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Billionaire Sam Bankman-Fried Explains Why Crypto Exchange FTX Passed on Funding Twitter Acquisition

The chief govt of FTX is revealing why the crypto change handed on funding Elon Musk’s acquisition of social media large Twitter.

FTX CEO Sam Bankman-Fried tells his 793,500 Twitter followers that FTX stayed on the sidelines as a result of it wasn’t clear how the social media platform would incorporate crypto expertise into its enterprise mannequin with Musk at its helm.

“We handed on Twitter as a result of it didn’t seem to be our strengths have been what was wanted for Elon’s imaginative and prescient for Twitter (e.g. if he needed to do blockchain-based social media, or blockchain wallets/funds, we’d have been excited to work on that! And who is aware of, possibly he nonetheless will).”

In a current interview with Forbes, Bankman-Fried additionally says that he spoke with Musk, and whereas he believes within the Tesla CEO and his imaginative and prescient for Twitter, he wasn’t satisfied that FTX ought to become involved.

“I’m actually excited for what he’s doing. I believe it’s going to hopefully revitalize Twitter. There’s a whole lot of open questions and a whole lot of robust questions that I believe should be answered. I believe there’s a ton of upside in what he’s doing…

He’s received a imaginative and prescient for what he needs to do with Twitter, and I believe his imaginative and prescient shouldn’t be precisely the identical imaginative and prescient as mine can be, however that’s okay. It doesn’t should be. And finally I view this as ‘Is that this a case the place our visions are complementary and that there’s actually one thing I can add to it?’

I don’t suppose that ended up being the case, and so it ended up a possibility the place I didn’t really feel prefer it made sense for us to become involved.”

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