*Today’s show is presented by Liftoff®
On today’s show we discuss:
- US regulators are probing FTX over the handling of client funds
- SBF tries to explain himself
- The wildest parts of the new FTX bankruptcy filing
- How SBFs crypto empire collapsed
- Before the FTX collapse, SBF poured millions into pandemic prevention
- Electric Candyland
- Building clean
- Speed of solar
— SBF (@SBF_FTX) November 14, 2022
23) Roughly 25% of customer assets were withdrawn each day–$4b.
As it turned out, I was wrong: leverage wasn't ~$5b, it was ~$13b.
$13b leverage, total run on the bank, total collapse in asset value, all at once.
Which is why you don't want that leverage.
— SBF (@SBF_FTX) November 16, 2022
We're gonna need alot of oil, to get off oil.
— Gregor Macdonald (@GregorMacdonald) May 5, 2010
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*Liftoff is an automated investment advisory service that is powered by Betterment. Liftoff® is a wholly owned entity of Ritholtz Wealth Management LLC. Ritholtz Wealth Management is a Registered Investment Advisor who receives fees from clients who invest in their Liftoff proprietary portfolios, which are not necessarily discussed in the commentary.