Readers, happy hump day. Phil Rosen here. I am still thinking about a conversation with Shark Tank’s Mr. Wonderful,” Kevin O’Leary.
Undoubtedly, last week’s was top of mind. implosion FTXO’Leary was a spokesperson for the exchange and an investor.
Our third conversation was O’Leary’s. He shared his candid thoughts about the FTX investments he made going to zero. Call for detailsHe had a conversation with Sam Bankman Fried just before FTX declared bankrupt.
Let’s dive in.
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1. Kevin O’Leary spent a lot time calling the phone during the past week. In an effort to obtain investors and consultants, he called them this weekend. Sort through the chaosFTX in a difficult situation, and to figure out how much of his money he could return.
“I write that down to zeroO’Leary stated this on Tuesday’s video call. “It’s not possible to recover the evidence, there are many claims. I have seen the movie before. It’s a difficult situation. There will be a lot of litigation.”
O’Leary is a paid spokesperson of FTXHe said that he had first gained trust in Sam Bankman Fried, the 30-year-old CEO of the company, just over two years back.
What was supposed to be a 30-minute meeting became a three-hour affair. Three-hour lunch.
Its precocious leader was a key selling point.
“I have never met a more brilliant person.” He stated that crypto and blockchain are the same.He is a genius.. He is probably the best crypto trader in the world. I was impressed.
The Wall Street Journal reported Tuesday that Bankman-Fried was now trying to Increase funds to pay clientsMoreover, an updated FTX bankruptcy file showed that the company could have more creditors than 1,000,000.
O’Leary became aware of the turmoil and decided to stop investing in crypto-exchanges that weren’t regulated.
He’s now working for a Canadian company.WonderFi, which has been regulated by Ontario Securities Exchange, is his portfolio. There is no oversight on the US marketHe said so.
He said, “I can’t imagine a safer place than Canada right now.”
Bankman-Fried, however, is right there in the middle. O’Leary explained that Bankman-Fried’s sharp mind makes it possible. Hard to believeHe didn’t know the risks he was taking.
Shark Tank star said that he was on the telephoneSam Bankman Fried met up with potential buyers on the day that FTX declared bankruptcy. rescue FTX.
O’Leary indicated that interested parties weren’t sure if the liquidity needed for an FTX acquisition was $6 billion or $8 million. So he messaged Bankman-Fried. Received an immediate call back.
“He confirmed that it was $8 Billion.”O’Leary said that she was able to remember the number and that’s what I sent forward. “We had a short conversation. He was extremely rational. We talked about timing and how that $6 billion to $8 billion would be spent. It was enough information to confirm that the number was eight.
However, the interested parties vanished soon after the call. Reports surfaced that other regulators and the SEC were also involved. FTX – Getting in on the action.
Here’s the complete story about my conversation with Kevin O’Leary.
Do you have any thoughts or feedback? Send me feedback via Twitter (@philrosennEmail me (prosen@insider.com).
In other news
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7. Professor Jeremy Siegel of Wharton stated that the stock market has reached its bottom and that bond yields have peaked. This suggests that the Fed might stop its tightening soon, he said. “I have often described the market as being coiled up and waiting for the Fed’s order to stop tightening. Inflation has been solved, I can see it..”
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10. Taiwan Semiconductor rose 14% following Warren Buffett’s Berkshire Hathaway investment of $4 billion. The investment firm’s 3rd quarter 13-F filing revealed the purchase. China’s invasion of Taiwan has raised concerns.
You can keep up to date with all the market news throughout the day by visiting www.markets.com Insider’s RefreshA dynamic audio news brief from Insider. Listen here.
Phil Rosen, New York. Do you have any tips or feedback? Tweet @philrosennSend an email prosen@insider.com
Max Adams edits (@maxradams) in New York and Hallam Bullock (@hallam_bullock) in London.
