FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Insiders break down what the 29-year-old crypto billionaire is really like — and the tough questions facing his company.
"The single thing I'm most worried about for FTX is that we become slow and dysfunctional," Bankman-Fried said."I hope we won't, but we've seen it happen at a lot of companies."
David said the fact that FTX was built with two developers in the first six months is"impressive," but that operating such a high-volume exchange with fewer than 30 developers is"not the norm." "I think if that's really what you care about, I think you can sustain it," she said."I think you can do a lot more than a lot of people realize, and I think that's what Sam is trying to do."
Shark Tank investor Kevin O'Leary — known for blunt feedback himself — said it's not rare to meet energetic young founders with big ideas, but finding those with the capability to pull them off is another matter. Sam Bankman-Fried dines with Steve Cohen, Anthony Scaramucci, and Kevin O'Leary at the SALT New York conferenceVenture investors like O'Leary count regulation as the biggest potential risk associated with investing in crypto.
The new round, which would value FTX at $32 billion and its US division at $8 billion, could land just as Bankman-Fried and the broader crypto community stand at a critical crossroads. Several insiders have drawn comparisons between Bankman-Fried and the founder of Facebook — who has also faced tough questions from regulators — as they look to the future of FTX. of more than $900 billion from the company he founded at age 19. He did so in an era of tech, often referred to as Web 2.0, in which user-generated content and social networks flourished.
"It's going to take some time for regulators and crypto to learn to work together. And that's going to slow down the pace of progress compared to the crazy pace that they are doing right now," Lee said."But I think that is a necessary condition for it to be both mainstream and doing things that ultimately make the world better and the economy more efficient."For one thing, those who know him argue his motives are more altruistic.
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