FTX did need money, after all. And it needed that money from credible sources so it could continue to distinguish itself from the bottom-feeders who came to crypto to fleece the suckers. So, in the summer of 2021, when FTX started to raise its Series B from a who’s who of Silicon Valley VCs, [Sequoia partners Michelle] Bailhe and [Alfred] Lin hit the “Don’t Panic” button. “Embarrassingly, we had never tried to reach out to Sam, because we figured he didn’t need us,” Bailhe admits. “I thought they were just minting money and had absolutely no need for investors.” Learning otherwise, they quickly contacted SBF and organized a last-minute Zoom call between him and the partners at Sequoia—at four California time on a hot July Friday afternoon. Bailhe was adamant, putting her reputation with the other partners on the line: “I’m like, ‘No, it’s worth it. Cancel your afternoon.’”
~ Sequoia Capital, "Sam Bankman-Fried Has a Savior Complex - And Maybe You Should Too," September 22, 2022
(The account is based on an article by journalist Adam Fisher, commissioned by Sequoia. The article, published last September, was posted on the firm's website under "We help the daring build legendary companies.” It has since been removed.)
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