Bankman-Fried sold FTX equity to employees at 50% discount in spring: Sources

Quick Take

  • FTX CEO Sam Bankman-Fried sold equity in the firm at a 50% discount to employees in the spring.
  • The CEO also dismissed about 20 people in June.

FTX CEO Sam Bankman-Fried sold equity in the firm at a 50% discount to employees in the spring, a person familiar with the matter told The Block. 

In June, about 20 people were fired off across the organization due to performance, the person said. Separately, the head of institutional sales, Zane Tackett, appears to have been terminated on Nov. 10, according to a posting on his Twitter account. The firm declined to comment.

Adding to the chaos is news that current FTX employees are scrambling to sell assets, Bloomberg first reported.


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FTX is looking for liquidity amid an ongoing crisis. Binance bailed out of a plan to buy a day after making the deal, leaving FTX to fend for itself. 

Bankman-Fried gave a lengthy mea culpa on Twitter on Thursday, in which he apologized again and said he is doing everything he can to make users whole.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


About Authors

Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].
Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.


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