How Much FTX Paid Kevin O'Leary and Meet Kevin.

this video you're going to find out how

much money Kevin O'Leary was paid as a

sponsor for FTX and how much money he

lost being involved with FTX I will also

reveal towards the end of the video how

much money I was paid in 2022 by FTX and

how much money I lost folks let's react

to this CNBC clip don't forget December

9th the expiration of the coupon code

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with lifetime access to those lectures

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lifetime access to those and to the

course member live streams for as long

as those continue I want to understand

how much money you lost in the context

but I also want to understand how the in

how the investment and this

ambassadorship happened at the time that

it happened you did disclose it but but

I want to understand how you went from

calling crypto garbage at one point as

you know to deciding that this was

something that you were going to stay

and behind yes I recall that

conversation calling it garbage right

here on this show in 2017 that was a

time when a New York Hotel was being

tokenized here and I was looking at that

and the regulator let me know they were

not happy with that idea and that's when

I stepped away from this because clearly

the regulatory environment was not

prepared then facts changed I saw the

Canadians issue the first ETF with

Bitcoin is done they're lying ethereum

then Switzerland opened up then

Australia opened up and then I said wait

a second world's changing I got to be an

investor and that started my journey I

I'm an investor in the largest regulated

Exchange in Canada called wonderfi the

walls are called bit by we're regulated

by the osc I have my accounts up there

but the I felt that getting involved

when I was approached with with Sam

bankman freed that I could get an inside

seat on what was considered then and I I

got it I gotta tell you

the institutional interest in in FTX on

the U.S Equity was unbelievable the

amount of people that approached me

saying how do I get a piece of this deal

and I said at that time I am a paid

spokesperson I cannot bring you as an in

as an LP not a single dollar that I lost

is anybody else's money except mine

that's important for me because that's

an issue now what Kevin O'Leary just

described is known as speculating on

regulation coming it's frequently done

with the Cannabis industry and it's

frequently done on money losing

companies it's called betting on what's

to come it is an uncertain bet we're not

sure if that regulation will come as so

far it hasn't we're not sure if that

mass legalization of marijuana would

come which so far it hasn't underbite

we're not sure that those money losing

SAS companies that were hot during 2020

will actually perform well going into a

recession in fact there was a piece by

balloon Burke's Cameron Cruise out this

morning where he looked at ARC K's

performance lined it up with profit

losing tech companies and the

correlation was almost 94 and they

noticed that most of ark's historical

returns came from following the beta of

money losing companies not necessarily

Alpha and that their Alpha has recently

turned negative Now quickly this is what

we can get back to Kevin O'Leary beta

just means how much a stock is expected

to move relative to an index so if a

stock is a beta of two the s p goes up

one dollar a beta of two stock is

expected to go up two if the stock goes

up two dollars and fifty cents that

means it outperformed by 50 Cents on its

beta that is the alpha that's why people

say they want to seek Alpha which is a

greater return above what you would

expect the volatility of a stock it's

movement to be anyway speculating on

what's to come is very risky this is why

I per personally will not speculate on a

turnaround at Intel like we talked about

with course members this morning it's

also what we talked about with course

members this morning why I won't

speculate on the outcome of the ad

supported tiers at Disney or Netflix why

I won't speculate on the outcome of the

metaverse for Facebook let's see those

earnings actually come true and then

place bets and Investments That Could

lead to lower returns but it lowers risk

which lowering risk especially in tough

times can lead to net greater returns

how much were you paid

total deal was just under 15 million

dollars all in including a bunch of

agents and that I had to pay because I

needed sag after release to be able to

do commercials for it and when I did

that I put about 9.7 million into crypto

I think that's what I've lost it's all

at zero I don't know because my account

got scraped a couple of weeks ago all

the data all the coins everything it

sounds to me like Kevin's 15 million

dollar deal was probably all just

getting paid in tokens it wouldn't shock

me that part of the contract was just

paying Kevin O'Leary and tokens hey look

you'll make this money you be a sponsor

a spokesperson you'd be the sponsor

place that money into FTX now remember

in this video I'm also going to reveal

what happened with law payments okay

we'll talk about that in this video but

let's keep going with the CNBC clip here

first so then I lost the money I

invested in the equity as well those are

those are zeros too

it was not a good investment Andrew okay

I don't make great Investments all the

time luckily I make more good ones and

bad ones but that was a bad one okay let

me ask you this though when you made

this Arrangement this is back in August

10 2021 yeah you said the following you

said to find crypto investment

opportunities that met my own rigorous

standards that was your phrase of

compliance

I entered into this relationship with

FTX it has some of the best crypto

exchange offerings I've seen on the

market even though you are this where

the spokesman an ambassador for this

company yes because what kind of

diligence did you do

around this issue of compliance

given where we sit today I obviously

