...and said that "it will improve due diligence on future investments."Sequoia Capital apologized to its fund investors for the $150 million it lost on crypto exchange FTX, said people familiar with the matter, a rare moment of contrition for the storied venture-capital firm.
https://www.wsj.com/articles/sequoia-ca ... 1669144914
If only the Church would apologise to its members who donated those funds, and promise to spend the money in a more charitable way going forward, rather than "gambling" on risky investments to try and bloat the hoard even further. I'm surprised the Presiding Bishopric weren't prompted by The Holy Ghost to remove those funds before it went bad.
Sequoia's business model is one which the Church has previously publicly stated it works hard to avoid - concentrating instead on ethical, blue chip type investments. Here's how one person describes Sequoia's business...
https://www.forbes.com/sites/johntamny/ ... 38dff65db3Put simply, investors at Sequoia are looking at businesses full of raging “red flags” every day. That’s the business they’re in. While once again 99.99999% of us have the luxury of searching for “blue chips” staffed by world-class managers, venture capitalists are in search of the oddballs foolish enough to believe they can rush an all-new future into the present. Translated for those who need it, they’re searching for near crazy and sometimes truly crazy individuals who believe they can accomplish the impossible by knocking today’s blue chips that we small investors buy and hold off of their perches. Individuals like this personify “red flag,” and VCs back them in some ways because.
It's model is high risk gambling. Members should be asking the First Presidency and Presiding Bishopric just how they can have allowed Church funds to be put into such roulette wheel style financial vehicles. And they should be receiving an explanation. Is gambling now okay?
