{"id":1738374,"date":"2022-11-14T15:33:48","date_gmt":"2022-11-14T20:33:48","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1738374"},"modified":"2022-11-14T15:33:51","modified_gmt":"2022-11-14T20:33:51","slug":"he-set-off-my-bs-detector-musk-wanted-nothing-to-do-with-now-bankrupt-crypto-billionaire-who-wanted-a-piece-of-twitter-buyout","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/he-set-off-my-bs-detector-musk-wanted-nothing-to-do-with-now-bankrupt-crypto-billionaire-who-wanted-a-piece-of-twitter-buyout\/","title":{"rendered":"\u2018He Set Off My BS Detector\u2019: Musk Wanted Nothing To Do With Now-Bankrupt Crypto Billionaire Who Wanted A Piece Of Twitter Buyout"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">44<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhe-set-off-my-bs-detector-musk-wanted-nothing-to-do-with-now-bankrupt-crypto-billionaire-who-wanted-a-piece-of-twitter-buyout%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1738374&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/elon-musk\" target=\"_blank\" rel=\"noopener\">Elon Musk<\/a> revealed that former FTX chief executive Sam Bankman-Fried set off his \u201cbs detector\u201d earlier this year when the now-disgraced <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> entrepreneur asked to invest in the acquisition of <a href=\"http:\/\/dailywire.com\/topic\/twitter\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>.<\/p>\n<p>FTX, headquartered in the Bahamas, went <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankrupt<\/a> on Friday after users discovered that companies controlled by Bankman-Fried were likely fraudulently intertwined, triggering a liquidity crisis. Bankman-Fried went from maintaining a $15.6 billion net worth to having \u201cno material wealth\u201d virtually overnight, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-11\/bankman-fried-s-effective-altruism-implodes-with-his-fortunes#:~:text=The%20Bloomberg%20Billionaires%20Index%2C%20which,to%20have%20no%20material%20wealth.\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Bloomberg Billionaires Index.<\/p>\n<p>Bankman-Fried had contacted Musk through investment banker Michael Grimes, who aided Musk with his recent purchase of Twitter. As shown by <a href=\"https:\/\/twitter.com\/TechEmails\/status\/1591107918816247808\" target=\"_blank\" rel=\"noopener\">messages<\/a> between Grimes and Musk previously leaked during legal proceedings related to the acquisition, the former said that the latter should \u201cwant to take\u201d a meeting with Bankman-Fried, who was prepared to contribute up to $5 billion for the acquisition and \u201cdo the engineering for social media blockchain integration.\u201d<\/p>\n<p>Musk, however, said that he was \u201cbacklogged with a mountain of critical work matters\u201d and observed that supporting Twitter via blockchain would be \u201cimpossible\u201d since the bandwidth requirements would demand an \u201cabsolutely gigantic\u201d peer-to-peer network that would defeat the purpose of decentralization. When Grimes said that Bankman-Fried would still be interested in Musk\u2019s vision for Twitter purely from an investment standpoint, the world\u2019s richest man agreed to speak with him later as long as he did not \u201chave to have a laborious blockchain debate.\u201d<\/p>\n<p>Musk also questioned whether Bankman-Fried truly had access to liquid capital. Grimes expressed confidence in Bankman-Fried, noting that he had graduated from MIT and built his cryptocurrency platform from scratch before emerging as the second-largest contributor to the campaign of President Joe Biden.<\/p>\n<p>After FTX went bankrupt, Musk <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1591224814597189633\" target=\"_blank\" rel=\"noopener\">confirmed<\/a> on social media that he never trusted Bankman-Fried. \u201cHe set off my bs detector,\u201d Musk said, \u201cwhich is why I did not think he had\u201d $3 billion.<\/p>\n<p>Bankman-Fried, a self-proclaimed \u201ceffective altruist,\u201d donated nearly $39 million to support Democrats in the midterm elections, which occurred days before his company imploded, according to <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/top_donors\/2022?disp=D&#038;type=V&#038;superonly=N\">data<\/a> from Open Secrets. He had been <a href=\"https:\/\/www.dailywire.com\/news\/billionaire-ftx-founder-who-lost-entire-fortune-gave-massive-sum-to-democrats-before-empire-collapsed\" target=\"_blank\" rel=\"noopener\">preparing<\/a> to spend as much as $1 billion during the 2024 election cycle to keep the Democratic Party in control of the White House.<\/p>\n<p>The 30-year-old former tycoon comes from an extraordinarily well-connected family. His father, Joseph Bankman, is a tax scholar who <a href=\"https:\/\/law.stanford.edu\/directory\/joseph-bankman\/\" target=\"_blank\" rel=\"noopener\">teaches<\/a> at Stanford Law, while his mother, Barbara Fried, is a <a href=\"https:\/\/law.stanford.edu\/directory\/barbara-fried\/\" target=\"_blank\" rel=\"noopener\">fellow<\/a> Stanford Law professor who also leads Mind the Gap, a political action committee that <a href=\"https:\/\/www.influencewatch.org\/political-party\/mind-the-gap\/\">fundraises<\/a> for the Democratic Party among wealthy Silicon Valley donors.<\/p>\n<p>The messages between Grimes and Musk did not reveal why Bankman-Fried thought he would align with Musk\u2019s mission for Twitter, which largely centers upon fostering open dialogue and free expression online.<\/p>\n<p>\u201cThe reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,\u201d Musk said in a recent <a href=\"https:\/\/www.dailywire.com\/news\/read-it-elon-musk-explains-why-he-bought-twitter\" target=\"_blank\" rel=\"noopener\">statement<\/a>. \u201cThere is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk revealed that former FTX chief executive Sam Bankman-Fried set off his \u201cbs detector\u201d earlier this year when the now-disgraced cryptocurrency entrepreneur asked to invest in the acquisition of Twitter. FTX, headquartered in the Bahamas, went bankrupt on Friday after users discovered that companies controlled by Bankman-Fried were likely fraudulently intertwined, triggering a liquidity &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1738377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1738374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1738374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1738374"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1738374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1738377"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1738374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1738374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1738374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}