Call me a marxist, but the first thought that came to mind when I read this, is "Are the LPs (correction: GPs) at Sequoia going to get frugal?" Is Mike Moritz going to reduce his (most likely seven digit) salary?
I don't see what that has to do with the companies his firm funds, marxist.
Mike Moritz is a general partner but not an LP I think... an LP is the institutional or individual investors who put money in the fund.
Oops. You're correct. Sorry. I edited it but in a way that still makes your comment relevant.
Since the general partner has full liability for all financial obligations, I imagine the general partner would be another limited liability type firm and Moritz would be an executive hired by the general partner entity.
Aren't these guys paid as a percentage of profits and funds managed? In that case, presumably, there will be fewer startups when there is less funding implying fewer gains which implies a lower salary for him.