The CEO of FTX explains why the cryptocurrency exchange declined to support Elon Musk’s takeover of the social media company Twitter.
Sam Bankman-Fried, the CEO of FTX, explains to his 793,500 Twitter followers that FTX stood on the sidelines since it was unclear how the social media platform’s economic model would include crypto technology with Musk at the lead.
Bankman-Fried said in a recent interview with Forbes that he talked with Musk, and although he believes in the Tesla CEO and his vision for Twitter, he was not sure that FTX should get involved.
“I think it’s great what he’s doing. I believe that it will hopefully reinvigorate Twitter. There are many unanswered and difficult issues that, in my opinion, must be addressed. I believe there is tremendous potential in what he is doing…
He has a vision for what he wants to accomplish with Twitter, and although I don’t believe it’s precisely the same as mine, that’s alright. It is not essential. Last but not least, my thought process is, “Is this a scenario where our ideas are compatible and that there’s actually anything I can bring to it?” “I don’t believe that was the case, and as a result, I didn’t think it made sense for us to participate.”
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