Blackrock is going to need another bailout from crypto

Crossville TN

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Privately-held FTX’s pending sale to its rival Binance could suck out billions in net worth not only from FTX founder Sam Bankman-Fried’s fortune, but also a deep bench of blue chip investors in the digital currency exchange. While Bloomberg reported that Bankman-Fried stands to lose $13.6 billion in net worth in Tuesday’s surprise announcement of a cash crunch and sale to Binance at FTX, the company’s rapidly falling fortunes will deal a multi-billion dollar blow to the most powerful names in venture capital and private equity that have backed FTX. It’s also possible that the acquisition may not go through, which would leave FTX short of capital and would likely impact its private valuation further. The private investors in FTX include BlackRock Inc. BLK, +1.97%, Sequoia, Ontario Teachers’ Pension Plan, Softbank Group Corp. 9984, -12.73%, Tiger Global Management, Ribbit Capital, Temasek and Lightspeed Venture Partners. A spokesperson from BlackRock did not comment. Those investors were part of a group of 69 that took part in a $421 million funding round in FTX in October 2021 at a company valuation of $24 billion. By September 2022, FTX’s valuation reportedly climbed to $32 billion as the company started raising an additional $1 billion in funding, as reported by CNBC and others. THE LAST THING WE NEED IS POLITICIANS REGULATING A PONZI SCHEME TO PROTECT THE RICHEST!