What More Regulation Could Mean For The Future Of Digital Currencies

Elon Musk Said Ex-FTX CEO Sam Bankman-Fried Has No Stake In Twitter As A Private Company

San Francisco: Elon Musk on Thursday said that Sam Bankman-Fried (SBF), former CEO of bankrupt crypto exchange FTX, does not have any share in Twitter as a private company. Semafor publication first reported that Sam Bankman-Fried owned a stake in Musk’s Twitter. “Two weeks after clinching a deal to buy Twitter for $44 billion, he (Musk) texted Bankman-Fried just after midnight and invited him to roll the $100 million stake he had owned for a few months into a privately held Twitter,” claimed the publication.

Musk denied the report, saying that “He may have owned shares in Twitter as a public company, but he certainly does not own shares in Twitter as a private company.”

“As I said, neither I nor Twitter have taken any investment from SBF/FTX. Your article is a lie,” Musk posted.

“Now, I’m asking again, how much of you does SBF own?” He asked the publication.

Bankman-Fried is also an investor in Semafor.

Since FTX’s collapse, Musk has publicly slammed SBF for owning shares in Twitter.

“Everyone was talking about him like he’s walking on water and has a zillion dollars,” he said in a Twitter Spaces conversation, the day after FTX filed for bankruptcy. “And that (was) not my impression… there’s something wrong.”

In a letter to employees, Bankman-Fried wrote that he “froze up in the face of pressure” as his company collapsed, bringing its collateral down to $8 billion from $60 billion.

The former CEO apologised to the employees, saying he is “deeply sorry about what happened”.

“I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family,” he wrote in the letter.

“I’ve lost that, and our old home is an empty warehouse of monitors. When I turn around, there’s no one left to talk to,” SBF added.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.