Even after the collapse of the FTX platform due to the mishandling of customer funds, Kevin O’Leary defends Sam Bankman Fried. He is well-known for the shark tank show and is also an investor and brand ambassador at FTX. He was paid $15 million for promoting the crypto exchange. Recently, Kevin said that he wants to give Sam Bankman the benefit of the doubt when it comes to the collapse of the platform.
Kevin O’Leary defends Sam Bankman despite losing money with his FTX investment
Kevin recently appeared on CNBC’s “Squawk Box” this Friday and was asked about his involvement with FTX. We all know that he was paid $15 million for working as a brand ambassador for the exchange. He also invested money in the platform. Kevin said in the interview that neither he nor John Ray (the current CEO at FTX) has the facts. In fact, he is looking through his own records and is willing to dive deep to get a forensic done of his accounts.
Considering the fact that Kevin says we need details before jumping to conclusions does make sense. He also said that until proven guilty, one is innocent in the United States. So, Kevin is not taking sides and giving Sam the benefit of the doubt until the jury gives a verdict.
He also said, “Obviously, none of us would have wanted to be in this mess if we could’ve avoided it, but we just didn’t know. Frankly, venture investing is you could do all the due diligence you want, eight out of ten go to zero.”Â
Kevin wants users to get funds back first
In the interview, Kevin also said that users should get back their money first. And the shareholders who invested in the company knew the risks of venture investment and should accept the loss. He also added, “We’re venture investors, we’re big boys, we lost our money, we understand it. I don’t want anything back there until the people who had money in their accounts get theirs back.”
What are your thoughts as Kevin O’Leary defends Sam Bankman despite the huge collapse of FTX? And do you think his point of view makes sense? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read:Â Fallout from the FTX has forced WEB3 brands and projects to fight for their legitimacy.
