Sequoia Capital marks its FTX investment down to zero dollars

Sequoia Capital just marked down to zero the value of its stake in the cryptocurrency exchange FTX — a stake that, as of last week, likely represented among the most sizable unrealized gains in the venture firm’s 50-year history.
It alerted its limited partners in a letter that it sent out to them this evening. (See below.)
When Sequoia invested in the Series B round of the Bahamas-based outfit in July 2021, FTX was valued at $18 billion. Two months later, the company was valued by investors at $25 billion. In January of this year, FTX raised a $400 million in Series C round that b

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