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"'I f---ed up,' Bankman-Fried told investors on the call, according to people with knowledge of the conversation. He said he would be 'incredibly, unbelievably
by throwaway23597 4y ago
"'I f---ed up,' Bankman-Fried told investors on the call, according to people with knowledge of the conversation. He said he would be 'incredibly, unbelievably grateful' if investors could help."
Christ almighty. 8 BILLION dollar shortfall? Weren't they saying just a couple days ago that there were no liquidity problems whatsoever? This is beyond embarrassment, it seems downright illegal.
- clpm4j 4y agoOff topic but I personally hope the meme/stereotype of the slovenly eccentric genius falls out of fashion with startup investors after this whole SBF blowup. It sounds like none of these bluechip VCs did any sort of meaningful diligence, but instead fawned over his strange persona and the fact that he would actively play League of Legends during investor meetings [1]. [1]https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://www.sequoiacap.com/article/sam-bankman-fried-spotlig...
- rogerkirkness 4y agoI have been thinking the same thing. All hail Tim Cook, boring industrial engineer and operator of antifragile corporations that don't gamble with customer funds.
- unmole 4y ago> antifragile corporations How is Apple anti-fragile?
- rogerkirkness 4y agoCash flow positive, strong brand, strong IP/moat.
- unmole 4y agoAntifragile has a specific meaning: https://en.wikipedia.org/wiki/Antifragility https://en.wikipedia.org/wiki/Antifragility
- rogerkirkness 4y agoYes, I have read the book too. Because of the systems they have built for the company, they are able to thrive when others struggle.