After the takeover of Twitter by Tesla Inc TSLA CEO Elon Musk, the platform’s founder Jack Dorsey has retained his indirect stake in the company, while FTX CEO Sam Bankman-Fried is reportedly considering a sale of his shareholdings.
What Happened: Filings made with the U.S. Securities and Exchange Commission on Monday indicate that Dorsey is set to retain an indirect equity interest in Twitter.
Bankman-Fried, who owns about $50 million to $100 million stake in Twitter may cash up to $100 million of his stake, reported The Block, citing people familiar with the matter.
FTX and Twitter did not immediately respond to Benzinga’s request for comment on the development.
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Why It Matters: Musk purchased Twitter for $44 million, which implies Bankman-Fried’s stake amounted to nearly 0.1% to 0.2%, noted The Block.
It was reported earlier that Bankman-Fried was interested in funding the Twitter purchase by Musk and had the intention of contributing $1 billion to $5 billion.
Musk asked an intermediary whether Bankman-Fried had “huge amounts of money,” according to the Block.
FTX rival Binance wired $500 million towards the Twitter purchase with the company’s CEO Changpeng Zhao saying “we are small potatoes.”
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Image and article originally from www.benzinga.com. Read the original article here.