Singapore’s Temasek steps in as shareholder in FTX takeover

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Singapore’s state-owned investment firm Temasek is stepping in as a shareholder in Binance’s plan to bail out FTX, according to a report by Singapore local media The Straits Times on Wednesday, after FTX’s CEO Sam Bankman-Fried apologized for not updating investors on the acquisition on time.

See related article: Binance becomes white knight for fallen FTX: How did we get here?

Fast facts

  • Temasek said it is aware of developments between FTX and Binance, but “given the ongoing discussions between both companies, it wouldn’t be appropriate for us to comment beyond that,” according to The Straits Times.
  • Bankman-Fried admitted and apologized for the lack of communication with shareholders in a letter to investors on Tuesday, stressing that details of the takeover have not been finalized, according to a report from The Block on Wednesday.
  • FTX’s other investors include BlackRock, Ontario Teachers’ Pension Plan, Sequoia, Paradigm, Tiger Global, SoftBank, Circle, Ribbit Capital, Alan Howard, Multicoin Capital, and VanEck.

See related article: Binance’s pending acquisition, rescue of FTX may attract attention of antitrust regulators

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