Kevin O'Leary says FTX account holders should recover funds first before shareholders: 'We're big boys'
FTX account holders should get their money back in bankruptcy proceedings before the shareholders do, according to former company spokesperson Kevin O'Leary. that venture investors like himself were aware of the risks associated with their stake in FTX, which collapsed last month with billions of dollars more in liabilities than assets.
"The shareholders, of which I'm included, I'm in both of these groups. I don't think we should get anything back," O'Leary said."We're venture investors. We're big boys, we lost our money, we understand it. I don't want anything back until the people who had money in their accounts get theirs back." He added that the attempt to recover funds from the now defunct cryptocurrency exchange is a"classic case of 'follow the money,'" and said"we know as venture investors we're going to get it wrong 80% of the time."that he and other investors failed to conduct proper due diligence when investing in the company.
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