As a result of today’s testimony, I am both more and less confused. I am clearer on what probably happened at FTX. What I don’t understand is why Gary Wang did it.
Wang was the co-founder and chief technology officer of FTX, as well as the co-founder of Alameda Research. He owned only 10 percent of Alameda and 17 percent of FTX. He got a $200,000 a year salary, with no performance bonuses. (Okay, sure, at times he was a billionaire on paper.) By contrast, Bankman-Fried owned 90 percent of…
