Kevin O’Leary Said FTX Was A Mistake!!
Amid the bankruptcy, Kevin O’Leary admitted to making a grave error with FTX and is now trying to determine where his money went.
Kevin O’Leary, a Shark Tank investor, and investor known as Mr. Wonderful in some circles, claim he has almost wholly squandered the $15 million FTX paid him to serve as its spokesperson.
On December 8, O’Leary stated on CNBC’s Squawk Box that he has nothing to show for his time with FTX despite paying taxes, agent fees, a $1 stock investment into the company, and purchasing a large quantity of cryptocurrency that is still stranded on the FTX exchange.
“The deal was under $15 million, and I invested roughly $9.7 million in cryptocurrency. That’s what I believe I lost, though. I don’t know why it’s all at zero because my account was recently scraped—everything, including all the data and currencies.
He continued, “It was not a good investment […] I don’t always make suitable investments; fortunately, I do, but that wasn’t very pleasant.
Net Worth:
The 68-year-old is thought to have a net worth of over $400 million if such figures are to be believed. Therefore he will be fine without the money.
Mr. Wonderful was also asked why he joined the FTX train in August 2021, given that he had previously stated that he had refrained from investing in cryptocurrency in its early stages because of his stringent compliance requirements.
He responded by saying, “I obviously know all the institutional investors in this deal, we all look like idiots, let’s put that on the table,” admitting that he had made a severe mistake.
We depended on each other’s due research, but we also relied on another investment topic, which sparked much of the interest in FTX. His parents are American compliance lawyers, and Sam Bankman-Fried is an American. He continued that if you wanted to invest in infrastructure plays, there were no other major American exchanges.
O’Leary reaffirmed that he is currently trying to determine where exactly his investment in FTX went and how he might get it back. The forthcoming Senate Committee hearing scheduled for December 14 is where he also stated that he had “accepted” to speak.
O’Leary has already said he will keep SBF on his team despite the entire fiasco. In a tweet on December 8, he reaffirmed that he is not scared of investing in companies with massive failures since “failure is sometimes the best teacher.”
I am not scared of investing in entrepreneurs that have had catastrophic failures. Failure is often the best teacher.
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) December 8, 2022
On December 6, in a different interview with Yahoo Finance, O’Leary argued that SBF should be presumed innocent unless proven guilty and advocated for an audit of FTX following its collapse.