know all the institutional investors in

this deal we all look like idiots let's

put that on the table okay we relied on

each other's due diligence but we also

relied on another investment theme that

I felt drove a lot of interest in FTX

Sam backman freed is an American his

parents are American compliance lawyers

there were no other American large

exchanges to invest in if you wanted to

invest in crypto as an infrastructure

play so many of us said wait a second

who's coming to this deal we knew for

example it sounds like group think yeah

groupthink is a very common

unfortunately in Wall Street it's

basically herd mentality right many

people think that only happens amongst

retail investors but the reality is it

happens amongst institutions as well for

example I got involved with FTX because

I saw Sequoia Capital was uh was was

backing them Kevin O'Leary was backing

them right the more of these big

institutions see backing the more

interested you are

it's terrible obviously everybody wishes

they could go back and undo their

relationship with FTX but anyway let's

keep going 15 million dollars that's

pretty nice Kevin O'Leary is way more

than I got uh

did you know there was no CFO

look at the end of the day to say that

there was no CFO is also a bit of a

falsehood

this was a nascent industry with a

disrupter at its at its Helm creating

positions that didn't have traditional

names okay that's just the way it was in

retrospect yes it's a mistake however I

feel obliged at this point

to go to the end of this particularly

what does that mean it means that

I need to find where the money went I'm

going to start with my own Journey with

my own account

um

bank and freed reached out to me last

Saturday and I said look Sam

um

I am just one investor but my account

has a zero in it and there are no

accounting records where did the money

go

and to the extent you can help me

tell me point me in the direction

because I will on behalf of every other

shareholder go find where this money is

the next day we talk for over an hour

and he walked me through his scenario

and I learned a lot

sorry what did you learn I learned first

of all I said what was the large

drawdown of your Capital where did the

cash go

one of the biggest uses of cash was to

buy back his shares from binance which

owns 20 percent of his exchange and the

reason he had to do that according to

him was that every time they applied for

a license anywhere the know your client

got jammed up with binance where the

ownership is opaque and he had to buy it

back that cost him a lot a couple of

billion dollars but do you think that he

was paying customer funds to do that

yeah did he take that money from

customers to get it well the only way to

answer that question and I told him and

he you know he agreed I said look Sam

you start this journey with me and

wherever the chips fall that's on you

because

you know we're talking about this I'm

going to pursue it I agreed last night

when Pat Toomey called me to sit on that

committee next week I will be a witness

there you plan to testify I agreed to

testify he called me last night around

eight o'clock I agree to testify I spent

a lot of my time on the hill now there's

also been a lot of drama about this

committee by the way about Maxine Waters

not subpoenaing Sam bankman freed she

says look we're voluntarily inviting him

to come out for an initial committee

meeting on the 8th and if he doesn't

show for this then we'll subpoena him

for the 13th so I think this is kind of

interesting uh we'll see how this breaks

down but definitely a lot of political

tension going on here because of the

expectations that Sam bankman free

donated way more money to Democrats than

he did to Republicans and therefore

Democrats might be trying to Shield him

we've certainly seen a lot of media puff

pieces on Sam bankman freed which are

deemed to be potentially puff pieces

because of his donations although Sam

begman freed says he donated to

Republicans equal amounts if not more

through back and black channels like

channels that you can't see as visibly

because he wanted the media in his favor

so he hid donations to Republicans but

more clearly donated to Democrats nobody

knows if that's BS we know Sam bankman

free is really good at talking around in

circles and making you think he's

believable but the reality is at bare

minimum he was criminally negligent at

FTX uh he had a duty to his customers

and completely failed that I believe he

belongs in prison now what about pay so

I had two sponsor agents that got me

involved with FTX this year keep in mind

I invested 400 with with fees and

everything it worked out to about 433

000 into block fi that's assumed to be

zero okay zero all gone FTX this year

sponsor number one 118 000 sponsor

number two fifty nine thousand two

hundred eighty seven fifty and I'm still

owed apparently seventy thousand dollars

which I expect I'll never see that

seventy thousand dollars so that's it

it's actually uh for for this year uh

substantially less and I really started

my FTX or really sort of expanded my FTX

partnership this year uh last year was

was uh even a smaller partnership or

involvement that I had with FTX I had

more of an involvement last year you

might remember with suggesting you get

free stocks with Weeble by going to you

know met kevin.com Weeble and met

kevin.com life right those were bigger

sponsors and Affiliates for me in 2021

by far by far than than FTX even Robin

Hood was a bigger sponsor for me than

than FTX anyway uh I'm still working

through all these numbers and the full

accounting uh some folks uh you know

have seen me talk about some form of uh

relief effort after a bankruptcy of uh

or after the bankruptcy for FTX these

things are still being worked through

and so stay tuned for more updates but I

always want to be as transparent as

possible and that's what I've got for

you so far and expect more information

as it comes to light thank you so much

and we'll see in the next one goodbye