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In an interview with CNBC, billionaire Sam Bankman-Fried explains why he isn’t investing in Elon Musk’s Twitter takeover.

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Billionaire Sam Bankman-Fried Reveals Reasons for Not Investing in Elon Musk Twitter Takeover

Sam Bankman-Fried, CEO of FTX, has said that the big exchange did not invest in Elon Musk’s much-discussed purchase of Twitter due to a disagreement about the future of cryptocurrency on the platform.

Executive Director Tweeted on November 3

We decided against Twitter because we didn’t think our skillset was a good fit for Elon’s plans for the platform.

Bankman-Fried mentioned blockchain-based social media and blockchain wallets and payments as two examples of projects that FTX would have been “excited” to work on, adding, “and who knows, maybe he [Musk] still will [work on that].”

Even yet, according to the CEO, Twitter now has “strong leadership” after Musk’s acquisition. We can’t wait to see Elon bring *his* vision for it to life, he remarked.

He told Forbes there is “open” to what Musk is doing, despite the fact that there are a lot of “tough” and “a ton of upside” concerns to be addressed about the Twitter purchase.

That, according to Bankman-Fried,

“He has a plan for how he wants to use Twitter. Furthermore, I find the idea to be quite inspiring. In the end, I wonder whether our visions here are complimentary and if there is actually anything that I can bring to it, given that it isn’t precisely the same as what my vision would be. It didn’t seem like that was the case or an occasion where we should have participated.”

Last but not least, he said that potential involving cryptocurrencies are central to the exchange’s deliberations.

To paraphrase, “We ended up passing because ultimately, we were checking […] is this something where you’re looking for a crypto partner to help with Web3 payments and things like this,” which implies that this may not be the case at the present time.

Just three days later, he made a brief statement on Musk’s contentious blue checkmark decision, defending it as a way to weed out fraudsters.

Bnakman-Fried, meanwhile, has come clean about his “significant donor” to the Republican and Democratic parties in the United States in advance of the 2022 midterm elections, saying that he has been “supporting constructive candidates across the aisle to prevent pandemics and bring a bipartisan climate to DC.”

When asked about accepting cryptocurrency donations, he advised people to contact their representatives and ask if they would be interested in joining FTX.

Compiled by Coinbold

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