The whistleblower led Musk to consider cutting the USD 44 billion deal to buy Twitter. Bankman-Fried does not mind whether the SEC or the CFTC oversees the industry.
Elon Musk, the CEO of Tesla, recently sent Twitter Inc. a second termination notice of termination of their contract. The billionaire entrepreneur argued that a whistleblower led him to close his USD 44 billion deal with the social media.
According to former Twitter security head Peiter Zatko, the social media lied to authorities about the number of spam and bot accounts. The whistleblower also said they did not plan to collect any information to determine the number of bots.
Twitter Breaks the Terms of the Agreement
Elon Musk stated that Twitter Inc. hid information necessary for the USD 44-billion transaction. According to Bloomberg, his lawyer said that the claims made by Zatko indicate that the platform broke the terms of the agreement.
However, Musk and Twitter issued subpoenas requesting information about Zatko as he exposed problems dealing with user information. For example, not upgrading the software meant compromising the confidentiality of the executives.
The CEO of Tesla wants Zatko to testify in court to continue the case, as he wants to pull out of the deal with Twitter. More than 100 people, financial institutions and other businesses have faced lawsuits in the Delaware case, whose trial will start in October.
The above findings support the case of Elon Musk, who accused Twitter of material non-compliance. There are responsibilities associated with this regarding user protection and data privacy regulations.
Meanwhile, Sam Bankman-Fried Views the Crypto Winter Optimistically
Sam Bankman-Fried, the CEO of FTX, recently said that the crypto winter could have been worse regarding the value of assets. The billionaire investor considers that the industry sector requires reasonable regulation, regardless of who enforces it.
In addition, Bankman-Fried explained the various investment agreements in cryptocurrencies that his business has had. He mentioned that some rescue investments have succeeded while others have failed.
Earlier in the week, the value of Bitcoin (BTC) dropped below USD, but the executive does not believe that was bad. According to Bloomberg, Bankman-Fried warned that the fall could have been much worse.
The businessman said that the possibility of a collapse in the sector did not worry him. He said an investment of USD 1 billion in a cryptocurrency bailout had produced mixed results.
Bankman-Fried Makes Pressure over Cryptocurrency Regulation
The CEO of FTX highlighted that the investment aimed to help crypto companies rather than increase profits. The wealthy investor, who wants Washington lawmakers to promote the cryptocurrency industry, said he did not mind whether SEC or the CFTC oversaw the sector.
Meanwhile, Bitcoin is trading at around USD 19,944 and has accumulated a 1.5% loss over the last 24 hours. While its daily trading volume is above USD 25.74 billion, its market capitalization is about USF 381.69 billion, according to CoinGecko.
By Alexander Salazar
