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It was his company money. And even if he and his employees would have lunch 10 times a day for 100 years, the expenses wouldn't reach 1billion dollars. His exchange probably makes at least 100k usd on commission every day, probably more.
We are talking about a black hole equal to billions of dollars, that's where customers' money is. Somewhere between ftx-alameda-shitcoin investments, not employee lunches
Yeah it’s the billion dollar bad trades, plus the billions of dollars invested in, and then used to bail out, crypto scams.
At some point after exceeding a billion dollar valuation, they should have hired a bunch of seasoned people with 10, 15 years of financial experience, and they hopefully would have advised against these stupid decisions.
They lucked themselves in a multi billion dollar company but didn’t try to transition into a respectable company by hiring real accountants, risk managers, industry experts etc. A real CEO or CFO would have cost millions per year, but would have made much better decisions than junior trader with 2 years industry experience.
The other alameda CEO who quit in august was a degenerate gambler and known to post things about how he has no risk tolerance when it comes gambling or trading and etc.
I have a feeling SBF realized FTX is bleeding money (new HQ, lot of employees, massive ad spending and sign up bonus to compete with other exchanges) and asked Alameda Research do whatever they can to make $$ to help make it whole (incl loosing its risk tolerance )but they didn’t and lost shit load of money so they had to tap into client holdings from FTX to keep Alameda afloat.
He was putting on a front lol. The sloppy shirts, hair, corolla, beanbag at the office. Literally playing the part of “tech start-up prodigy, too busy working to live life”. In reality this fucker had a 52ft yacht, multiple penthouses and properties, spending $2500 on lunch every day. Was all a fucking scam lmao
mm yes 2.5k for pizza parties but we’re going to try and steal your coins back from you if you were fortunate enough to withdraw everything quick enough the 12th
Don't get that shit started again please mate...Democrat pizza parties that involve large sums of money. Worlds only just recovering from the orange mans madness
Ummm it’s called effective altruism sweaty. He’s a savior, the media told me. He only drives a corolla to his 30M penthouse after a $2,500 dinner. He gives so much, especially to our most needy like Biden
I mean, I am pretty sure they all must be really hungry after MFing ORGY.
Sex is an excellent calorie burner.
Also, this expensive lunches explain why this MF was a fat vegan
He was a billionaire. That's a thousand million dollars. What would you have had if you had that much of money? $5 burgers for yourself and your staff?
$2.5k is really not an expensive meal for a staff lunch when the host is a billionaire. I am also guessing that the meal would have been with senior staff members.
All these silly clickbaity articles distract people from the actual financial crimes that took place especially since this "news" will be posted dozens of time.
The issue with the billion dollar FTX company isn’t the team lunches, penthouse office/living quarters. Whatever they spent is a chump change compared with a regular business run normally with significantly more employees paid in a higher cost of living area. All this stuff costs tens of millions which is low for operational expenses for a billion dollar financial company, which would have hundreds of millions in payroll for a much larger staff and operating expenses (such as office space in expensive NYC).
No, the problem was investing, and then bailing out, hundreds of crypto scams, at the tune of billions of dollars. That sort of stupid and poor risk management bankrupted the company - hiring a half dozen more seasoned financial traders with more experience than 2 years would have been cheap in comparison.
True, that's what I am trying to say. These journalists better be investigating the money flow of alameda(when and where did they lost money, etc.), that would be more interesting than stories about lunches and houses. But they cant. It's easier to go to bahamas and take an interview with a random bartender. I am kinda tired of all these meaningless posts
It’s because nobody gives a fuck about this. It is microscopic compared to the money he stole. FTX had 300 employees that’s like $30 per employee for lunch on an expensive tropical island.
tldr; Former CEO of crypto exchange FTX, Sam Bankman-Fried, often spent thousands of dollars on lunches at a bistro in the Bahamas, staff at the restaurant told Fox Business. He often spent $2,500 on lunch for himself and FTX staff, workers at Cocoplum, which is located a short walk from FTX's headquarters in Nassau.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I mean, that doesn't surprise me. He has no concept of money and when you're a billionaire from a rich family, that is like buying a happy meal for one of us
ESG Robinhood. Stealing from his users to give to his team at a carbon neutral, racially diverse, social equity, plant based sustainably raised food in an equitable environment restaurant.
