Apple, Google, Facebook… are FTX creditors
FTX owes money to thousands of companies, media agencies and governments, according to a lengthy list released by a Delaware court on Jan. 26. The exact amount was not disclosed in detail. In addition to the five tech companies mentioned above, the list also includes Netflix, LinkedIn, Amazon, and Microsoft.
Sam Bankman-Fried, former CEO of FTX. Picture: Bloomberg
The debt isn’t solely related to the tech company’s investment in FTX. Instead, many use paid advertising campaigns, sponsorships, and partnerships. FTX has advertising deals on Facebook, TikTok, and Twitter, and cloud storage fees on Amazon Web Services.
Netflix spokeswoman Emily Feingold said the company is “not aware of any business relationship with FTX and does not understand why they have added us to their list of creditors.”
Respondents including FTX, Apple, Google, Meta, TikTok, Netflix, Twitter, LinkedIn and Amazon could not be reached for comment.
In its November 2022 bankruptcy filing, FTX said it had approximately 100,000 creditors. However acc CNBCthe cryptocurrency exchange itself has “over a million creditors.” This group is defined as mutual funds and investors on the FTX exchange.
On November 11, 2022, FTX filed for bankruptcy after releasing a report on financial vulnerabilities. Before the crash, FTX was the third largest cryptocurrency exchange in the world and was valued at $32 billion with over a million users. Once a billionaire, co-founder Sam Bankman-Fried faces up to 115 years in prison. The company’s collapse had a negative impact on the entire industry as many people tried to sell tokens and exit the crypto market.
Bao Lam (associated forbes)