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Elon Musk says his ‘bullshit meter was redlining’ when speaking with FTX’s Sam Bankman-Fried

Elon Musk says his 'bullshit meter was redlining' when talking with FTX's Sam Bankman-Fried

Tesla (NASDAQ: TSLA) CEO Elon Musk is the newest high-profile particular person to touch upon the FTX crypto exchange disaster and its troubled founder Sam Bankman-Fried. On this line, Musk has shared his impression of Bankman-Fried, who’s on the heart of the alleged misappropriation of buyer funds.

In a Twitter Area, Musk reportedly informed over 60,000 listeners that he had initially by no means heard of Bankman-Fried, however when he acquired an opportunity to talk with him, one thing didn’t appear proper, CoinDesk reported on November 12. 

Musk’s interplay with Bankman-Fried centered across the Twitter (NYSE: TWTR) acquisition deal wherein the FTX founder had expressed curiosity. 

“To be trustworthy, I’d by no means heard of him. <…>However then I acquired a ton of individuals telling me [that] he’s acquired, you realize, big quantities of cash that he desires to spend money on the Twitter deal. And I talked to him for about half an hour. And I do know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression,” Musk stated. 

Musk’s impression of Bankman-Fried

Within the November 11 Twitter Area, Musk added that regardless of main business gamers praising Bankman-Fried, he remained skeptical concerning his potential to come back via within the deal. 

“Then I used to be like, man, everybody, together with main investment banks – everybody was speaking about him like he’s strolling on water and has a zillion {dollars}. And that [was] not my impression. <…>That dude is simply – there’s one thing mistaken, and he doesn’t have capital, and he is not going to come via. That was my prediction,” Musk added.

Notably, the collapse of FTX has despatched shockwaves into the cryptocurrency market, with most digital property correcting considerably. 

The way forward for crypto

With the specter of additional correction, Musk has careworn that the crypto house is right here to remain however known as on buyers to retailer their property in chilly storage as a substitute of exchanges. 

“I feel there most likely is a future for Bitcoin (BTC), Ethereum (ETH), and DOGE. I can’t actually converse to the others. However if you happen to’ve acquired a type of three in a chilly pockets, and off an trade, I feel my guess is it really works out properly,” he stated. 

The market correction was triggered after the FTX trade’s native token FTT, at some point, plunged by over 80%, wiping out about $2.5 billion in market capitalization

The scenario started unraveling after it emerged that Bankman-Fried’s enterprise empire comprised two large entities –FTX crypto trade and his buying and selling agency Alameda Analysis. Alameda’s monetary knowledge confirmed the hyperlink between the 2 entities, which primarily entails the FTT token.

Within the meantime, regulators have already launched an inquiry into the FTX collapse.

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