A tipster reports high drama at LinkedIn, the business-networking site. The company is funded in part by Sequoia Capital, the Valley's new high priests of doom and gloom — and, our source claims, Sequoia has told all of its portfolio companies to cut costs by 10 percent. LinkedIn's big-hearted chairman, Reid Hoffman (shown here), reportedly doesn't want to lay people off, but he and CEO Dan Nye are said to be engaged in a power struggle over this and other issues. Layoffs could come today — possibly an exercise in cleaning house rather than a reaction to the economy, though we hear LinkedIn has been missing financial milestones. Here's the tip:

Have you heard that Linkedin is going to be announcing layoffs [Wednesday]? Happy holidays I suppose. how much time do their employees have before they need to pack up their desks? Linkedin runs scared during the down turn of the economy. If they've just raised all that money why are they doing layoffs? Or are they just cleaning house? Linkedin last year canned their superman and then fired a director for comments made to a female employee....what else is going on behind those doors? The CEO, is he really incharge or is Reid still incharge, you should ask the employees. They have a habit of hiring executives that have no experience in what they are suppose to be doing at linkedin. Let's take a look at the recent vp of hr Arvind, what hr experience does he have? Was he hired because he's a friend of reid? do they hire the right people to do the right jobs? Have you looked at their directors or vps? I have close connections to the company. Sequoia is telling all their companies to get rid of 10% of their employee base. Reid doesn't want to, but can he stand up to Sequoia? Can the money LinkedIn raised disappear? Are they running scared with their tales between their legs? So what will they do, is this just the beginning? Why are they still hiring if they are doing layoffs? Who's on the top of the list? Any of their heavy execs? With offers just accepted by people to go to Linkedin should they be worried about the choice they've made? The new apps they released last week were weak. They had so many bugs in the new apps, and weren't even able to release all of them because of the bugs. Who's doing the QA work at Linkedin? Rumor is they lost their QA director recently too.