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HomeTechnologyFTX founder Sam Bankman-Fried plans to join Elon Musk in Twitter deal

FTX founder Sam Bankman-Fried plans to join Elon Musk in Twitter deal

On September 30, Kate Conger, a tech reporter, shared a number of texts demonstrating that Musk was not the only person interested in purchasing Twitter. Sam Bankman-Fried of FTX, a well-known personality in the crypto community, was another person interested in joining Musk.

Text messages that surfaced during Elon Musk’s legal battle with the social networking platform indicated Bankman Fried’s involvement.

FTX Future Fund member, William MacAskill, reportedly tried to set up a meeting between Bankman-Fried and Musk in March of this year. 

The purpose of the meeting was to talk about how the two entrepreneurs may jointly approach buying Twitter.

The conversations were posted on Twitter by Kate Conger, a tech reporter for news platform, who was able to spot when Musk decided to make an offer to take Twitter private and when his plan to join the Twitter board of directors fell apart.

Sam Bankman-Fried

The texts claim that MacAskill supposedly noticed the willingness of Sam Bankman Fried’s to contribute between $8 and $15 billion in the platform’s acquisition.

Michael Grimes, the head of global technology investment banking at Morgan Stanley, later stated that Bankman-Fried would only be willing to give $5 billion, so either this was overstated or Bankman-Fried changed his mind.

According to newly available information, Michael Grimes complimented SBF to Musk, referring to him as a “hyper genius and doer builder.”

Nevertheless, all that has occurred since, especially Musk’s subsequent distaste for Twitter’s business methods, it is extremely unlikely that the two tech billionaires will ever collaborate.

Due to Musk’s opinion that up to 90% of all comments on Twitter are made by spam accounts and automated bots, Musk stated that the Twitter purchase could not move forward.

With 238 million active users daily, this would indicate that the majority of activity on the network is being driven by bots rather than actual individuals who contribute to Twitter’s value as a platform.

As per the Musk’s representative, it is a “material infringement of several provisions” of the agreement, that the platform has been making inaccurate and deceptive representations about the number of actual human users.

The July 2022 SEC filing made special mention to this. Twitter sued Musk after he withdrew his $44 billion offer to buy the firm, claiming that he was not authorised to “trash the firm, destroy its operations, destroy investor value, and walk away.”

Musk responded on his end with a filing in August, citing a revelation from a whistleblower that claimed that half of the company’s employees have access to “sensitive systems,” which, in his view, presents a security risk.

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