Connect with us

Business

Elon Musk reveals why he rejected FTX Bankman-Fried’s offer in Twitter acquisition deal

Published

on

Elon Musk

Twitter Chief Executive Officer, Elon Musk, has criticised the founder of Futures Exchange (FTX) and Alameada Reasearch, Sam Bankman-Fried, amid allegation of misusing customers’ funds and US investigation.

Ripples Nigeria had reported that Musk and Bankman-Fried had spoken about the acquisition of Twitter, with the Futures Exchange boss offering $3 billion for the $44 billion the world’s richest man was expected to pay to acquire the firm.

Months after offering the billion dollars, Bankman-Fried filed for bankruptcy on behalf of FTX, shortly after Binance pulled out of unbinding agreement to buy Futures Exchange. His wealth also crashed from $16 billion to $0, according to Bloomberg.

In a Twitter Space on Saturday, Musk said he knew Bankman-Fried doesn’t have the capital to support the Twitter deal, even though many people, including investment bankers, were praising him like “he’s walking on water and has a zillion dollars.”

Read also:Elon Musk hints at return of Twitter Blue after suspension

Musk said during his 30 minutes conversation with FTX boss, he had a feeling that Bankman-Fried “is bullshit”, adding that he knew “there’s something wrong” with the 30-year-old crypto poster boy.

“To be honest, I’d never heard of him,” Musk said, and continued, “But then I got a ton of people telling me he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal.

“And I talked to him for about half an hour. And I know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression.” Musk said.

“Then I was like, man, everyone including major investment banks, everyone was talking about him like he’s walking on water and has a zillion dollars.

“And that (was) not my impression, that dude is just – there’s something wrong. And he does not have capital, and he will not come through. That was my prediction,” Musk said.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

TEST

Investigations