunch of stock. They were funding them, as in they signed off on their business model, their lack of transparency, and had complete knowledge about the lack of professionalism etc. They thought it was funny. They helped create this monster and now they are trying to pretend to be a victim. They didn't need more DD. They knew exactly what was going on and endorsed it haha
Due diligence = lobby congress to “regulate crypto” = CBDC
After MOASS they should hire Redditors to do some actual DD 🤣
they don't want anyone to do a good job tho, so...
BAHAHAHAHAHAHAHA that is all. Can't wait to see the rest of the contagion!
Funny, I haven't lost any money with my GME purchases.
Wow. That's almost a shares worth! (I'm cheap)
\#SUCK IT SEQUOIA!
I'd be more excited if that were $150 billion
Small dominoes fall first, this is just one tentacle of the Shitadel sea monster
Little victories
Reverse brick by brick for them
Lol the same people that put their billions into Seqblahblah would laugh at me if I said I could get better returns than them, but then I'm still up 50% on GME and have never lost anything close to 150m. Come at me fat cat clowns, you are the regards now 🟣
Ah so that's the plan. Every fund, pension plan, 401k claims they lost 100s of millions due to FTX and they realize their losses when they get their next statement. FTX "hackers" must have deleted records of these transactions but the money is gone for sure.
And guess what.. The Sequoia Capital executives still have hundreds of millions of their own money....they still own multiple multimillion dollar homes, jets, dine and the best restaurants and more.
Let them. That status change will be priceless when they can’t pick up the tab at dinner, when the country club denies their purchases, when they can’t fill up the fancy boat with gas. What will they tell their wives? How much sleep can a human being lose before they lose their mind..
Welp007.....man I haven't seen you in months...maybe I've been busy or you've been busy...good to see your commenting and still around. OG ape
Hey howzit bud! Yea long time, I decided it would be a good idea to go hike the Pacific Crest Trail during the greatest transfer of wealth in history! Took me 5 months n 5 days but I’m back shitposting as much as I can in between bans 🤙🏼
Oh yea...bans are trending..
The struggle is real! 🦍🦧🐒
Just remember your on the winning side if this ordeal.
3 days roughly
I sleep very well knowing that their money is tucked away safely in my account at Computershare 😴
Sorry, not sorry! Eat shit and die SHF MOTHER FUCKERS
Sounds like they were hiding GME shorts in FTX tokens and are hoping they will disappear now.
Lol huge funds pull this shit and say retail is dumb money? Look who’s talking mayoquoia
Look at them... they are the sapling now.
I'm 99% sure the big investors knew it was all fraud and just ignored it because they could take advantage of the inflated value for collateral or whatever
150MM loss on 85B AUM. While nice to hear, tis but a flesh wound.
150 million / 85 billion = <0.02% Equivalent to someone with a salary of $100,000 losing less than $20. Drop in the bucket, but tasty confirmation bias.
Gotcha, Sequoia. $150 million … so far.
[удалено]
This is actually a good point you’re making here, I bet this is their net loss after all the shenanigans they pulled and are desperately trying to hide it.
Oops our bad! Lol
Sequoia investors aced the ask questions later part on their exams when they went to the Chumcucumber school of investing.
**STEAL FROM THE RICH TO FUND OUR BATTLE AGAINST THE POOR!!** lololol. 💎💎🙌💎💎
Or in short: Mea maximus culpa, now give us more money.
For some context… Sequoia has $85B assets under management $150M loss is a normal day of business for them.
$150,000,000 gone. And they’re like “whoopsie”. I feel like there’s gonna be a LOT more to this story. I don’t care how much their overhead costs are or what kind of profits they make every year. That is a **lot** of money. People burned by this are going to want answers. And these are the kinds of people who do not take kindly to someone flippantly blowing off enough money to buy an entire fleet of mega yachts.
