Crypto Bosses Laugh for the Bank

When the Securities and Exchange Commission fined Tesla chief Knuckles $20 million for his infamous August 2018 tweet on him and his company, falsely claiming Tesla could be taken private at $420 per share , he said it was worth it. Mr Musk later reimagined the marijuana gag with something more discreet, selling satin shorts on Tesla’s website for $69.420.

But this week cryptocurrency exchange FTX left even more money on the table to get a laugh from the meme-stock crowd. It raised exactly $420,690,000 from 69 funds, valuing the company at around $25 billion by attracting troubled investors such as BlackRock and the Ontario Teachers Pension Plan.

One wonders how many potential buyers were turned away and how much money was left to accurately hit those two numbers. For now, the joke is in doubt. Mr Musk is said to be the second richest person in the world with a net worth of $151 billion, and FTX boss Sam Bankman-Fried is reportedly the richest person in crypto, with a net worth of $22.5 billion. Just wait until bitcoin reaches $69,420.