Canadian businessman and investor Kevin O’Leary announced on Dec. interview On CNBC, he said he lost all of the $15 million FTX that paid him to represent the now-defunct cryptocurrency exchange.
preliminary report! ️Kevin O’Leary said he received $15 million as a spokesperson for FTX.
That money belongs to FTX customers. 🤨
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) December 8, 2022
On CNBC’s pre-market morning news show “Squawk Box,” the host confronted O’Leary for not properly assessing the risks associated with investing and promoting FTX. In response, O’Leary said he had fallen victim to “groupthink” and said none of his investors had lost money.
“The institutional interest in FTX in U.S. equities has been incredible. At that time, I said, “I am a paid spokesperson. I cannot introduce you as an LP.”
For the $15 million trading loss, he said he put about $9.7 million into cryptocurrencies, held about $1 million in FTX equity, and just over $4 million less due to taxes and agent fees.
However, some Twitter users are skeptical that he lost all his investments.
Money conveniently went to zero. It’s funny how it goes. He won’t give him a cent back. pic.twitter.com/RaNa63hX7K
— 𝐓𝐗𝐌𝐂 (@TXMCtrades) December 8, 2022
Nevertheless, the Canadian investor admits his investment was a bad one as FTX mismanaged billions of dollars.
Despite FTX evaporating billions of dollars, O’Leary refused to accuse Sam Bankman-Fried without an audit.
“In this case, there’s only murder for my money… If you want to say he’s guilty before he’s tried, I don’t get it,” O’Leary said.
Previously, Kevin O’Leary backed Bankman-Fried because the former FTX CEO denied any connection with Alameda’s activities that disrupted the entire market.
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) December 1, 2022
Additionally, a Canadian businessman recently tweeted that he is not afraid to invest in failed entrepreneurs.
I’m not afraid to invest in entrepreneurs who have failed catastrophically. Failure is often the best teacher.
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) December 8, 2022