Home » Markets » Kevin O'Leary says Sam Bankman-Fried FTX scheme would have never got a deal on Shark Tank: 'Not a chance'
Kevin O'Leary says Sam Bankman-Fried FTX scheme would have never got a deal on Shark Tank: 'Not a chance'
Kevin O’Leary: If Sam Bankman-Fried pitched FTX to ‘Shark Tank’ it would never make it
O’Leary Ventures chairman Kevin O’Leary discusses his relationship with Sam Bankman-Fried and if he would still back the alleged fraudster after the collapse of FTX on ‘The Claman Countdown.’
"Shark Tank" star Kevin O'Leary says disgraced FTX founder Sam Bankman-Fried's pitch for his cryptocurrency exchange would not have struck a deal on the hit show.
"That deal would have never made it on Shark Tank just from valuation alone," O'Leary told host Liz Claman and FOX Business' Charlie Gasparino Thursday on "The Claman Countdown." "Not a chance."
While in hindsight O'Leary noted an SBF deal may not have won him over on "Shark Tank," "Mr. Wonderful" was a major initial investor in the crypto exchange as well as a paid spokesperson. He claimed the debacle has not prompted him to changed his perspective on his investments.
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"I still believe that great entrepreneurs are ones that have experienced catastrophic failure," he said. "I don't like looking like a fool, but I lose money eight out of ten times."
"I've known for the last 14 years in the context of ‘Shark Tank’ and all the best thing I do outside of ‘Shark Tank.’ I actually invest in many entrepreneurs that have had catastrophic failures once, twice, even three times because they learned so much from that," O'Leary added. "But obviously not if you are charged by the federal government."
A federal judge Thursday extended an order banning Bankman-Fried from using encrypted messaging apps or contacting former employees without lawyers present while out on bail. In a bail modification hearing in Manhattan federal court, U.S. District Judge Lewis A. Kaplan called on Bankman-Fried's defense team and prosecutors to reach a more stringent agreement than the one he rejected earlier this week
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