Billionaire Sam Bankman-Fried Reveals Reasons for Not Investing in Elon Musk Twitter Takeover
Sam Bankman-Fried, CEO of FTX, said that the reason the major exchange did not invest in the much-talked-about Elon Musk Twitter takeover is the crypto-related difference in visions for the social network.
The CEO tweeted on November 3,
"We passed on Twitter b/c it didn't seem like our strengths were what was needed for Elon's vision for Twitter."
He gave an example of working on blockchain-based social media, or blockchain wallets and payments, which Bankman-Fried said FTX would have been "excited" to work on, adding: "and who knows, maybe he [Musk] still will [work on that]."
That said, the CEO said that Twitter got "strong leadership" with Musk's takeover. "We're excited for Elon to execute *his* vision for it," he said.
In an interview with Forbes, he added that there are a lot of "open" and "tough" questions to be answered when it comes to the Twitter acquisition but that there is "a ton of upside" in what Musk is doing.
Bankman-Fried explained that,
"He's got a vision for what he wants to do with Twitter. And I think it's an exciting vision. It's not exactly the same as my vision would be - that's okay, it doesn't have to be - and ultimately I view this as is it the case that our visions here are complementary and that there is really something that I can add to it? I don't think that ended up being the case [or the opportunity where] it made sense for us to get involved."
Finally, he added that the exchange's decision revolves around crypto-related opportunities, saying:
"We ended up passing because ultimately, we were checking [...] is this something where you're looking for a crypto partner to help with Web3 payments and things like this," suggesting that currently this may not be the case.
Three days later, he shortly
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