Temasek, Sequoia, SoftBank take more the $600 million in FTX write-downs: Bloomberg
Quick Take
- The three firms invested hundreds of millions of dollars in FTX.
- All are taking write-downs on their investments, Bloomberg reported.
FTX investors including Temasek, Sequoia Capital and SoftBank are writing off hundreds of millions of dollars they poured in the now-failed exchanged, Bloomberg reported, citing people familiar.
Singapore's Temasek International is writing off its up to $300 million FTX investment, while Sequoia Capital wrote down the full value of its $214 million bet on the exchange. SoftBank Group Corp. is expecting a loss of $100 million on its investment.
The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets by former CEO Sam Bankman-Fried that he's trying to raise liquidity and make customers 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.
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