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How crypto billionaire Sam Bankman-Fried survived the market wreckage and still expanded his empire

CNBC Finance LogoCNBC Finance2w ago

How crypto billionaire Sam Bankman-Fried survived the market wreckage and still expanded his empire - CNBC Finance

Quick Summary:

FTX CEO Sam Bankman-Fried has been shopping for bargains amid the industry's recent shakeout and still has cash to spend.

Bankman-Fried said he's finding spots where he can "simultaneously make good investments, and help backstop them and their customers and ecosystem." Although sometimes only one is on offer, not both.

Bankman-Fried said many of the deals were done in a matter of days, when the team "didn't sleep much that week." What's often lengthy due diligence came instead in a truncated Excel spreadsheet.


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Article Details

Author / Journalist: https://www.facebook.com/CNBC

Category: MarketsFinanceInvesting

Topics: Goldman Sachs Group Inc Bitcoin/USD Coin Metrics Markets Coinbase Global Inc Breaking News: Markets Breaking news Technology Investing Articles Investment strategy Cnbc Finance Source:tagname:CNBC US Source US: News Cryptocurrency Blockchain Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-19, 04:00:10

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 11 minutes read

Article Length: 1895 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 496850

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About CNBC Finance

CNBC Finance Logo

Main Topics: MarketsFinanceInvesting

Official Website: cnbc.com

Update Frequency: 7 posts per week

Year Established: 2005

Headquarters: United States

News Last Updated: 9h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #6

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