Sam Bankman-Fried, the founder of FTX, has a stake in the company that is worth around $100 million.
The publication reported that after midnight on May 5, Musk sent a text to Bankman- Fried, inviting him to roll over his public Twitter shares into a stake in Musk's private company. The balance sheet from this month shows that the shares are anilliquid.
Musk's text followed a message from Bankman-Fried in which he expressed his support for Musk's plans for Twitter and said he wouldn't be able to invest new money in the social networking site. The publication said the founder had about $100 million in stock that he could roll over.
Insider asked for comment from the people at FTX, but they didn't reply.
Several texts between Musk and Bankman-Fried were previously revealed in September during the trial for the lawsuit against Musk.
Will MacAskill, Bankman-Fried's advisor, reached out to Musk in March, saying that he would be willing to contribute as much as $8 billion to $15 billion to Musk's purchase.
Bankman- Fried decided not to invest in the acquisition after the two men talked over the phone.
Musk has been critical of Bankman-Fried on the social networking site. Musk said that hisbullshit meter was redlining when he first met the FTX founder.
—Elon Musk (@elonmusk) November 12, 2022
"Everyone was talking about him like he's walking on water and has a lot of money, and that was not my impression," Musk said. There's something wrong with him and he won't come through. That was what I thought would happen.
Shortly after news broke that FTX was going to file for Chapter 11 bankruptcy, Musk made a comment. Bankman-Fried's net worth plummeted after he stepped down as CEO.
Bankman- Fried is not the only one to own public shares. The private company has about $1 billion in it's bank account.
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