The former FTX CEO has lost the plot.
What to know:
It's impossible to take Bankman-Fried at his word right now, because so many of them are nonsensical. They read like the desperate pleadings of a man trapped beneath his house of concrete cards.Bankman-Fried told Piper that he's still seeking to raise $8 billion from outside investors, in order to make customers whole, adding that "a month ago I was one of the world’s greatest fundraisers."For starters, no one is sure how big the hole really is.
Again, this is a company that raised $2 billion from some of the world's most sophisticated venture capital and private equity firms.announced that they'll hold hearings on the FTX case, basically in response to public outcry. Expect both browbeatings to occur next month, although no dates have been set. The House Financial Services Committee says it plans to call Bankman-Fried, while the Senate Banking Committee hasn't yet developed a proposed witness list.I messaged one investor about Bankman-Fried's fundraising comments, to ask if there was something I missed. He replied with a video of heads exploding. Felt about right.
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