SBF's Letter to Investors: I am sorry for putting users and the industry first, details of the Binance acquisition are still being discussed.

Reflexivity Research co-founder Will Clemente released SBF's investor letter on Twitter. FTX launched a $2 billion FTX Venture in January this year, and FTX.US also completed a funding round valuing it at $8 billion. Shareholders' investments may now be far below expectations.

Reflexivity Research co-founder Will Clemente released SBF's investor letter on Twitter. FTX launched the $2 billion FTX Venture in January this year, and FTX.US also completed an $8 billion financing round, but shareholders' investments may now be significantly less than expected.

Full Text:

Sorry for being hard to reach these past few days. I wish there had been more communication throughout this process, but unfortunately, I couldn't manage it with everything intertwining and constantly changing.

We have reached a non-binding agreement with Binance to acquire FTX.

What does this mean exactly? Good question. I can't give you a perfect answer right now as details are still being discussed. We will provide more information in the coming days.

Our top priority is to protect users and the industry, which has always been our mission.

We are optimistic that we will get all of this done, which means we will soon be focusing on our secondary priority: our shareholders.

Again, I wish I had more details to give you right now, but I can't. I will release them once everything is ironed out. Aside from the non-negotiable prioritization of user protection, safeguarding shareholders will be FTX's second priority.

I may be quite occupied in the coming days, so unfortunately, there might not be much time available. However, Ramnik, our Chief Product Officer, and others will be around and may have some extra time.

Regardless, when I have a moment, I will write more about the events. I apologize for not doing better; I will do my best to protect user assets and your investments.