Sam Bankman-Fried: Hidden Funds
on Wednesday, December 14, 2022Meaning of Sam Bankman-Fried Money Quote: saying there is no hidden money or accounts after the FTX bankruptcy, all invested in in business. Sam Bankman-Fried said:
“No, I don’t have any hidden funds. Everything I have, I’m disclosing. I’m down to one working credit card left [and] I think $100,000 or something like that, in a bank account. Everything that I had, even all the loans I had, I was reinvesting in the businesses — I put everything I had into FTX” — Sam Bankman-Fried
Share the Sam Bankman-Fried Money quote image above on your site:
Short Link to this Quote:
In this quote, Sam Bankman-Fried seems to be responding to accusations that he has hidden or undisclosed funds following the collapse of FTX. Some key points:
- He directly states that he has “no hidden funds” and is disclosing everything he has.
- Bankman-Fried claims he only has one working credit card left and about $100,000 in a bank account, implying he has very little personal wealth outside of what was tied up in FTX.
- He asserts that he reinvested all loans and earnings back into running FTX and other affiliated businesses, suggesting he did not retain much for himself individually.
- The quote portrays Bankman-Fried as having essentially put all his money and resources into FTX and its operations, with little left for himself now that the company has failed, allowing no hidden reserves.
Overall, Bankman-Fried appears to be vigorously denying allegations of undisclosed assets, maintaining publicly that when FTX collapsed, so too did the vast majority of his own personal net worth which he claims was entirely sunk into and reliant upon the company’s success.