Both Elon and SBF have lost billions. What's behind this massive loss in capital?
“FTX now joins the infamous club of centralized crypto entities that went bust this cycle because they took enormous liberties not only with its customers’ funds but also with ethics, integrity, and the very ideals of crypto,” Anto Paroian, CEO and executive director of crypto hedge fund ARK36, told Cointelegraph. “Hopefully, both the industry as a whole and individual crypto users will be able to learn and grow from this experience.
In contrast, Tesla CEO and still the world’s richest person Elon Musk had been teasing an acquisition of social media platform Twitter for months, leading many to speculate the billionaire had no intention of following through. When an agreement was reached in October, Musk purchased the company for $44 billion, with estimates suggesting that he may owe roughly $1 billion in interest expenses annually.
Musk had a net worth of more than $300 billion in October 2021 before the acquisition of Twitter and around the same time the price of Tesla stock reached an all-time high of $407.36 in November 2021. In roughly a year, the Bloomberg Billionaires Index the Tesla CEO had lost more than $86 billion, dropping his reported net worth to $184 billion at the time of publication.Twitter’s new leader has already implemented a series of controversial policies that have many in the business world questioning Musk’s acumen.
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