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Seeking Alpha 2022-11-11 16:30:42

Anthony Scaramucci's SkyBridge works to repurchase equity from FTX - report

Anthony Scaramucci said Friday that his investment management firm, SkyBridge Capital, is working to buy back its equity from FTX, the imploding cryptocurrency exchange founded by Sam Bankman-Fried. Speaking to CNBC, Scaramucci noted that SkyBridge, which sold a 30% stake to FTX's venture capital unit in September, held zero assets in custody on FTX. That transaction was part of SkyBridge's plan to use a portion of the funds to buy cryptos to hold on its balance sheet for the long term. “My legal team and my other partners are working to buy back that stake,” he said. “We’re in a worse position because of the fact that we made the decision to have Sam join the cap table at SkyBridge. There’s no question that we’re in a worse position. He’s hurt the industry.” Scaramucci also noted that his firm had exposure to FTX's FTT token ( FTT-USD ), which has dropped some 90% in the past five sessions, and took a loss on it. Earlier, SBF resigned as CEO as FTX starts Chapter 11 bankruptcy .

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