Elon Musk reveals why he rejected FTX Bankman-Fried’s offer in Twitter acquisition deal

November 13,2022

Twitter Chief Executive Officer, Elon Musk, has criticised the founder of Futures Exchange (FTX) and Alameada Reasearch, Sam Bankman-Fried, amid allegation of misusing customers’ funds and US investigation.

Ripples Nigeria had reported that Musk and Bankman-Fried had spoken about the acquisition of Twitter, with the Futures Exchange boss offering $3 billion for the $44 billion the world’s richest man was expected to pay to acquire the firm

Months after offering the billion dollars, Bankman-Fried filed for bankruptcy on behalf of FTX, shortly after Binance pulled out of unbinding agreement to buy Futures Exchange. His wealth also crashed from $16 billion to $0, according to Bloomberg.

In a Twitter Space on Saturday, Musk said he knew Bankman-Fried doesn’t have the capital to support the Twitter deal, even though many people, including investment bankers, were praising him like “he’s walking on water and has a zillion dollars

Musk said during his 30 minutes conversation with FTX boss, he had a feeling that Bankman-Fried “is bullshit”, adding that he knew “there’s something wrong” with the 30-year-old crypto poster boy.

“To be honest, I’d never heard of him,” Musk said, and continued, “But then I got a ton of people telling me he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal

And I talked to him for about half an hour. And I know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression.” Musk said

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