FTX CEO Sam Bankman-Fried (SBF) On The Reason Why He Passed on Funding Twitter Acquisition

FTX CEO Sam Bankman-Fried (SBF) On The Reason Why He Passed on Funding Twitter Acquisition.

Unclear Proposals

Sam Bankman-Fried, FTX CEO, tells his 793,500 Twitter followers that the social media platform remained on the sidelines because it wasn’t clear how to integrate crypto technology into its business model with Musk at the helm.

“we passed on Twitter b/c it didn’t seem like our strengths were what was needed for Elon’s vision for Twitter (e.g. if he wanted to do blockchain-based social media, or blockchain wallets/payments, we’d have been excited to work on that! and who knows, maybe he still will),” he tweeted on his Twitter account. 

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He added that, “Twitter needed a revamping of leadership, so Elon did that. Now Twitter has strong leadership, and we’re excited for Elon to execute *his* vision for it.” 

Different Visions

As Bankman-Fried said in a Forbes article, he recently spoke with Musk, but he wasn’t convinced that FTX should invest in Twitter, despite his belief Musk’s vision for Twitter.

“I’m really excited for what he’s doing. I think it’s going to hopefully revitalize Twitter. There’s a lot of open questions and a lot of tough questions that I think have to be answered. I think there is a ton of upside in what he’s doing…” the CEO said.

“He’s got a vision for what he wants to do with Twitter, and I think his vision is not exactly the same vision as mine would be, but that’s okay. It doesn’t have to be. And ultimately I view this as ‘Is this a case where our visions are complementary and that there’s really something I can add to it?,” he further explained.

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This, he said, didn’t turn out to be the case, so he didn’t think they should have gotten involved with that opportunity.

One Twitter user commented on Bankman-Fried post, “We would all prefer you to keep your soft slimy hands out of all these other avenues of crypto. You have enough going on. Let someone else play that actually understands the space much better than you do. We need more minds than yours to broaden cryptos diversity.”

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Jamilatul Mahmudah

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