On Wednesday, it was disclosed in the news that the recently famous and ex-billionaire FTX founder, Sam Bankman-Fried claims to own a stake in Twitter that’s worth a staggering $100 million.
Elon Musk mocked the collapse of the crypto exchange FTX. However, he had just asked Bankman-Fried to roll the $100 million stake he had owned for a few months into a privately held Twitter on May 5.
However, Musk says that they are false claims. There are text exchanges between Musk and Bankman-Fried about the Twitter takeover. They were already released in September.
They showed how Bankman-Fried’s advisor Will MacAskill had told Musk in March that the FTX founder had considered buying Twitter himself and would be willing to contribute as much as $8 billion to $15 billion. Musk’s banker Michael Grimes later added that Bankman-Fried was in for $5 billion and possibly up to $10 billion.
“Man, everyone including major investment banks — everyone was talking about him like he’s walking on water and has a zillion dollars, and that was not my impression,” Musk said. “That dude is just — there’s something wrong, and he does not have capital, and he will not come through. That was my prediction.”
This was after FTX was filed bankrupt.
However, it is still believed that Bankman-Fried had a good heart in all this as he aimed to give away 99 percent of his wealth! Well, that doesn’t seem to be happening anymore.
FTX faced a heavy liquidity crisis in early November as its investors looked to withdraw their cryptocurrency holdings when there were fears of a massive drop in crypto prices. Help arrived from the rival Binance, which has now signed a non-binding agreement to acquire the ailing crypto exchange, although it still remains unclear what the next steps will be for FTX.