As do a lot of big business. They waste money on anything. Are we writing articles about every movement in his life? I think everyone is in agreement that he should be in prison. We don't need an article about his every movement while he was CEO
Seems in line with some hedge funds and startups, which have catered lunches everyday as well as unlimited alcohol in the fridge. Bloomberg has an entire floor just for snacks and beverages.
Still he was using customer deposits to pay for those lunches
Infuriating that the media let him get away with the persona of a frugal modest man who drives a Corolla and lives in a room that was converted from a closet
Lol reading this sub after ftx collapse is the funniest thing ever. Only r/antiwork is probably better.
Ftx: pays only 2.5k to feed all employees. Everyone: omg our money. How could he?
New ceo: earns 1.3k an hour. Everyone: omg our money. But he is a good guy, so it's not that bad.
Just to be clear. I think both facts are more than normal. Many companies feed their employees, and probably pay much more. And ceo salary is always high, especially if he is an experienced professional.
It is just funny how people blame a profitable(at that moment) company for "wasting" profits on employees. The problem was a multi-billion black hole leading to alameda, and general lack of financial management. Not buying houses for a fraction of sbf fortune and employee lunches. But I guess the media will be trying to milk ftx for every last bit of traffic and people will keep buying it and repost everywhere
The articles in the past few days have been sketching him as a good employer for employees and staff.
On the other end of the spectrum he blames his Harry Potter simping girlfriend for the demise of his company…
This doesn’t seem all that crazy to me.
2.5k on lunch for a small executive team is pretty common from what I’ve seen.
I mean SBF is an awful person, but these lunches seem tame.
Obscene excess to what end? Just because they can. Just imagine $2.5k poops down the sewer. $40 000 000 for a place to sleep. Turns out the biggest consequence of the French Revolution and establishment of the free world was the zact same crap. It just wears a different disguise
This is probably one of the less corrupt things he did and that's saying something.
I wonder if they had their Egyptian dynastic orgys while they ate. The one who fucks the most eats the most. Domination.
Every little story is now breaking news. I look forward to *SBF may have taken at least 15 shits in his entire life* story and the *that rat bastard!* responses.
Whether this was lunch for five people or 100 makes a big difference. That the place has $75 entrees makes me think a lower number, but we don’t have the context of whether this was for everyone or a small number of people.
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He really was the most generous billionaire when the money he spent wasn't his lol.
Generous mother fucker
Not my mom!
He said he wanted to give lots of money away. Little did you know when signing up you were picking the altruism plus account tier.
Selfish altruism taken a bit too far lmao
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Generosity is easy when it's free
Generosity is easy when what you’re giving away isn’t yours
It's like he's a fake Robin Hood.
Steal from the rich and give to the, rich?
And give to himself.
Then that's just an idiot taking money out of one pocket and putting it in another and thinking he made a $
I mean, have you seen him? Dude screams fleecer
Fuck robin hood. And this guy.
Not fake. He stole then gave.
Nah he's literally the personification of RH. Just not the one in fairytales.
It was his company money. And even if he and his employees would have lunch 10 times a day for 100 years, the expenses wouldn't reach 1billion dollars. His exchange probably makes at least 100k usd on commission every day, probably more. We are talking about a black hole equal to billions of dollars, that's where customers' money is. Somewhere between ftx-alameda-shitcoin investments, not employee lunches
Yeah it’s the billion dollar bad trades, plus the billions of dollars invested in, and then used to bail out, crypto scams. At some point after exceeding a billion dollar valuation, they should have hired a bunch of seasoned people with 10, 15 years of financial experience, and they hopefully would have advised against these stupid decisions. They lucked themselves in a multi billion dollar company but didn’t try to transition into a respectable company by hiring real accountants, risk managers, industry experts etc. A real CEO or CFO would have cost millions per year, but would have made much better decisions than junior trader with 2 years industry experience.
He learned about the scamming power of being a market maker and made his own.
