The chief govt of FTX is revealing why the crypto alternate handed on funding Elon Musk’s acquisition of social media big 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 look like our strengths had 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 latest 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 get entangled.
“I’m actually excited for what he’s doing. I believe it’s going to hopefully revitalize Twitter. There’s a number of open questions and a number of powerful questions that I believe must be answered. I believe there’s a ton of upside in what he’s doing…
He’s acquired a imaginative and prescient for what he needs to do with Twitter, and I believe his imaginative and prescient isn’t precisely the identical imaginative and prescient as mine can be, however that’s okay. It doesn’t must 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 chance the place I didn’t really feel prefer it made sense for us to get entangled.”
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