Special Report: FTX’s Bankman-Fried begged for a rescue even as he revealed huge holes in firm’s books – Reuters
- Date: 17-Nov-2022
- Source: Reuters
- Sector:Financial Services
- Country:Saudi Arabia
Special Report: FTX’s Bankman-Fried begged for a rescue even as he revealed huge holes in firm’s books – Reuters
Nov 16 (Reuters) - As customers withdrew billions of dollars from crypto exchange FTX one frantic Sunday this month, founder Sam Bankman-Fried worked the phones in a futile bid to raise $7 billion in emergency funds.
Hunkered in his Bahamas apartment, Bankman-Fried toiled through the night, calling some of the world's biggest investors, including Sequoia Capital, Apollo Global Management Inc (APO.N) and TPG Inc (TPG.O), according to three people with knowledge of the matter.
Sequoia was among investors that lined up only months before to pump money into Bankman-Fried's empire. But not now. Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. Both firms and TPG declined to comment for this article.
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