Elon Musk and Mark Cuban rip FTX’s Sam Bankman-Fried #Elon #Musk #Mark #Cuban #rip #FTXs #Sam #BankmanFried


Elon Musk and Mark Cuban are letting Sam Bankman-Fried have it. The heavyweight tech billionaires delivered sharp criticism of the 30-year-outdated previous CEO of crypto trade FTX, who resigned yesterday as the organization declared bankruptcy—and as prospects grappled with the chance they’ll in no way get their funds again. 

Musk, the CEO of Tesla and SpaceX, tweeted Friday night time: “FTX meltdown/ransack becoming tracked in actual-time on Twitter.” 

As Fortune described in late September, Musk appeared to ghost an provide of up to $15 billion from Bankman-Fried’s adviser while he was searching for companions for his $44 billion takeover of Twitter. Musk appeared to question Bankman-Fried’s fiscal standing at the time.

Early today, in a Twitter Space, Musk included the adhering to about his uncertainties, as described by CoinBase:

“To be straightforward, I’d hardly ever listened to of him. But then I acquired a ton of folks telling me [that] he’s obtained, you know, substantial amounts of revenue that he needs to spend in the Twitter deal. And I talked to him for about 50 percent an hour. And I know my bullshit meter was redlining. It was like, this dude is bullshit—that was my impact.

“Then I was like, man, everybody including major financial investment banks— every person was speaking about him like he’s going for walks on drinking water and has a zillion bucks. And that [was] not my impression…that dude is just—there’s one thing wrong, and he does not have capital, and he will not arrive by. That was my prediction.” 

Cuban, a Shark Tank star and investor in crypto and blockchain-similar platforms, was no much less severe. Speaking Friday at a meeting hosted by Sports Small business Journal, the Dallas Mavericks owner experienced sharp terms for Bankman-Fried

“First, you’ve received to comprehend crypto. There is speculation—that’s all the sound. Then there’s points that have happened with [crypto platform] Voyager and with FTX now—that’s anyone jogging a corporation that’s just dumb as f*** greedy. So, what does Sam Bankman do? He just, give me far more, give me more, give me far more, so I’m gonna borrow funds, mortgage it to my affiliated business, and hope and fake to myself that the FTT tokens that are in there on my stability sheet are gonna sustain their value.”

Cuban was accused in a lawsuit in August of deceptive traders into signing up for accounts with Voyager Electronic, a crypto system that submitted for individual bankruptcy in July.

He tweeted Saturday morning about the downfalls of crypto entities

“These blowups have not been crypto blowups, they have been banking blow-ups. Lending to the improper entity, misvaluations of collateral, arrogant arbs, followed by depositor runs. See Prolonged Time period Capital, Personal savings & Personal loan and Sub-Prime blowups. All distinctive versions of the same tale.”

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