Press Space to continue
Finding signal on Twitter is more difficult than it used to be. We curate the best tweets on topics like AI, startups, and product development every weekday so you can focus on what matters.
Press Space to continue
Press Space to continue
FTX creditors got paid back 119 cents on the dollar and still lost most of their money. A bankruptcy rule from 1978 decided who captured the difference, and the answer was Mubadala and Jane Street. When a company enters Chapter 11, Section 502(b) of the bankruptcy code converts every claim into dollars at petition-date prices. FTX filed on November 11, 2022, with Bitcoin around $16,000. If you had 1 BTC on the exchange, your claim became $16,000 forever, regardless of what Bitcoin did…
If Sam Bankman-Fried's FTX didn't liquidate its investments following the collapse, it would still hold: • Solana: $7.0 billion (35x) • SpaceX: $15.1 billion (75x) • Cursor: $3 billion (15,000x) • Robinhood: $6.7 billion (11x) • Anthropic: $170.5 billion (340x) • Genesis Digital: $3.5 billion (3x) Estimated Portfolio Value: $206,000,000,000