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September 26, 2023

FTX Financial Filing Reveals Yacht Purchase for Former Co-CEO Sam Trabucco

FTX Group has released a new financial filing on Thursday, revealing a stunning purchase by its former co-CEO Sam Trabucco. According to the filing, Trabucco purchased a luxury yacht for $20 million USD. Trabucco departed the financial technology firm this month after nearly three years at the helm. He had previously been the managing director of institutional equities division at UBS Investment Bank and a senior vice president at Goldman Sachs. The extravagant purchase comes at a time when the company is in the midst of a turbulent transition. In October, Trabucco stepped down as co-CEO and handed the reins to Lina Choi, a former senior vice president in Fidelity Investment’s asset management division. FTX is also gearing up for a major fundraising drive, with reports that the firm is looking to raise $200 million USD. The purchase has raised many eyebrows, with some questioning if the former co-CEO abused his position of authority. However, FTX’s publicly-filed financials show that the yacht was purchased from Trabucco’s own personal funds. In addition, the transaction was independently reviewed and verified by an external auditor. FTX also attempted to allay any concern from its stakeholders, releasing a statement saying that Trabucco's purchase had no impact on the company’s finances. The move could also be considered a show of confidence in FTX’s future, as Trabucco's purchase suggests he believes the company is headed in the right direction.