Original title: "Exclusive: These Investors Stand To Lose The Most From FTX's Implosion"
Compilation of the original text: Deep Tide TechFlow
Compilation of the original text: Deep Tide TechFlow
The crisis of FTX not only put customers in "distress", but also investors suffered heavy losses. FTX's highest valuation is 32 billion U.S. dollars, and its cumulative financing has reached 1.8 billion U.S. dollars. Among them, there are many top international venture capital institutions. Who is the main "taken advantage" ?
Sequoia Capital
Sequoia Capital
FTX stake: 1.1%
Estimated investment amount (FTX only): $200 million
Value at peak January 2022: $350 million
The Silicon Valley venture capital fund known for investing in technology giants such as Apple, Google and Airbnb has invested more than $200 million in FTX. On Wednesday, Sequoia Capital shared a letter on Twitter stating that it will write down its investment in FTX to zero.
However, FTX Ventures, a venture capital fund backed by Alameda Research and Bankman-Fried, has put “$200 million” into funds run by Sequoia and two other firms, according to a report published Thursday by The Information.
Sequoia, whose investment in FTX peaked at $350 million earlier this year, said in a letter to investors that its stake in FTX represented less than 3% of the committed capital of a fund that A loss of $150 million was more than offset by realized and unrealized gains of approximately $7.5 billion.
Temasek
FTX stake: 1%
Investment Amount: $205 million
Value at peak January 2022: $320 million
Temasek, an investment company owned by the Singapore government, is the second largest outside investor in FTX with 7 million shares. A Temasek spokesman told Reuters on Wednesday that its $320 million stake was on the brink of worthlessness and that they were "understanding developments" and working with FTX as a shareholder.
Paradigm
FTX stake: 1%
Investment Amount: $215 million
Value at peak January 2022: $315 million
Paradigm, an investment firm “focused on supporting future crypto/Web3 companies and protocols,” invested in the exchange’s Series B and C rounds and had nearly 7 million shares of FTX as of August. “Sam and FTX have a bright future,” Paradigm co-founder Matt Huang said in July 2021, “Paradigm is excited to be a part of it.”
Alameda Research also invested at least $20 million in Paradigm, The Information reported.
Ontario Teachers' Pension Plan
FTX stake: 0.4%
Investment amount: USD 80 million
Value at peak January 2022: $125 million
The Ontario Teachers' Pension Plan, which manages the pension funds for 333,000 teachers in the province of Canada, invested a total of $95 million between FTX and FTX US in late 2021 and early 2022, "although the future of FTX is uncertain," said Ontario Teachers' Pension "Any financial loss from this investment will have limited impact on the program, as this investment represents less than 0.05% of our total net assets," the foundation wrote in a statement.
Plus, there are other big investors not mentioned who could have lost a lot.
The rest of FTX's Series B investors, who bought $1 billion in June 2021, hold a 3.5% stake in the trading platform. Those investors include entities linked to billionaires Paul Tudor Jones, Daniel Loeb, and Israel Englander, as well as firms such as Tiger Global Management and SoftBank, which also participated in FTX’s Series C round in January and are likely to become investors as well. major shareholder.
According to the capitalization table, investors in this round (excluding Temasek and Paradigm) held nearly 1% of FTX’s shares, with a paper loss of more than 270 million US dollars.
Most Affected: FTX Employees
According to the shareholding structure table, as of August, the company's option pool held 20,858,124 shares, accounting for about 3% of FTX. In January, FTX employees owned stock worth as much as $950 million, and now it may be worth nothing.
Will they get the money back?
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