John Ray, the new CEO of the cryptocurrency exchange FTX, will reportedly be paid $1,300 per hour, plus expenses for his work on the FTX bankruptcy case, which comes to $2.6 million annually.
Unlike a typical employee who works directly for a company, Ray and his top team are professional independent contractors and function more like bankers and lawyers who are working on bankruptcy affairs, according to aDue to this, Ray and his team get paid immediately, before any FTX investors receive recompense for their losses, the report added.
Now, court filings show that Ray will collect $1,300 per hour, as well as “reasonable expenses” for straightening out the collapsed crypto exchange, previously led by itsAssuming the new FTX CEO works the standard 40-hour work week for 50 weeks over a year, that amount comes to an annual $2.6 million. In a previous bankruptcy case, Ray reportedly billed around 156 hours in a two-month period.
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