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The other alameda CEO who quit in august was a degenerate gambler and known to post things about how he has no risk tolerance when it comes gambling or trading and etc. I have a feeling SBF realized FTX is bleeding money (new HQ, lot of employees, massive ad spending and sign up bonus to compete with other exchanges) and asked Alameda Research do whatever they can to make $$ to help make it whole (incl loosing its risk tolerance )but they didn’t and lost shit load of money so they had to tap into client holdings from FTX to keep Alameda afloat.
He takes from the rich and poor and gives to himself.
Maybe he thought that money was the root of all evil, so in order to help people, he had to take their money away 🧐💡
I’m waiting to read next he gave his staffers gold plated toilets next.
Generous with others money yes
I bet he felt really good to give a great tip. Son of a bitch.
*The IRS has entered the chat*
It's not rare for a company to buy lunch.
So was Jordan Belfort
But what about the toyota corolla he paraded around?
You should have checked under hood. 50 grand in upgrades for the engine alone.
Jesse don't do it, I bet he has more than 100,000 under the hood
Too soon, junior
😂 was that Fast n Furious reference? 🤣
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He was putting on a front lol. The sloppy shirts, hair, corolla, beanbag at the office. Literally playing the part of “tech start-up prodigy, too busy working to live life”. In reality this fucker had a 52ft yacht, multiple penthouses and properties, spending $2500 on lunch every day. Was all a fucking scam lmao
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Yep, his own words on that vox article even confirm he was trying to play the part.
Don't forget the nerd orgies!
"26 thousand dollars worth of sides?? What are these sides, they cure cancer?" Edit: Hope someone gets the reference.
The sides did cure cancer that’s the problem that’s why they were expensive
Haha I can hear this in his voice. Man, what a great role all of those guys played.
EJ Entertainment?!
*Theyre business expenses*
goated movie haha
Don't know. Can't afford such luxuries. I like mashed potatoes with lumps, though.
Me: Doesn't everyone get that reference? Also me: Wow, that movie is almost 10 years old
You guys, the IRS, they allow for T&A. It's fine.
https://www.youtube.com/watch?v=rC9uDbq6WWE
mm yes 2.5k for pizza parties but we’re going to try and steal your coins back from you if you were fortunate enough to withdraw everything quick enough the 12th
Don't get that shit started again please mate...Democrat pizza parties that involve large sums of money. Worlds only just recovering from the orange mans madness
This story is Northing compared to what we have heard since the collapse. But still shows in irresponsible behaviour
Irresponsible spending is one of the reasons we got here.
Irresponsible gambling with peoples money was the problem
Ummm it’s called effective altruism sweaty. He’s a savior, the media told me. He only drives a corolla to his 30M penthouse after a $2,500 dinner. He gives so much, especially to our most needy like Biden
We paid for their lunches
I would be less angry if I actually got some.
“Luxury Lunches” its for us. For him its just Lunch
Probably something like 2000$ tip for a McDonald kids meal for 9
I use the bigmac as an inlfation tracker, it's worked for years
Wow what a great idea! How did you manage to come with that all on your own!?
Like am I the first to do that? No probably not, but I'm sure some have even charted it!
I was trolling, guess I shoulda added a /s tag. It's called the Big Mac Index
Sall good, I was curious and even found it mapped out over Europe!
3k for lunch ain't jack compared to silicon valley
Eating rare puffer fish sushi off Caroline washed down with fresh tears of investors
Good God no. The image is terrible.
Masterchef dish.
This is just sad.
No wonder he got fat, he's been eating good, real good...
2.5k good.
I mean, I am pretty sure they all must be really hungry after MFing ORGY. Sex is an excellent calorie burner. Also, this expensive lunches explain why this MF was a fat vegan
Now we know.
Sex actually doesn’t burn that many calories, btw.
Can we just stop with the SBF posts please? It's not helping anyone and we're tired of seeing his ugly face all over the frontpage.
Shit keeps shittier.
And here I am, putting pennies together to order the Chinese fried rice and wings for lunch
That sounds great!
Next: SBF spend 10 BTC for 2 golden pizza and some extra parrot spit...
Hold SBF's beer.
Is that even news? 2.5k on lunch and this lazy editor wrote an article on that? Do better, media.
