23 Nov 2022
According to Elon Musk, speculation connecting SBF and Twitter is false
After a shocking rumor about SBF's ties to Twitter spread online a few hours ago, Elon Musk moved swiftly to end it. Business Insider claims that Sam Bankman-Fried has invested $100 million in Elon Musk's Twitter.
On May 5, a few weeks after Musk proposed purchasing Twitter for $44 billion, the CEO of Tesla allegedly suggested to Bankman-Fried that he convert his publicly traded Twitter shares into stock in Musk's private firm.
According to its financial statement, the failing bitcoin exchange may hold some illiquid assets. The controversial press release claimed that Twitter stock was an intangible asset.
Elon Musk has publicly called out the source of the rumor, claiming it is a fabrication in a recent tweet.
Information about the initial SBF/Twitter claim.
According to Semafor, an FTX balance sheet from this month showed Twitter shares as an "illiquid" asset. This was after the contentious news release claimed that after making his $44 billion purchase bid for Twitter.
According to Semafor, the news also claimed that Musk texted Bankman-Fried after the latter expressed support for Musk's plans for Twitter but said he wouldn't be able to make any additional investments in the company.
According to the magazine, the cryptocurrency's creator said he had about $100 million in stock that he could convert into the deal.
Additionally, it was claimed that SBF told Musk he would not be able to invest any more money in Twitter but did offer him $100 million in shares in exchange for backing his project.
Representatives from Twitter and FTX declined a request for comment before the article was published, as it is implied in the story.
Musk, however, had a connection to SBF.
However, Musk and Bankman-Fried did communicate with one another regarding the topic covered in the article.
Musk asserted at the time that Twitter didn't need the blockchain integration that SBF insisted on and possibly committed additional funding for.
The $500 million Changpeng Zhao invested to support Musk's acquisition is the deal's only "crypto" part.
Sadly, the terms of the investment are private and have not been discussed by the parties.
Recent events involving SBF only seem to exacerbate his troubles. Amid the company's collapse, implied by his actions, many businesses publicly severed ties with the former FTX CEO.
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