Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

'This dude is bullshit': Elon Musk describes the first time he met now-disgraced FTX founder Sam Bankman-Fried

'This dude is bullshit': Elon Musk describes the first time he met now-disgraced FTX founder Sam Bankman-Fried

Musk said during a Twitter Space chat he formerly met with the cryptocurrency exec to discuss a potential investment in Twitter prior to the takeover.
Elon Musk is piling on after the downfall of Sam Bankman-Fried, the founder of FTX, claiming his "bullshit meter was redlining" in a previous meeting with the disgraced crypto leader to discuss a potential Twitter investment.

Musk's remarks came at around 2:30 a.m. ET Saturday during a Twitter Space conversation with 60,000 listeners, Coinbase reported. The discussion began shortly after news broke on Friday evening that FTX was investigating "abnormal transactions" in an apparent hack, the cherry on top of a very bad week for the imploding crypto exchange.

"To be honest, I'd never heard of him," the new Twitter CEO said, per Coinbase. "But then I got a ton of people telling me he's got, you know, huge amounts of money that he wants to invest in the Twitter deal. And I talked to him for about half an hour. And I know my bullshit meter was redlining. It was like, 'This dude is bullshit' — that was my impression."

On Friday, FTX announced it was filing for Chapter 11 bankruptcy after failing to secure emergency funding. Bankman-Fried stepped down as CEO, lost 94% of his net worth, and admitted he "fucked up twice" in an apology on Twitter. He explained FTX's decline was a result of high customer withdrawals and his incorrect assessment of the amount of debt the company had accrued.

On Saturday, the Financial Times reported that FTX carried just $900 million in sellable assets against $9 billion of liabilities one day before the company announced it was filing for bankruptcy.

While it's unclear when exactly the meeting between Bankman-Fried and Musk took place, it appears to have been in the early days of Musk's plans for a Twitter takeover, and well before FTX's public downfall. Still, Musk said he felt there was "something wrong" during the discussion.

"Man, everyone including major investment banks — everyone was talking about him like he's walking on water and has a zillion dollars. And that was not my impression … that dude is just — there's something wrong, and he does not have capital, and he will not come through. That was my prediction," Musk said.

Musk tweeted early Saturday morning "FTX meltdown/ransack being tracked in real-time on Twitter" and also posted a crude meme of Bankman-Fried.


The comments come as other crypto and tech leaders speak out about their own recent interactions with Bankman-Fried, including Brian Armstrong, the CEO of Coinbase, who told CNBC earlier this week that the FTX founder reached out to him to raise emergency funds for the struggling company.

"I was basically reading the room, and it felt like a pretty bad situation that we wanted to stay away from," Armstrong said.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
×