• Sun. Jan 29th, 2023

Jack Dorsey Keeps Indirect Stake In Elon Musk-Owned Twitter, Sam Bankman-Fried Reportedly Looks To Cash Out – Tesla (NASDAQ:TSLA)

ByShivdeep Dhaliwal

Nov 1, 2022
Jack Dorsey Keeps Indirect Stake In Elon Musk-Owned Twitter, Sam Bankman-Fried Reportedly Looks To Cash Out - Tesla (NASDAQ:TSLA)

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.

See Also: Best Cheap Tech Stocks Under $5

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.”

Read Next: It’s Official: Elon Musk Is Twitter’s New CEO

Photos by Shutterstock and Cointelegraph on Wikimedia



Image and article originally from www.benzinga.com. Read the original article here.