By Phil Rosen, businessinsider.com
19th November 2022 – (New York) Anthony Scaramucci said his firm, SkyBridge Capital, is working toward repurchasing the 30% stake that Sam Bankman-Fried’s FTX acquired two months ago.
Speaking on CNBC just hours before FTX announced it filed for bankruptcy, Scaramucci said his legal team and partners are working to buy back the stake, adding that SkyBridge is well capitalized with or without that investment.
Still, he acknowledged that the fallout from FTX’s collapse has had an impact.
“We’re in a worse position because of the fact that we made the decision to have Sam join the cap table at SkyBridge,” Scaramucci said. “There’s no question that we’re in a worse position. He’s hurt the industry.”
Two months ago, FTX announced it was buying a 30% stake in SkyBridge, which manages roughly $2.2 billion. According to Bloomberg, FTX Ventures furnished Scaramucci’s fund with cash to grow the company, launch new products, and add cryptocurrencies to its balance sheet.
Scaramucci also noted that he traveled to the Bahamas to try and assist Bankman-Fried and address FTX’s struggling finances.
“The original idea was this is a rescue finance situation and could we somehow help,” he said, adding that it soon became clear upon arriving that there were more complications at play. SkyBridge has taken losses on holdings of FTX’s FTT tokens, Scaramucci said.
He wouldn’t go as far to call Bankman-Fried a fraud, “since that’s a legal term,” although he said the FTX founder should tell the truth to regulators. He said he felt “duped” and “disappointed” by Bankman-Fried.