Matt Levine, Columnist

FTX’s Balance Sheet Was Bad

Serum, customer money, etc.; plus Elon Musk’s Twitter debt and anti-ESG antitrust.

November 14, 2022 at 1:09 PM EST

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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There is so much, but I want to start with Serum.

If a troubled company has a few days to beg potential investors for a bailout before it files for bankruptcy, and it sends those investors its balance sheet so they can consider investing, and they all pass, and then the company files for bankruptcy, of course the balance sheet was bad. That is not a state of affairs that is consistent with a pristine fortress balance sheet.

Before it’s here, it’s on the Bloomberg Terminal

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