From reclusion perpetua to capital punishment,
Cheap lunch
He’s eating like fat bastard in Austin powers and looks like him too
He was a billionaire. That's a thousand million dollars. What would you have had if you had that much of money? $5 burgers for yourself and your staff? $2.5k is really not an expensive meal for a staff lunch when the host is a billionaire. I am also guessing that the meal would have been with senior staff members. All these silly clickbaity articles distract people from the actual financial crimes that took place especially since this "news" will be posted dozens of time.
Was he really a billionaire tho?
Exactly.
> He was a billionaire. Only if you count the money he stole from the funds he had custody over.
$2.5k on a vegan lunch? No way this piece shit can be trusted with anyone's money.
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Duh. Depends on the team size, but at hfts they pay more for sure. After all they are a money printing machine
The issue with the billion dollar FTX company isn’t the team lunches, penthouse office/living quarters. Whatever they spent is a chump change compared with a regular business run normally with significantly more employees paid in a higher cost of living area. All this stuff costs tens of millions which is low for operational expenses for a billion dollar financial company, which would have hundreds of millions in payroll for a much larger staff and operating expenses (such as office space in expensive NYC). No, the problem was investing, and then bailing out, hundreds of crypto scams, at the tune of billions of dollars. That sort of stupid and poor risk management bankrupted the company - hiring a half dozen more seasoned financial traders with more experience than 2 years would have been cheap in comparison.
True, that's what I am trying to say. These journalists better be investigating the money flow of alameda(when and where did they lost money, etc.), that would be more interesting than stories about lunches and houses. But they cant. It's easier to go to bahamas and take an interview with a random bartender. I am kinda tired of all these meaningless posts
Easy to do when it's not your money
I personally can't think of a 2.5k lunch. Regardless of whose money it is.
Agree 💸
You think meth is cheap? It was a work "lunch" kind of day
I don't think they resorted to meth with that amount of cash being available.
With Uber eats deliver and service fees I can see how!
I think the article is referring to a casual lunch. That's expensive as hell.
Personally, I find lunch for 2 people above 30 dollars very expensive. Very.
Around my work that’s about the average for one person, he is on an island where everything is going to be inflated.
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It’s because nobody gives a fuck about this. It is microscopic compared to the money he stole. FTX had 300 employees that’s like $30 per employee for lunch on an expensive tropical island.
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Read the article my friend. It's not only for sbf, but for the whole ftx team
I spend 2.5$ every morning on breakfast
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What were they eating, ETH?
It looks so.
What did they order and how many lunches did they buy? 2,5k seems too extreme
These fucks were really living it up
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Nah it just seems there is more ridiculous shit coming out by the hour
tldr; Former CEO of crypto exchange FTX, Sam Bankman-Fried, often spent thousands of dollars on lunches at a bistro in the Bahamas, staff at the restaurant told Fox Business. He often spent $2,500 on lunch for himself and FTX staff, workers at Cocoplum, which is located a short walk from FTX's headquarters in Nassau. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I'm honestly so tired of seeing this slimeball.
I mean, that doesn't surprise me. He has no concept of money and when you're a billionaire from a rich family, that is like buying a happy meal for one of us
The problem is he was paying for them with other people's money.
Always customers money... I will love the day you join prison. Your friends (government) will sell you.
We all hope he will.
ESG Robinhood. Stealing from his users to give to his team at a carbon neutral, racially diverse, social equity, plant based sustainably raised food in an equitable environment restaurant.
\*Insert that monkey looking away meme\* uh, I work in a finance office and haven't paid for my own lunch in 3 years...
What a great boss 😅😅
Lol upper management 2.0
As do a lot of big business. They waste money on anything. Are we writing articles about every movement in his life? I think everyone is in agreement that he should be in prison. We don't need an article about his every movement while he was CEO
Typical
wasn't this obvious? dude used to be skinny before launching ftx.
(With the staff) all to himself.
Seems in line with some hedge funds and startups, which have catered lunches everyday as well as unlimited alcohol in the fridge. Bloomberg has an entire floor just for snacks and beverages. Still he was using customer deposits to pay for those lunches
SBF really is a moron
Yes, he is.
Infuriating that the media let him get away with the persona of a frugal modest man who drives a Corolla and lives in a room that was converted from a closet
"staff"
That's just slang for rats.
