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Skybridge may buy back stake held by bankrupt FTX

FTX generic 3 1

FTX generic 3 1

Skybridge, a universal investment organization in New York, has announced it might buy back FTX’s stake in its company.

Scaramucci declares plans to buy back FTX’s stake

Today, Anthony Scaramucci, CEO of Skybridge Capital, stated that the firm could buy back the stake from the bankrupt crypto exchange, FTX. Nonetheless, he added that it might take months to finalize the purchase as it’s a contextual process.

Scaramuci said they are waiting for clearance from the investment bankers, bankruptcy individuals, and lawyers in figuring out the moment of buying, as it relies on when and how. He proposed that the deal be finalized at the end of the 1st quarter of 2023.

In September 2022, FTX bought 30% from the firm (Skybridge Capital) before the controversies, which ultimately led to the bankruptcy of the virtual currency exchange.

On the other hand, the global investment company had plans to use $40 million from the deal to invest in the crypto industry, able to hold onto the balance sheet towards a long-term scheme.  

SBF and Sacramucci were accused of going against the rules

As per the chief executive officer Modulus, Richard Gardner argued that Sam Bankman’s investment into the stake wasn’t pertinent as it seemed.

He added that as venture capitalists believed that it was a turnaround for both organizations, to him, it was more of a life jacket than a lifeboat, indicating that it was much of a risk to one entity.

Furthermore, the short-term and financier White House communication director also argued, stating that Anthony Sacramucci, the CEO of the investing firm, and Sam Bankman, founder and former CEO of FTX, went against the rules and regulations after SBF’s organization had a massive drawdown.

Caroline Ellison, who was allegedly SBF’s girlfriend and CEO of Alameda research, pleaded guilty to all the prosecution charges, cooperating with the federal officers in investigating FTX’s collapse.

Gary wang, the new CEO of the firm, also pleaded guilty. Notwithstanding, Bankman, who is accused of money laundering and fraud that led to the downfall of both firms and the loss of investors’ assets, pleaded not guilty to the case.

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