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investor Chamat Palihapitiya went viral after pointing out that FTXcompany cryptocurrencies which declared itself bankrupt in the face of a new market crisis, insulted him by suggesting changes in his administration.
Palihapitiya proposed with his firm Social Capital FTX up to two pages of recommendations so that their business model can flourish and they can invest. What did he reply FTX? ‘Fuck you*’.
Investor saw violations in FTX
The investor spoke about this in a podcast. All in.
He noted that Sam Bankman-Fried, founder FTXhe turned to Social Capital, raising $17 billion for his cryptocurrency exchange.
After meeting Increase Regarding Bankman-Fried, Palihapitiya said it “doesn’t make much sense” so his team at Social Capital worked on a two-page series of recommendations on next steps to FTX if investment negotiations continue.
The Sri Lankan publication reports that he suggested that FTX form a board of directors and not hand over all power to Bankman-Fried. In the same way, he wanted to create a dual class of shares, in which some are more important in decision-making than others, and to create legal representatives and guarantees for transactions.
“The person who worked there called us back and literally, I’m not kidding, said, ‘Fuck you,'” Palihapitiya said on the podcast.
Palihapitiya said he still thinks that Bankman-Freed and FTX they were in “the basket of these guys who are incredibly arrogant and smug.”
The collapse of the company
FTX it recently filed for bankruptcy after running out of liquidity needed to meet investor demands.
your competing company, Binancehe promised to buy it to save it, but discovered an “internal mismanagement” that caused him to back out.
On the same day, Bankman-Fried resigned as CEO. The bankruptcy includes another 130 subsidiaries and Bankman-Fried trading company, Alameda Research.
Palihapitiya said ‘we’re only scratching the surface’ amid collapse FTXand that “we’ll find new things every day.”
We recommend you METADATA, an RPP technology podcast. News, analytics, reviews, recommendations and everything you need to know about the tech world.
Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.