FTX CEO States Reasons for Backing Out from Joint Twitter Acquisition

FTX CEO States Reasons for Backing Out from Joint Twitter Acquisition

• Bankman-Fried states their strength was not needed as per Musk’s vision for Twitter.
• Since the acquisition didn’t make sense, Bankman-Fried said that they pulled away.
• The CEO of FTX believes Musk could revitalize Twitter.

The CEO of FTX exchange, Sam Bankman-Fried (SBF), provided an explanation for not joining Elon Musk with the acquisition of Twitter. Bankman-Fried made these statements at Forbes Iconoclast Summit 2022 while responding to a question from Randall Lane, the Chief Content Officer at Forbes.

1) 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) https://t.co/1QYLhW7N5Z

— SBF (@SBF_FTX) November 3, 2022

Among the many reasons, Bankman-Fried stated, the first reason he put forward for pulling away from joining Musk in the acquisition was that their strength was not needed as per Musk’s vision for Twitter.

Bankman-Fried, in the Twitter post, stated:

We passed on Twitter b/c it didn’t seem like our strengths were what was needed for Elon’s vision for Twitter.

Additionally, Bankman-Fried explains that both the vision of Musk and Bankman-Fried did not complement each other. However, Bankman-Fried explicitly explains that this wasn’t the factor that kept him from jointly closing the deal with Musk. Bankman-Fried stated it was more of the inexistence of a logical argument supporting the acquisition that made them pull away from committing.

Speaking more on this matter, Bankman-Fried said: I didn’t feel like it made sense for us to be involved [in the deal].

Interestingly, one Twitter user who is a private NFT collector, replied to Bankman-Fried saying that Twitter rejected Bankman-Fried’s investment and not the other way around.

Sam I thought Twitter rejected your investment not the other way around?

— – (@crypto_bitlord7) November 3, 2022

Bankman-Fried believes that Musk would revitalize Twitter with the acquisition. Additionally, he states that there would be many questions that would need answers.

However, Bankman-Fried stated that if Musk wanted to make blockchain-based social media, or blockchain wallets/payments, they would have been excited to work on that. And intriguingly, Bankman-Fried ends with an optimistic statement saying, “And who knows, maybe he still will,” referring to Musk favoring blockchain-based social media and wallets.

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