Kevin O’Leary, who has branded himself on Shark Tank as “Mr. Wonderful,” said on CNBC that he was enticed to invest in FTX because its founder and CEO: “We all look like idiots. Let’s put that on the table.'
“We all look like idiots. Let’s put that on the table,” O’Leary conceded, referring to himself and other investors. “We relied on each others’ due diligence.”as “Mr. Wonderful,” said on CNBC that he was enticed to invest in FTX because its founder and CEO, Sam Bankman-Fried, was American, and there were limited investment opportunities in U.S. crypto exchanges. Even Bankman-Fried’s “parents are American compliance lawyers,” O’Leary said.
O’Leary tried to explain his about-face, saying he saw crypto gaining traction in Switzerland, Canada, and Australia. “I said, ‘Wait a second, [the] world's changing, I’ve got to be an investor,’” he said Thursday.O’Leary insisted that virtually all of his $15 million payday has disappeared. Some of the original figure went to agent fees, he said. A $1 million equity stake in FTX has vaporized, as has $9.7 million he put into crypto assets.
After the collapse, O’Leary said, he approached Bankman-Fried demanding answers. The most obvious question: “Where did the money go?”fallen billionaireAccording to his account of the conversation, Bankman-Fried said much of FTX’s liquidity was wiped out after buying out a stake that one of its rivals, Binance, held in the firm.O’Leary recently stood by Bankman-Fried, who is facing multiple law enforcement investigations and questions about whether he defrauded customers.
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