- FTX owner Sam Bankman-Fried could see some cash windfall from Elon Musk’s Twitter acquisition.
- Bankman-Fried owned up to $100 million in Twitter stock before Musk closed the deal, according to The Block.
- Twitter shareholders will receive $54.20 per share as part of Musk’s $44 billion acquisition.
Crypto billionaire Sam Bankman-Fried says he could see an unexpected cash grab from Elon Musk’s acquisition of Twitter. block.
FTX Owners Had Twitter Stock Worth $50M To $100M Before Musk completed his takeover A source familiar with the matter at the social media company on Thursday told news outlets.
Twitter’s stock has plummeted this year. Investors initially welcomed Musk’s $54.20 per share bid for him in April, and for months feared Musk would pull out. They finally breathed a sigh of relief when the world’s richest man finally closed the deal last week.
It’s unclear when Bankman-Fried invested in Twitter, but he could make tens of millions of dollars if he bought shares in the $30 to $40 price range, which has been trading for most of this year. I was able to The billion-dollar acquisition has been completed.
Shares of Twitter closed at $53.70 on Thursday, the highest since November, and it’s likely that Bankman-Fried made a significant profit on his bet.
FTX did not immediately respond to Insider’s request for comment.
Twitter shareholders saw their shares canceled and converted into rights to receive $54.20 per share. According to the Securities and Exchange CommissionBankman-Fried may be awaiting receipt of the cash value of his extinguished shares from a paying agent appointed by Musk.
In September, Insiders Grace Kay and Kali Hays said that Bankman-Fried “potentially interested” Upon acquiring Twitter, according to a series of private texts revealed during its legal battle with the social media company.
The crypto exchange boss was also interested in investing in Twitter as a privately held company, but ultimately did not participate in Musk’s bid, The Block said.
Bankman-Friend has previously said he would like to share ideas with Musk about the technology being used in social media to fix the industry’s “broken model.”
