Elon Musk shares his opinion on collapse of crypto exchange FTX and posts obscene meme with its founder: 'I know my bullshit meter was redlining'

November 14, 2022  16:15

Renowned entrepreneur Elon Musk did not miss the opportunity to comment on the topic of FTX crypto-exchange bankruptcy. In the audio room of Twitter Space with 60,000 listeners he shared his opinion about the exchange and its founder. And this opinion is far from positive.

Moreover, Musk responded to a post by crypto-entrepreneur Sam Altman with an obscene meme with Sam Bankman-Fried, the former CEO of FTX.

According to Musk, he had never heard of the FTX founder in the past, but he was once told that the young man had a lot of money and wanted to invest it in a Twitter deal. Musk, he said, contacted Bankman-Fried, and they talked for about half an hour. And Musk's impressions after that conversation were very negative.

"I know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression," Musk said.

He said he knew even then that Bankman-Fried wasn't going to make it.

“Then I was like, man, everyone including major investment banks – everyone was talking about him like he’s walking on water and has a zillion dollars. And that [was] not my impression…that dude is just – there’s something wrong, and he does not have capital, and he will not come through. That was my prediction," Musk said.

Musk is confident that cryptocurrencies, unlike FTX, do have a potential future. However, he recommends storing cryptocurrencies in cold wallets rather than exchanges. This approach to storing currency, according to Musk, would be "wise."

Amid the collapse of FTX, Sam Bankman-Fried lost nearly his entire fortune. Back in March, his net worth was reportedly valued at about $24 billion. On November 7, his fortune was already estimated at $16 billion, but just a few days later he lost most of that money and dropped off Bloomberg's list of billionaires.

At the top of the list today is Elon Musk, whose fortune is estimated at $189 billion. But he, too, cannot boast that he always makes good decisions in terms of business development. For example, the acquisition of Twitter had a negative impact on Tesla's business: since the first news about the acquisition of the social network shares of Tesla began to fall and soon reached a two-year low, while Musk lost $70 billion. According to Bloomberg, Musk's fortune has fallen by $81.7 billion since the beginning of the year. 

  • Read also
  • Archive