The Ledger
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Britt Morin: Microsoft, Sequoia, and Thrive failed OpenAI board diligence
“Frankly, I'm surprised that Microsoft and Sequoia and Thrive, like didn't do more board diligence when they were investing all this money to figure out like this board was like not adequate for the type of company that this has become.”
Morin: Sequoia is a large asset manager, not a VC fund
“The reality of, like, Sequoia is, like, not a venture capital fund. They're an asset manager these days. Like, they're a very large-scale asset manager.”
Lessin: Sequoia previously passed on OpenAI before returning to invest
“You have investors like Sequoia, who sat out OpenAI rounds three cycles ago, and many other VCs, they're not alone, just saying OpenAI is no longer a venture returns business, who came in three weeks ago or three months ago.”
Lessin: Shaun Maguire is abrasive but a good guy with good takes
“I think he's abrasive at times to say the least, but he's a good guy. I think, you know, he's got good takes in a lot of places. And I think most importantly, like, you know, it's the internet. I believe in free speech. I don't like, I think it's like people c…”
Lessin: Sequoia and Roelof Botha publicly apologized over failed Klarna coup
“Sequoia and Roloff, who runs Sequoia, then sort of returned with their tail between their legs a little bit and publicly apologized for this and said they now support the CEO and are ready to move forward.”
Lessin: Sequoia and Reid Hoffman are major TikTok investors
“Sequoia's an enormous investor. It's like, Reid Hoffman, who's a huge Democratic donor and would have a lot of sway in Washington as a huge investor. Like, they're all investors.”
Morin: Microsoft, Sequoia, and Thrive failed diligence on OpenAI's board
“I don't think a lot of people are recognizing like he like hit a Hail Mary and he was Screwed. And like, frankly, I'm surprised that Microsoft and Sequoia and Thrive, like didn't do more board diligence when they were investing all this money to figure out lik…”
Jessica Lessin: Sequoia's China business generated the majority of firm's profits
“I think, like, the breakup of Sequoia because of this very issue, because it was untenable, This current structure, which was the majority of its profits, right? It, you know, deserves a chapter in that story, right?”
Sam Lessin notes most Sequoia assets sit in Heritage, not venture funds
“The venture funds are still the venture funds, but like most of the assets are not in the venture funds. They're in heritage.”
Sequoia buying secondary Stripe shares signals a weak venture landscape
“No, Sequoia, like, I don't know what this says about the ecosystem, that there's that few interesting things to invest in, that Sequoia is going back to 2009 to buy Stripe shares. Like, that's pretty wild.”
Brit Morin: LPs Must Diversify Beyond Sequoia and Andreessen
“For LPs to do the work, I think is really important because even if you just continue to put your money into Sequoia and Andreessen, Like, they're not getting the lion's share sometimes of these bigger companies, and a lot of these younger firms are still perf…”