How Sequoia's Alfred Lin and Pat Grady erased Roelof Botha's legacy, halving GPs and unwinding his fund; sources say he joined SpaceX's board behind their backs (Financial Times)
Closures of London office and permanent capital fund mark latest efforts to streamline Silicon Valley VC firm
Sequoia Capital announced a series of significant changes this week, as revealed by the Financial Times. These transformations include the closure of its London office, the merging of its early-stage and growth teams, and the discontinuation of its Scouts program. The report suggests that these moves were an attempt to undo the legacy of former leader Roelof Botha, who retired as the firm’s guide last year. An unidentified source claimed that Botha "loved process and hierarchy," while "the rest of the team didn't."
Another source expressed outrage over the changes, alleging that they represent an "erasure of Sequoia’s heritage, not Roelof’s legacy." The rift between Botha and his former firm is said to have widened after he joined the SpaceX board this summer. Botha and SpaceX CEO Elon Musk collaborated previously at PayPal. Sources told the FT that Sequoia’s partners were caught off guard by the announcement, stating that Botha "didn’t ask compliance, he didn’t get sign off from the partnership" — despite his new role potentially conflicting with the firm’s ability to manage its $20 billion investment. A Sequoia representative maintained that the company still works "closely" with Botha.
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