Elon Musk Rejected FTX CEO’s Investment Offer of $8B-$15B

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  • Sam Bankman-Fried, expressed early interest in making an investment.
  • Musk and FTX CEO Sam Bankman-Fried had a short text conversation in April.

An agreement for Elon Musk, the wealthiest man in the world, to purchase Twitter was finalized on Friday, October 28. Since then, a lot has taken place, with Musk unveiling content filtering measures and much more.

The latest information suggests, when Musk started accumulating his massive holding in Twitter in March of this year, FTX’s chief executive, Sam Bankman-Fried, expressed early interest in making an investment.

Blockchain Twitter Not Possible

According to a string of Musk’s private messages that were released as part of Twitter’s lawsuit, the FTX leader expressed curiosity about using blockchain technology on the social media platform. One of Bankman-Fried’s advisors, Will MacAskill, sent a text message to Musk on the firm’s behalf.

On March 29th, he sent Musk a note saying:

“I’m not sure if this is what’s on your mind, but my collaborator Sam Bankman-Fried has for a while been potentially interested in purchasing it and then making it better for the world.”

Strangely, Musk responded by inquiring whether SBF has “huge amounts of money?” MacAskill replied that SBF was worth an incredible $24 billion at the moment and that the firm was ready to spend $8 billion to $15 billion.

Musk and FTX CEO Sam Bankman-Fried had a short text conversation in April. Top leaders in the cryptocurrency and banking industries reached out to Musk to see whether they shared a vision for the future of blockchain and social media integration.

Musk rejected the proposal. Moreover, Musk, in a conversation with Michael Grimes, gave an explanation to the investment banker at Morgan Stanley.

Musk stated:

“Blockchain Twitter isn’t possible, as the bandwidth and latency requirements cannot be supported by a peer-to-peer network, unless those ‘peers’ are absolutely gigantic, thus defeating the purpose of a decentralized network”.

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