I have been reflecting personally on the whole FTX fiasco and it taught me one more time that we should NEVER inves… https://t.co/Zbf8skT5p0
— Marcelo Claure (@marceloclaure) 1668293667000
The Bolivian tech entrepreneur who oversaw Sprint’s merger with T-Mobile before officially joining Son’s SoftBank group in 2018. He spent his time at SoftBank cleaning up messy investments such as wireless carrier Sprint and office-sharing company WeWork, and
had expected to be paid billions of dollars in compensation over the years, while Son was looking to pay him a much smaller sum, Reuters reported.
SoftBank had invested nearly $100 million in FTX from its Vision Fund 2. The Japanese group is a part of a list of high-profile investors which had backed FTX, including Sequoia Capital, Ontario Teachers’ Pension Plan, Dan Loeb’s Third Point, Tiger Global and American footballer star Tom Brady.
SoftBank put nearly $100 million into the
FTX, Chief Financial Officer Yoshimitsu Goto said Friday. “It is only a small amount compared with our overall portfolio,” Goto told reporters at the company’s quarterly earnings presentation,
The Wall Street Journal said in a report.
SoftBank said Friday the fund was down over 29%, having lost more than $14 billion on the $49.8 billion it invested in over 250 companies.
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Reuters said in a report that in a letter posted on Twitter,
Sequoia said that its Global Growth Fund III invested $150 million in FTX.com and FTX US, which accounted for less than 3% of the fund’s committed capital, while the Sequoia Capital Global Equities fund invested $63.5 million.
Crypto exchange FTX filed for US bankruptcy protection on Friday after losing billions of dollars over the last one week, facing severe liquidity crunch and having a bailout deal from Binance, fall through.
Its CEO Sam Bankman-Fried also resigned subsequently.
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