He likened FTX’s Sam Bankman-Fried to Luke Skywalker and Binance’s Changpeng Zhao to Darth Vader. Federal judges saw it differently.
Michael Lewis’ new book puts a positive spin on Sam Bankman-Fried
Michael Lewis painted an overwhelmingly positive picture of former FTX CEO Sam Bankman-Fried in his new book, “Going Infinite: The Rise and Fall of a New Tycoon.”
Jump Trading Lost Almost $300M in FTX’s Collapse, Michael Lewis Says in ‘Going Infinite’
This makes the trading giant one of FTX’s top creditors, Lewis wrote, citing documents from the crypto exchange’s former chief operating officer, Constance Wang.
TV’s Kevin O’Leary: ‘All the Crypto Cowboys Are Going to Be Gone Soon’
O’Leary, an entrepreneur and television personality, was paid $15 million by FTX for “20 service hours, 20 social posts, one virtual lunch and 50 autographs,” according to Michael Lewis’ new book “Going Infinite.”
Is Michael Lewis Throwing Out His Reputation to Defend Sam Bankman-Fried?
The author’ latest book, “Going Infinite,” is an eyewitness account of the fall of FTX’s founder, who Lewis said is “misunderstood.”
FTX founder mulled giving Trump $5B not to run for president, says author
“That only shocks you if you don’t know Sam,” says author Michael Lewis regarding the revelation in his new book about Sam Bankman-Fried.
‘Big Short’ author Michael Lewis almost ready to publish book on SBF
The author didn’t want to give away too many details on the book, but did note that his recounting of the FTX collapse “aims to read like a piece of fiction.”
Bitcoin Bull Cathie Wood Attracts Big Short Michael Burry To ARK Innovation ETF
After overcoming the subprime mortgage catastrophe, Michael Burry now sets his sights on ETF ARK’s flagship invention from Bitcoin Bull Cathie wood, which finances companies like Square, GBTC, and Tesla.
The “Big Short Movie” lead character Michael Burry takes a major temporary stand against ARK, the ETF innovation of Cathie Wood.
As stated by second quarter 13 fillings, Michael Burry’s investment fund “Scion Asset Management” bought up to $31million bearish put options against the ETF 235,000 shares. The best way to profit when there is a decrease in the fund or stock value is through “PUT” options.
ARK’s largest fund, Innovation ETF, is financed with $22.62 billion in assets. Its purpose is to finance various troublesome tech companies such as Coinbase, Square, Grayscale Bitcoin Trust, and Tesla. According to the second quarter 13 filings, other firms apart from Bury have also reduced the ARK’s flagship funds.
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For instance, up to $171 million put options are held by Laurion against the 1.3M shares of Cormorant Asset Management, Moore Capital Management, and Golden Tree Asset Management’s extensive bearish positions.
However, Cathie Wood seems to enjoy this challenge, according to her Twitter post.
“To Michael Burry’s credit, his decision was sound based on the basics as well as the brewing crisis in the mortgage/housing market. Unfortunately, Burry don’t seem to understand the basics that are generating volatile investment and growth opportunities within the innovation scope”.
Cathie Wood On Cryptocurrencies
Cathie Wood believes strongly in Bitcoin and other cryptocurrencies. That is why ARK has become partners with the Switzerland-based 21 Shares. She intends to create an EFT Bitcoin.
Furthermore, ARK Invest bought over 450,000 GBTC shares in one month with two different buys. Also, ARK bought another $110 million share from Coinbase in April, and some of the shares are for Innovation ETF.
Meanwhile, Burry is a Bitcoin and crypto magnet. He has warned about “unmanageable valuation” within the market in the following months.
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In June, Burry also warned that retail investors might be enticed to the “biggest of all other crashes” by their investments into meme stocks and cryptocurrencies. He stated.
“What the speculations/hype will achieve is to lure in retails pending a terrible crash. By the time meme stocks crash from its tens of billions and crypto from its trillions, then #MainStreet losses may reach up to the width of Countries”.
Burry became famous after calling the collapse of the housing markets during the “Global Financial Crisis.”
He also made huge profits through the mortgage crisis. In addition, Burry is best known for “The Big Short,” a book written by Michael Lewis, which won an Oscar award with its movie.
Featured image from Pixabay