Skybridge Capital to Buy FTX’s Stake: Process to Take Months

• Skybridge Capital, a universal investment organization in New York, announced that it may buy back FTX’s stake in the company.
• Anthony Scaramucci, CEO of Skybridge Capital, stated that the purchase could take months to finalize due to its contextual process.
• Richard Gardner, Chief Executive Officer of Modulus, argued that Sam Bankman’s investment into the stake was not pertinent and seemed more like a life jacket than a lifeboat.

Skybridge Capital, a global investment company based in New York, has announced its plan to purchase FTX’s stake in the company. The purchase, which could take months to finalize, is dependent on the clearance from investment bankers, bankruptcy officers, and lawyers.

Anthony Scaramucci, CEO of Skybridge Capital, spoke about the potential purchase, remarking that the process is contextual. He proposed that the deal be finalized at the end of the first quarter of 2023. FTX had bought 30% of Skybridge Capital in September 2022, before its bankruptcy. Skybridge had plans to use $40 million from the deal to invest in the crypto industry and use the balance sheet for long-term investments.

Richard Gardner, Chief Executive Officer of Modulus, has voiced his concerns about the purchase, arguing that Sam Bankman’s investment into the stake was not pertinent and seemed more like a life jacket than a lifeboat. White House communications director Anthony Scaramucci also argued, stating that the purchase could be a risky venture for one entity.

The purchase of FTX’s stake in Skybridge Capital is still in the process of being finalized. Investment bankers, bankruptcy officers, and lawyers are still working to determine the best time and method for the purchase. Skybridge is confident that it will be able to finalize the purchase by the end of the first quarter of 2023.

16. January 2023