Elon Musk Will Make This Cryptocurrency Exchange Owner $100 Million With His Twitter Purchase!

FTX bitcoin and Sam Bankman-Fried, founder and CEO of the cryptocurrency exchange, could make up to $100 million from Elon Musk’s acquisition of Twitter.

Sam Bankman-Fried, Owner of Cryptocurrency Exchange FTX With Shares On Twitter Could Make Up To $100 Million

A source with direct knowledge of the matter said in a statement that Bankman-Fried owned approximately $50 million to $100 million worth of shares in the social media giant prior to the acquisition, which was completed Thursday.

Musk paid $44 billion to buy Twitter, which equates to about 0.1% to 0.2% of Bankman-Fried’s stake.

FTX declined to comment, and Twitter did not respond to a request for comment.

Musk, the billionaire CEO of Tesla and SpaceX, completed the acquisition of Twitter last week after months of contention.

Musk, who immediately left his mark on the company by firing CEO Parag Agrawal and other top executives, sent a conciliatory message to advertisers that “Twitter aims to be the most respected advertising platform in the world.” Shares of Twitter were suspended on Friday and will be officially removed from the stock market on November 8.

The source said Bankman-Fried plans to be part of the Musk-Twitter deal but has stopped investing. Axios reported earlier this month that the FTX boss told Musk that he was no longer interested after a phone call between the two.

Cryptocurrency executive known as SBF had committed to deposit as much as $15 billion, according to a series of texts made public last month, as part of Twitter’s lawsuit to force Musk to complete the transaction.

Musk didn’t show much interest in the deal, though, saying he didn’t want to “have a grueling blockchain discussion” with Bankman-Fried.

*Not investment advice.