Sam Bankman-Fried is poised to cash out up to $100 million of Twitter stock now Elon Musk’s takeover has closed, report says

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FTX CEO Sam Bankman-Fried.

  • FTX proprietor Sam Bankman-Fried might see a cash windfall from Elon Musk’s Twitter buy.
  • Bankman-Fried owned up to $100 million of Twitter stock earlier than Musk closed the deal, The Block mentioned.
  • Twitter stockholders are set to obtain $54.20 per share as half of Musk’s $44 billion takeover.

Crypto billionaire Sam Bankman-Fried might see a cash windfall from Elon Musk’s buy of Twitter, in accordance to The Block.

The FTX proprietor held a stake in Twitter valued between $50 million and $100 million earlier than Musk completed his takeover of the social-media firm on Thursday, a supply accustomed to the matter informed the information outlet.

Twitter’s stock value has whipsawed this yr, as buyers initially cheered Musk’s takeover supply of $54.20 a share in April, then feared for a number of months he would again out. They lastly breathed a sigh of reduction when the world’s richest man finally closed the deal final week.

It’s unclear when Bankman-Fried invested in Twitter, but when he purchased the stock within the $30-to-$40 value vary it is traded in for many of this yr, he might internet a revenue within the tens of thousands and thousands of {dollars} now that Musk’s $44 billion buyout has gone by means of.

Twitter stock closed at $53.70 on Thursday, its highest stage since November, making it seemingly that Bankman-Fried made a big acquire on his wager.

FTX didn’t instantly reply to Insider’s request for remark.

Twitter stockholders have seen their shares canceled and transformed into the proper to obtain $54.20 per share, according to the Securities and Exchange Commission. Bankman-Fried could also be ready to obtain the cash worth of his defunct shares from Musk’s appointed paying agent.

In September, Insider’s Grace Kay and Kali Hays reported that Bankman-Fried was “potentially interested” in shopping for Twitter, in accordance to a sequence of non-public texts that have been revealed throughout Musk’s court docket battle with the social media agency.

The crypto-exchange boss was additionally all in favour of turning into an investor in Twitter as a personal firm, however he finally did not be a part of Musk’s bid, The Block mentioned.

Bankman-Friend has beforehand mentioned he wished to share concepts with Musk about applied sciences utilized in social media in an try to repair the business’s “broken model.” 

Read the unique article on Business Insider

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