- Sam Bankman-Fried owns a roughly $100 million stake in Elon Musk’s Twitter, Semafor reported.
- The FTX founder offered to invest up to $15 billion in the social platform earlier this year.
- In recent weeks, Musk has dismissed Bankman-Fried, claiming the FTX founder triggered his “bullshit counter.”
FTX founder Sam Bankman-Fried has a stake in Twitter worth about $100 million, according to a Semafor report.
After midnight on May 5, weeks after Musk offered to buy Twitter for $44 billion, the Tesla CEO texted Bankman-Fried, urging him to turn his Twitter public stock into a stake in Musk’s private company, the publication reported. An FTX report from this month lists Twitter shares as an “illiquid” asset, according to Semafor.
Musk’s text followed a message from Bankman-Fried in which he expressed support for Musk’s plans for Twitter and said he would not be able to invest any new money in Twitter, Semafor reported. The crypto founder added that he has around $100 million in stock that he could transfer into the deal, according to the publication.
Spokespersons for Twitter and FTX did not respond to a request for comment from Insider ahead of publication.
Several texts between Musk and Bankman-Fried regarding the Twitter takeover had previously come to light in September during the preliminary discovery process of Twitter’s lawsuit against Musk over his attempts to drop his purchase of the social app.
Bankman-Fried adviser Will MacAskill had reached out to Musk in March to say the FTX founder had considered buying Twitter himself and would be willing to contribute up to $8 billion to $15 billion for the purchase. by Musk.
The pair connected by phone and Bankman-Fried later decided against investing in the acquisition, Axios previously reported.
Since then, Musk has repeatedly dissed Bankman-Fried on Twitter. Earlier this month, Musk told Twitter Spaces that his “bullshit counter was redlining” when he first met the FTX founder.
—Elon Musk (@elonmusk) November 12, 2022
“Man, everyone, including the big investment banks – everyone was talking about him like he walked on water and had a million dollars, and that wasn’t my impression,” Musk said. “This guy is right – there’s something wrong, and he has no capital, and he’s not going to make it. That was my prediction.”
Musk made the comments shortly after news broke that FTX would file for Chapter 11 bankruptcy after failing to secure emergency funding. Bankman-Fried resigned as CEO and lost 94% of his net worth on the same day, according to Bloomberg.
Bankman-Fried is not alone in renewing its public actions. Twitter co-founder Jack Dorsey transferred about $1 billion to the private company.
Read Semafor’s full report on its website.