(Duplicated) FTX CEO May Cash Out $50M to $100M from Musk's Acquisition of Twitter with 0.1% to 0.2% Stake

According to The Block, crypto exchange FTX CEO Sam Bankman-Fried (SBF) could cash out as much as $100 million from Musk's acquisition of Twitter.

Before Musk bought Twitter, SBF held a stake in Twitter worth between $50 million and $100 million, according to people familiar with the matter.

Musk closed the deal last week after a month-long battle with Twitter over the deal. Tesla CEO Elon Musk is now in charge of social media and online news platform Twitter in a deal worth $44 billion, according to CNBC.

According to Bloomberg, Binance confirmed that the crypto exchange has invested in Musk’s Twitter deal. Unlike Binance, however, Sam Bankman-Fried, CEO of the FTX cryptocurrency exchange, had planned to participate in Musk’s deal with Twitter, but ultimately did not invest, according to sources.

Musk's $44 billion acquisition of Twitter last Thursday diluted SBF's stake in Twitter by about 0.1% to 0.2%. Neither FTX nor Twitter has yet commented. Twitter shares were suspended on Friday and will be officially delisted on Nov. 8.

Bankman-Fried's adviser Will MacAskill tried to broker a deal in March, but Musk appears to be questioning whether Bankman-Fried has the "big money" ability to invest in Twitter.

In late April, MacAskill discussed financing with Morgan Stanley banker Michael Grimes, who told Musk that Bankman-Fried was willing to commit to investing up to $5 billion.

But Musk doesn't seem too interested in the Bankman-Fried deal.

Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, could cash out as much as $100 million from Elon Musk's acquisition of Twitter.

In a statement, Binance quoted its co-founder, billionaire Changpeng Zhao (CZ), as saying that Binance had committed to spending $500 million to acquire the company as part of its strategy to bring social media and news sites into the web3 world.

At a price of $44 billion, Binance’s stake in Twitter is about 1.1%, which is higher than SBF’s about 0.1% to 0.2%.