Passed on investing in FTX, twice, says former Treasury Secretary Steve Mnuchin

11/16 14:33

According to CNBC, former U.S. Treasury Secretary Steven Mnuchin thinks the correction in the equity markets has turned into a positive, especially for tech companies that “had gotten to craziness” and now present some good opportunities. But one overvalued tech bet he never liked was bankrupt crypto trading firm FTX, which collapsed spectacularly from a $32 billion valuation to a bankruptcy filing and criminal investigations amid allegations of misuse of customer assets. “We looked at investment twice, and passed both times,” Mnuchin said at the CNBC Technology Executive Council Summit in New York on Tuesday. Mnuchin, who has managed private equity investments since leaving the Trump administration, stressed that his decision was unrelated to current allegations that FTX misused customer funds, which he described as “concerning” but said he first learned about in the press. “There’s lots that needs to be understood and I am just watching outside now. I did not expect it would unwind nearly as quickly, and if indeed customer funds were misused those are very serious issues,” he said.
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DisclaimerIl contenuto di cui sopra non rappresenta le posizioni di HTX.HTX non fornisce alcuna raccomandazione di trading.

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