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Sequoia partners reportedly blindsided when Roelof Botha joined SpaceX board
Sequoia Capital announced some major changes this week, including the closure of its London office, the merger of its early-stage and growth teams, and the end of its Scouts program.
Now, the Financial Times has published a report painting all of this as an attempt to undo the legacy of former leader Roelof Botha, who stepped down as the firmâÂÂs steward last year. An unnamed source told the FT that Botha âÂÂloved process and hierarchy,â while âÂÂthe rest of the team didnâÂÂt.âÂÂ
Apparently, not everyone is on-board with the changes, with another source firing back that this seems like an âÂÂerasure of SequoiaâÂÂs heritage, not RoelofâÂÂs legacy.âÂÂ
The break between Botha and his old firm reportedly deepened after Botha joined the SpaceX board this summer. (Botha and SpaceX CEO Elon Musk previously worked together at PayPal.) A source told the FT that SequoiaâÂÂs partners were blindsided by the announcement, because Botha âÂÂdidnâÂÂt ask compliance, he didnâÂÂt get sign off from the partnershipâ â even though his new role could complicate the firmâÂÂs ability to trade its $20 billion stake.
A Sequoia spokesperson said that the firm continues to âÂÂcollaborate closelyâ with Botha.
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