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News

SkyBridge Capital Wants To Buy Back 30% Of The Shares It Sold To FTX

January 13, 2023 - Around 3 mins mins to read

Key Points:

  • SkyBridge Capital wants to buy back the shares it sold to FTX in September this year before SBF’s exchange filed for bankruptcy.
  • This process may take several months to get the consent of the parties.
  • SkyBridge Capital CEO asked SBF to report the truth to investors who believed in FTX.
Anthony Scaramucci, the founder of SkyBridge Capital, said in an interview with CNBC that SkyBridge Capital wants to buy back, and he is also confident that he can buy back the shares the company sold to FTX in September 2022, before the seismic collapse took place.
SkyBridge Capital Wants To Buy Back 30% Of The Shares It Sold To FTX
Anthony Scaramucci, the founder of SkyBridge Capital

Scaramucci said the process could take several months because consensus is needed from all parties. He added that the situation won’t be resolved until the end of the first half of this year.

“We’re waiting for the clearance from the bankruptcy people, the lawyers, and the investment bankers to figure out exactly what we’re going to be buying back and when,”

It is known that in September 2022, just before the disaster hit FTX, Sam Bankman-Fried’s company (SBF) bought a 30% stake in SkyBridge Capital.

Scaramucci shared that the former FTX executive, SBF, clearly broke the rules.

“I think it’s apparent now that there was fraud. We’ll of course have to let the legal system determine all of those things,”

Scaramucci told CNBC.

He also wished that SBF could tell the truth to those who trusted FTX and Sam.

SkyBridge Capital Wants To Buy Back 30% Of The Shares It Sold To FTX

“I don’t want to call it fraud at this moment because that’s a legal term(…). I would implore Sam and his family to tell the truth to their investors, get to the bottom of it,”

He added.

As mentioned in an earlier Coincu News article, during the trial on January 3, SBF pleaded not guilty, including 8 charges brought by US prosecutors. Meanwhile, FTX co-founder Gary Wang and Caroline Ellison, former co-CEOs of Alameda Research, have both pleaded guilty to federal charges related to FTX’s collapse and are working with the investigator.

FTX has now recovered more than $5 billion worth of highly liquid assets, including cash and digital assets, according to lawyers in Delaware during one of the company’s bankruptcy hearings on Wednesday. This can offer hope to victims in terms of compensation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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