Jason Calacanis, founder of The Silicon Alley Reporter and Weblogs Inc., and former AOL maverick, has signed on with Sequoia Capital with the title of Entrepreneur in Action, in what seems to be a return to his roots.

Michael Arrington, from TechCrunch, expects Calacanis to work under Sequioa's roof to bring a new startup to market, and to advise the company on possible companies to invest in. Valleywag says this move gives Calacanis the respect he's been lacking since donning a suit for AOL.

It looks to me like Calacanis may have grown a bit weary of flying coach, and saw this gig as an opportunity to cash a paycheck while he plans his next big thing. — Brian Ward

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