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How much money did top VC funds such as Temasek and Paradigm lose in FTX?

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Forbes calculated based on the list of FTX shareholders

Original title: "Exclusive: These Investors Stand To Lose The Most From FTX's Implosion"

Original author: Chase Peterson-Withorn, Forbes

Compilation of the original text: Deep Tide TechFlow

The crisis of FTX not only put customers in "difficulty", but also suffered heavy losses to investors. The highest valuation of FTX is 32 billion US dollars, and the cumulative financing has reached 1.8 billion US dollars , there are many top international venture capital institutions among them, who is the main "taken advantage" of them?

Forbes holds a list of FTX shareholders, which was sent to Forbes by SBF in August during the reporting of the Forbes 400 list. The following are the main investors:

Sequoia Capital

FTX Shares: 1.1%

Estimated Investment Amount (FTX Only): $200 Million

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Peak value in January 2022: $350 million

The firm known for investing in tech giants like Apple, Google and Airbnb Silicon Valley venture capital funds 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, according to a report published Thursday by The Information, FTX Ventures, a venture capital fund backed by Alameda Research and Bankman-Fried, offered Sequoia and two other Funds run by the company invested “$200 million.”

Sequoia's investment in FTX peaked at $350 million earlier this year, and Sequoia said in a letter to investors that its FTX Equity represented less than 3% of a fund's committed capital, and the fund's $150 million loss was more than offset by about $7.5 billion in realized and unrealized gains.

Temasek

FTX shares: 1%

Amount invested: $205 million

Value at peak January 2022: $320 million

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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 verge of being worthless and that they were "understanding developments" and working with FTX as a shareholder.

Paradigm

FTX Shares: 1%

Amount invested: $215 million

Value at peak January 2022: $315 million

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Paradigm is an investment company "focused on supporting future encryption/Web3 companies and protocols", which invested in the trading platform's B and C rounds of financing, with nearly 700 as of August 10,000 shares of FTX. "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: $80 million

Value at peak January 2022: $125 million

The Ontario Teachers’ Pension Plan, which manages the retirement funds of 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," Ontario Teachers' Pension Fund wrote in a statement. "Any financial loss on this investment would have limited impact on the plan as this investment represents less than 0.05% %.”

Additionally, there are other large investors not mentioned who could have suffered heavy losses.

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 ownership structure table, as of August, the company The option pool holds 20,858,124 shares, or 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?

SBF made his priorities clear, according to his Thursday A series of tweets, first the users, then he will focus on the investors, then SBF saying he will take good care of the employees.