As reported, FTX investors have filed a class action lawsuit against SBF, the founder and former CEO of the collapsed cryptocurrency exchange, as well as several celebrities who promoted the platform. The celebrities listed include Kevin O'Leary, Golden State Warriors ' Neal, Udonis Haslem, David Ortiz, Naomi Osaka, and more. In this article, you will learn how much money did Kevin O'Leary lose with FTX.
How Much Money did Kevin O'Leary Lose with FTX?
O'Leary also said he had $9.7 million worth of crypto tokens in his FTX account that has since been wiped out to $0 amid the company's implosion. O'Leary also owned a $1 million equity stake in FTX that has since been wiped out after the The company filed for chapter 11 bankruptcy last month.
"The institutional interest in FTX on the US equity was unbelievable. The amount of people that approached me saying 'How do I get a piece of this deal?' And I said at that time, 'I'm a paid spokesperson, I cannot bring you in as an LP.' Not a single dollar that I lost was anyone else's money except for mine," O'Leary said.
O'Leary admits that his investment was ultimately a bad one, and that he, along with most other people, was blindsided by the gross mismanagement of billions of dollars at FTX.
"We all look like idiots. We relied on each other's due diligence," O'Leary said, highlighting the groupthink among institutional investors who wanted a piece of the once-hot crypto exchange.
Despite vaporizing billions of dollars, O'Leary hasn't condemned Bankman-Fried outright, stating this week that an audit needs to be conducted before anyone can say the FTX founder is guilty of anything.
How Much Money was O'Leary Paid by FTX?
Kevin O'Leary was paid $15 million by FTX to be a spokesperson for the failed crypto exchange.
Shark Tank star Kevin O'Leary revealed in an interview with CNBC that the collapsed crypto exchange FTX paid him about $15 million last year to become its spokesperson.
The Shark Tank star further revealed that he also had over $1 million of FTX equity, which is now rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of a little over $4 million was purportedly eaten up by taxation and agent fees.
FTX filed for bankruptcy on Nov. 11 and Sam Bankman-Fried (SBF) stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX's new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
Despite stating that he lost millions of dollars in the FTX collapse, O'Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. industry since most people believe that Bankman-Fried is a fraud and a conman. Some have compared the FTX meltdown to Bernie Madoff's Ponzi scheme.
Bankman-Fried has insisted that he did not knowingly commit fraud. Like O'Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he almost secured $8 billion to save F it collapsed and had to file for bankruptcy.
Bottom Line
O'Leary told CNBC that he personally had $9.7 million in crypto tokens on the FTX platform that has since been wiped out to $0. O'Leary also owned a $1 million equity stake in FTX that has since been wiped out as the company filed for bankruptcy. This article is about how much money did Kevin O'Leary lose with FTX.