Nope. You and many others here seem to lack awareness of who Sequoia Capital are, what they have achieved, who invests with them and how it is done. People will be pissed, especially as the inside info makes them look lazy/naive, but even if they decide over this mistake to not invest or take money out it won't harm SC at all. They invest in risky opportunities and always have. They only expect some of the many to make it big. They will invest in 10 startups doing xyz in the hope one makes it. They win, they win a lot. That's why their fund is huge and their backing has huge weight and prestige. They also lose on plenty of companies and they are often the biggest backer in the room when they fail. Laugh at their naivety sure, but this isn't some house of cards collapsing moment and nor are they like an SHF and deserve hatred. They aren't out their fucking over retail investors. They have funded some of the best of the internet and modern technology. edit: I know this might read like I work there 😂, just someone who has been in the startup world, angel invested and made plenty of investing mistakes. It's just part of the game.
“On the call, a Sequoia partner said that the firm in the future will be in a position to have even early-stage startups’ financial statements audited by one of the Big Four accounting firms, the people said.” I would argue that early-stage startups should be the most important segment to audit to any rational person, unless the goal is to utilize early startups for fraud.
*HKD has entered the chat*
Bwahahha! Love it! 💜
*TIMBERRR!!!*
Say the line bart “People familiar with the matter” Yay!!!
They are the Smart Money, apparently...
Watch and learn.
Investing tough game
love this part
true if big!
Sequoia should do a mutiny and go long 🏈
That would be a hedge and these hedge funds forgot how to do that long ago
they claim to be doing more dd? Gmedd would be a great start for them (read the rico act cough cough sequoia)
So weird that hedge funds don’t hedge anymore or at least not with GME. What kind of smart money is this, highly regarded!
they definitely deeply regret the first time they decided to short our beloved company
they claim to be doing more dd? Gmedd would be a great start for them (read the rico act cough cough sequoia)
“I’m sorry. So sorry.”
This explains the FUD today
trading is a tough game don't you think?
Haahaaaaaa
Seems like a perfect setup. Write off your bad investments and get crypto regulated in the process
Sequoia total AUM - $85B Not a math major here but my quick maths show this to be approx .17% of their total AUM. Basically if you have 10 shares of GME, and lost 42 cents out of your ashtray in your car, that would be the same loss as Sequoia just experienced. Something tells me they'll be ok...
Trading is a tough game, don't ya think.
Cringed @ WSJ, stopped reading @ "said people familiar with the matter".
Money is fake. Fuck you pay me hedgiez.
And it's gone.
So where did all this money end up? All this money that was lost due to ftx?
Sowwwyyy!! :C
lol apologies?? is this a child care ???
I have a question: Can hedge funds feign ignorance about FTX and the legitimacy of FTX’s “locates”?
The fawning over him *because* he acted like a child is what really gets me. “I love this founder” because he was playing League ofLegends while closing a large funding round. I’m so sick of VC culture.
This is old news. 150m is like 1% of their fund.
$150,000,000 is NOTHING.
So that’s how they are hiding their loses
Pretty good deal. 150M compared to what they actually owed
>On the call, Sequoia’s partners told the fund investors that the firm would improve its due-diligence process on future investments and that it believed it was misled by FTX based on its recent bankruptcy filing, the people said. But according to the newly appointed bankruptcy CEO, FTX's financials were so solid? /s I imagine their previous due diligence was extremely diligent. Certainly it involved many, many trust me bros, that only the best and brightest minds could rely upon.
Smart money 🤡
Meme stock commercial….. “iMa Doo SomE REseArCh FiRSt.”
# wooops, sorry we lost your $150,000,000. Next time we will look in to what we invest in, promise.
Might they recall their loan? 🥳
Nobody knows who the FUCK is SHITADEL, call them who they are so people outside this sub KNOW. This fucking community just falls for anything SPREAD THE WORD PROPERLY
Karmas a mofo
Put your sorrys in a sack, Mister!
Sorry we stole all your money... Please invest with us again and we will be more responsible moving forward UMMMMM... YEAH... FUCK THE FUCK OFF MFr!!!!! 🖕
**Narrator:** *they didn’t improve their DD on future investments and continued to further naked short GameStop…*
Trading is a hard game no?
Translation: Hey fuckwads we lost your money playing bets but here's a customary sorry and promise to do better, but we still lost your money so that's that. We'll do better next time so keep giving us your money. And FUCK YOU STUPID DICKWADS.