Wednesday, February 21, 2024

Elon Musk: ‘This Dude is Bullshit’

  • After meeting with Sam Bankman Fried, Elon Musk stated that his “bullshit meter” was redlining. 
  • His remarks were made at a Twitter Space meeting with 60,000 participants on Saturday morning. 
  • Musk stated that he felt “something was wrong” during the discussion.  

Elon Musk is continuing to pile on after the downfall Sam Bankman-Fried, the founder of FTX, claiming his “bullshit meter was redlining” in a previous meeting with the disgraced crypto leader to discuss a potential Twitter investment.

Musk made his remarks at around 2:30 AM. ET Saturday during a Twitter Space discussion with 60,000 listeners Coinbase reported. The discussion began shortly following Friday’s announcement that FTX was investigating “abnormal Transactions” in an alleged hack. very bad week for the imploding crypto exchange

Coinbase reported that the new Twitter CEO said that “To be honest, he’d never heard me of him.” “But then I got tons of people telling me that he has huge amounts of money and wants to invest in the deal with Twitter. I spoke with him for approximately half an hour. I knew my bullshit meter was redlining. It was like, ‘This dude is bullshit’ — that was my impression.”

Friday was Friday when FTX announced that it was filing for Chapter 11 bankruptcyAfter failing to secure emergency funding. After failing to secure emergency funding, Bankman-Fried resigned as CEO and lost 94%. He also admitted that he “fucked it twice” in a Twitter apology. He explained that FTX’s fall was due to high customer withdrawals, and his incorrect assessment about the company’s debt. 

Saturday the Financial Times reportedFTX had just $900 million of sellable assets and $9 billion in liabilities when it announced its bankruptcy filings. 

It’s not clear when exactly the meeting between Bankman Fried & Musk took place. However, it appears that it was in the early days Musk had plans for a Twitter Takeover and well before the public fallout of FTX. Musk stated that he felt that there was “something wrong” in the discussion. 

“Man, everyone including major investment banks — everyone was talking about him like he’s walking on water and has a zillion dollars. And that was not my impression … that dude is just — there’s something wrong, and he does not have capital, and he will not come through. Musk stated that this was his prediction.

Musk tweeted early Saturday morning, “FTX Meltdown/ransack Being Tracked in Real-Time on Twitter” and also posted a crude meme from Bankman-Fried.

 

These comments are coming as other crypto and tech leaders speak about their recent interactions with Bankman Fried, including Brian Armstrong (CEO of Coinbase), who told CNBC earlier in the week that the FTX founder reached out to him to raise emergency fundsFor the struggling company. 

Armstrong stated, “I was basically reading it, and it felt as if it were a pretty terrible situation that we wanted away from.” 

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