Billionaire Sam Bankman-Fried explains why Crypto Exchange FTX adopted financing on Twitter acquisition
The CEO of FTX reveals why the crypto exchange provided further funding for Elon Musk’s acquisition of social media giant Twitter.
FTX CEO Sam Bankman-Fried says his 793,500 Twitter followers that FTX stayed on the sidelines because it was not clear how the social media platform would incorporate crypto technology into its business model with Musk at the helm.
“We passed on Twitter because it didn’t seem like our strengths were what was needed for Elon’s vision for Twitter (eg if he wanted to do blockchain social media, or blockchain wallets/payments, we would have been happy to work on it! And who knows, maybe he’ll still do it).”
In a recent interview with Forbes, Bankman-Fried also says that he spoke with Musk, and while he believes in the Tesla CEO and his vision for Twitter, he wasn’t convinced that FTX should get involved.
“I’m really excited about what he’s doing. I think it will hopefully revitalize Twitter. There are many open questions and many difficult questions that I believe need to be answered. I think there’s a ton of upside in what he’s doing…
He has a vision for what he wants to do with Twitter, and I think his vision isn’t exactly the same vision that mine would be, but that’s okay. It doesn’t have to be. And ultimately I look at this as, ‘Is this a case where our visions are complementary and there’s really something I can add?’
I don’t think that ended up being the case, and so it ended up being an opportunity where I didn’t feel like it made sense for us to get involved.”
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Featured image: Shutterstock/Alisa9
