FTX’s failure and SoftBank’s struggles point to a tech investing hangover

The meeting is a dream come true for the screenwriters who are already said to be at work on the film version of events. In 2021 Sequoia Capital, a large venture-capital (vc) firm, made its first investment in FTX, a now-bankrupt cryptocurrency exchange. To publicise the deal Sequoia published part of the transcript from the virtual pitch meeting on its website. Sam Bankman-Fried, the founder of FTX, explained how he wanted the firm to be a “superapp” where “you can do anything you want with your money from inside FTX”. Sequoia’s investors swooned. “I love this founder,” said one in a chat function; “Yes!!!!” declared

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