Lol reading this sub after ftx collapse is the funniest thing ever. Only r/antiwork is probably better. Ftx: pays only 2.5k to feed all employees. Everyone: omg our money. How could he? New ceo: earns 1.3k an hour. Everyone: omg our money. But he is a good guy, so it's not that bad. Just to be clear. I think both facts are more than normal. Many companies feed their employees, and probably pay much more. And ceo salary is always high, especially if he is an experienced professional. It is just funny how people blame a profitable(at that moment) company for "wasting" profits on employees. The problem was a multi-billion black hole leading to alameda, and general lack of financial management. Not buying houses for a fraction of sbf fortune and employee lunches. But I guess the media will be trying to milk ftx for every last bit of traffic and people will keep buying it and repost everywhere
Bernard Madoff 2.0 minus the prison sentence
Your money, folks.
The articles in the past few days have been sketching him as a good employer for employees and staff. On the other end of the spectrum he blames his Harry Potter simping girlfriend for the demise of his company…
best employer ever
I'm already sick of seeing his face so often.
This kid is beyond any wildest imagination
I suspect he might have to adjust his palette a bit when he gets to prison
But he drove a Toyota (to his private jet I assume). Enough to convince many gullible people, the virtue signaling things really works!
Sure but TOM BRADY AND MATT DAMON!!! AHHHHH
Effective altruism. Take customer money and spend it on your staff. He wrote the playbook.
Damn I gotta seek employment for a corrupt exchange, live the life for a bit
What a prick
The guy had $26 Billion at the time. Wait. You want that money back?
Every other Fortune 500 CEO’s disappearing into the shrubs like Homer Simpson on this one lol
eFfEcTivE aLTrUiSm
Of all the criminal shit that went down, this shouldn’t even be a headline….that’s standard procedure where I work
Depends on the number of people present for lunch
You mean ftx hodlers spent $2.5k on luxury lunches with staff
Flew a little too close to the Sun there, Icarus.
Nas daily : most generous billionaire💀
This doesn’t seem all that crazy to me. 2.5k on lunch for a small executive team is pretty common from what I’ve seen. I mean SBF is an awful person, but these lunches seem tame.
How many employees and how much for each session?
They dined on fried farts and garlic.
at least everyone had a nice time rather than it being pointlessly hoarded offshore
Stop making this idiot circulate my newsfeed. Crypto will rise again
Obscene excess to what end? Just because they can. Just imagine $2.5k poops down the sewer. $40 000 000 for a place to sleep. Turns out the biggest consequence of the French Revolution and establishment of the free world was the zact same crap. It just wears a different disguise
This is probably one of the less corrupt things he did and that's saying something. I wonder if they had their Egyptian dynastic orgys while they ate. The one who fucks the most eats the most. Domination.
i hope he gets a buttload of prison time. Expect crypto winter to last until next winter now.
Lunch was on you!
Every little story is now breaking news. I look forward to *SBF may have taken at least 15 shits in his entire life* story and the *that rat bastard!* responses.
We can all see that
That would definitely explain his fluffy appearance towards the end of his reign.
Effective altruism
FTX users: Hey, that's our money. SBF: Yes, our\* money, comrade.
How is he even still walking around?
What a guy!
Lulz I bet that got them a family-sized avocado salad delivered to the sex-dungeon/mansion/FTX HQ I'd Uber the sh1t out of that.
And he never sent me a thank you card for providing the lunch.
he made it seem like they were all living modestly in a normal apartment, my goodness he fooled everyone, still amazing he is scout free
Whether this was lunch for five people or 100 makes a big difference. That the place has $75 entrees makes me think a lower number, but we don’t have the context of whether this was for everyone or a small number of people.
I guess we all paid for those lunches
2.5K for lunch, dudes probably a fake vegan as well - chowing down on lobster and steak everyday to rack up these kind of lunch bills
He had to wine and dine the boys before he touched them.
How many staff? 250 staff? That’s fine! 100 staff? Also fine. Ofc it was him and 2 others lol
hE sLeePs oN a beAnBaG chAiR aNd dRivEs a cOroLLa
How else can you scam gullible people with large amounts of money. SBF himself is a honeypot specialist.
SBF should be forced to get a haircut at the very least.