"'I f---ed up,' Bankman-Fried told investors on the call, according to people with knowledge of the conversation. He said he would be 'incredibly, unbelievably grateful' if investors could help."
Christ almighty. 8 BILLION dollar shortfall? Weren't they saying just a couple days ago that there were no liquidity problems whatsoever? This is beyond embarrassment, it seems downright illegal.
Off topic but I personally hope the meme/stereotype of the slovenly eccentric genius falls out of fashion with startup investors after this whole SBF blowup. It sounds like none of these bluechip VCs did any sort of meaningful diligence, but instead fawned over his strange persona and the fact that he would actively play League of Legends during investor meetings [1].
I have been thinking the same thing. All hail Tim Cook, boring industrial engineer and operator of antifragile corporations that don't gamble with customer funds.
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[ 2.6 ms ] story [ 36.0 ms ] threadBinance to acquire FTX (https://news.ycombinator.com/item?id=33520585) (Yesterday's main discussion here)
Binance acquires FTX (https://news.ycombinator.com/item?id=33520624)
"We will not pursue the potential acquisition of FTX" / Binance (https://news.ycombinator.com/item?id=33537821)
Christ almighty. 8 BILLION dollar shortfall? Weren't they saying just a couple days ago that there were no liquidity problems whatsoever? This is beyond embarrassment, it seems downright illegal.
[1]https://www.sequoiacap.com/article/sam-bankman-fried-spotlig...
How is Apple anti-fragile?