Texts Claims: FTX CEO SBF Previously Wants to Buy Twitter with Elon Musk
Texts Claims: FTX CEO SBF Previously Wants to Buy Twitter with Elon Musk.
In Elon Musk’s legal proceedings against Twitter, texts revealed in the case prove that the CEO of FTX, Sam Bankman-Fried (SBF) has been interested in purchasing the social media platform “for quite some time.”
Sam Bankman-Fried Willing to Provide $5 billion to Acquire Twitter
According to Insider, William MacAskill, a member of the SBF-funded FTX Future Fund, tried to set up a meeting between Elon Musk and FTX’s SBF in March so the two could buy Twitter together.
Related: FTX Sam Bankman-Fried Says They Still Have $1 Billion For Acquisitions
New York Times reporter Kate Conger published the text messages online, reinforcing the Insider account.
“And here’s where the board seat idea fell apart: “This is a waste of time,” tweeted Kate Conger.
And here's where the board seat idea fell apart: "This is a waste of time." pic.twitter.com/s4kTdK0Ja3
— kate conger (@kateconger) September 29, 2022
According to MacAskill, Bankman-Fried is willing to contribute about $8-15 billion to Twitter’s acquisition, but Morgan Stanley’s Global Technology Investment Banking Head Michael Grimes told Musk that Bankman-Fried would only agree to give $5 billion in a joint deal to share the birdsite.
The Twitter Acquisition Hasn’t Move Forward Due to Spam or Bot Account in Twitter
However, Musk’s subsequent opposition to Twitter’s practices means the ultimate crypto-tech billionaire team-up may not come to pass.
He believes 90% of Twitter comments are from bots or spam accounts, so he cannot move forward with the Twitter deal.
In addition, Musk’s team raised concerns about Twitter’s reported 238 million daily active users and whether they are real people.
According to the Tesla CEO’s representatives, Twitter “made false and misleading representations” and was “in material breach” of their contract, according to filings with the Securities and Exchange Commission (SEC).
Related: FTX CEO Sam Bankman-Fried Considering To Bid For Bankrupt Celsius’ Assets
Upon Musk’s withdrawal from the $44 billion deal, Twitter filed a lawsuit against him in July.
According to Twitter’s July filing, Musk cannot “trash the company, disrupt its operations, destroy shareholder value, and walk away.”
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