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Most recents (1)

FTX customers are furious where their money went 😡

Part of the answer is hidden in the infamous #FTX & FTX US financial statements.

Let’s dive in… 🪂
2/ Starting with FTX’s acquisition spree:

🟥 The #LedgerX deal alone comes with $129M paid for goodwill (a fancy word for overpayment).

🟥 Add to that $206M for intangible assets (licenses and customer base).

Licenses are hardly recyclable and customers are long gone. Image
3/ Moving down the document

🟥 The sponsorship agreements for FTX US alone are over $440M.

Compared to:
🟥 $46M in REVENUE
🟥 $98M net operating LOSS

Marketing expense is quite aggressive to say the least. ImageImageImage
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