The firm announced several changes this week, including merging its early-stage and growth teams. The FT portrayed the moves as an effort to undo Botha’s legacy after he stepped down as Sequoia’s steward last year. An unnamed source told the newspaper that Botha “loved process and hierarchy,” while “the rest of the team didn’t.”
Another source disputed that characterization, saying the changes looked like an “erasure of Sequoia’s heritage, not Roelof’s legacy.” The report said the rift deepened after Botha joined the SpaceX board. Botha and SpaceX CEO Elon Musk had previously worked together at PayPal.
One source told the FT that Sequoia partners were blindsided because Botha “didn’t ask compliance, he didn’t get sign off from the partnership.” The source said the SpaceX role could complicate Sequoia’s ability to trade its $20 billion stake. A Sequoia spokesperson said the firm continues to “collaborate closely” with Botha.
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