From TechCrunch · Anthony Ha · · 1m 10s
Sequoia partners blindsided by Botha's SpaceX board role
Roelof Botha joined SpaceX's board without telling Sequoia Capital, deepening tensions after his departure as the firm's leader.
In brief
Roelof Botha joined SpaceX's board without telling Sequoia Capital, deepening tensions after his departure as the firm's leader. Sequoia Capital partners were reportedly blindsided when former leader Roelof Botha joined SpaceX's board without seeking approval, complicating the firm's ability to manage its twenty…
Sequoia announces major restructuring
Sequoia Capital closed its London office, merged early-stage and growth teams, and ended its Scouts program this week. The changes follow Roelof Botha's departure as the firm's steward last year.
Botha joined SpaceX board without approval
Roelof Botha joined the SpaceX board this summer without seeking compliance approval or sign-off from Sequoia's partnership. Sequoia partners were reportedly blindsided by the announcement.
“didn't ask compliance, he didn't get sign off from the partnership”
The move complicates Sequoia's position
Botha's SpaceX role could complicate Sequoia's ability to trade its twenty billion dollar stake. Botha and SpaceX CEO Elon Musk previously worked together at PayPal.
Sequoia says relationship remains strong
A Sequoia spokesperson said the firm continues to collaborate closely with Botha, despite the tensions over his board appointment and the firm's recent restructuring.
What it means
Sequoia Capital partners were reportedly blindsided when former leader Roelof Botha joined SpaceX's board without seeking approval, complicating the firm's ability to manage its twenty billion dollar stake.
