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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… 🪂
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.
🟥 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.
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.
🟥 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.
