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FTX CEO Sam Bankman-Fried was “potentially interested” in funding Elon Musk’s purchase of Twitter. This is stated in internal documents for the court.
Read along here: https://t.co/kTLj10PBkX
— kate conger (@kateconger) September 29, 2022
Initially posted by Insider, the documents were later published by New York Times reporter Kate Conger. According to the publication, FTX CEO advisor Will MacAskill tried to arrange a meeting between Musk and Bankman-Freed back in March.
According to media reports, the latter was allegedly ready to invest $8-$15 billion. Subsequently, the amount was adjusted to $5 billion.
In early April, Musk became Twitter’s largest shareholder after acquiring a 9.2% stake for $2.89 billion.
On April 14, he offered to buy the social network for more than $43 billion. The entrepreneur explained this by his intention to create an “inclusive arena for freedom of speech,” and not by a desire to make money.
Twitter management did not initially evaluate the proposal and approved the takeover defense plan. However, it later revised its position, approving a $44 billion deal. Financial documents dated May 4 did not include the name of the head of FTX or companies affiliated with him.
Recall, on May 13, the head of Tesla announced the suspension of the deal to acquire Twitter after the media reported on the overestimation of the audience of the platform. He also accused social network algorithms of manipulating users.
Twitter shareholders are suing Musk over a “chaotic” takeover process. The latter also filed a claim against the billionaire, demanding that he fulfill his obligations and complete the purchase.
On July 29, the businessman filed a counterclaim. At the same time, he said that he was ready to conclude a deal on the original terms if Twitter disclosed the method of sampling 100 accounts and the method of confirming their authenticity.
In early August, Twitter lawyers sued a division of Binance because of the funding allocated to it for the takeover of the social network by Elon Musk. The agenda was also received by financial advisers, investors and potential creditors of the businessman.
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