Yes, it's mind boggling, but Sequoia has a problem: they have way too much money under management. So when they find one idea they like, they invest like crazy to push it to the extreme. Add senior VPs to the executive staff because it will help go from a $100M company to a $1B company. That costs a lot of money.
Likelihood of success? Low, but that's ok as long as it works once every 10 years.
Likelihood of success? Low, but that's ok as long as it works once every 10 years.