Singapore’s Temasek Writes Down $275 Million FTX Investment

Bloomberg2022-11-17

Firm’s belief in Sam Bankman-Fried appeared to be ‘misplaced’Currently has no direct exposure in cryptocurrencies: TemasekSingapore’s state-owned investor, Temasek Holdings Pte, has decided to write ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

JulianAlson
2022-11-18
JulianAlson
K
robot1234
2022-11-18
robot1234
Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO’s report. FTX CEO John Ray III’s filing from Thursday morning reveals a culture of laxity and permissiveness at the imploded crypto dealer, where expenses were approved with color-coded emoji and company money bought employee homes In a potentially serious concern, Almeda was granted exemption from “certain” parts of FTX’s auto-liquidation feature, a practice similar to a margin call in traditional finance. The former Enron restructuring CEO called some of the past management practices “unacceptable.” Earlier Thursday, FTX CEO John Ray III filed a declaration with the United States Bankruptcy Court for Delaware, the latest in the implosion of one of the world’s largest cryptocurrency exchanges
- Joel Santos:
  [Like]
- JonLucky:
  the temptation is stronger when administrative authority is weaker
- BC1970:
  Ggh
- MicSng:
  👍
- PKT:
  Ok
patrickLai
2022-11-17
patrickLai
Writing off as Write down?
Goupppppppp
2022-11-17
Goupppppppp
Noted
上高山
2022-11-17
上高山
There goes cpf money
- ALearner:
  Oh my money
VivianChua
2022-11-17
VivianChua
Hope is better 💚 🙏

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2284736006?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-11-17 11:20","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2284736006","market":"sg","top_or_hot":-1,"title":"Singapore’s Temasek Writes Down $275 Million FTX Investment","media":"Bloomberg","content":"<div>\n<p>Firm’s belief in Sam Bankman-Fried appeared to be ‘misplaced’Currently has no direct exposure in cryptocurrencies: TemasekSingapore’s state-owned investor, Temasek Holdings Pte, has decided to write ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-17/singapore-s-temasek-writes-down-275-million-ftx-investment?srnd=markets-vp\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore’s Temasek Writes Down $275 Million FTX Investment</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore’s Temasek Writes Down $275 Million FTX Investment\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-17 11:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-11-17/singapore-s-temasek-writes-down-275-million-ftx-investment?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Firm’s belief in Sam Bankman-Fried appeared to be ‘misplaced’Currently has no direct exposure in cryptocurrencies: TemasekSingapore’s state-owned investor, Temasek Holdings Pte, has decided to write ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-17/singapore-s-temasek-writes-down-275-million-ftx-investment?srnd=markets-vp\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"STI.SI","symbol_name":"富时新加坡海峡指数","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2022-11-17/singapore-s-temasek-writes-down-275-million-ftx-investment?srnd=markets-vp","article_id":"2284736006","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2284736006","pubTimestamp":1668655206,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Firm’s belief in Sam Bankman-Fried appeared to be ‘misplaced’Currently has no direct exposure in cry","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"translate_title":"新加坡淡马锡减记2.75亿美元FTX投资","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STI.SI":0.9},"content_text":"Firm’s belief in Sam Bankman-Fried appeared to be ‘misplaced’Currently has no direct exposure in cryptocurrencies: TemasekSingapore’s state-owned investor, Temasek Holdings Pte, has decided to write down its entire $275 million investment in FTX, saying its belief in Sam Bankman-Fried was likely “misplaced.”Temasek invested $210 million in FTX International and $65 million in FTX US across two funding rounds from October 2021 to January this year, the company said in a statement. That made up a tiny fraction of its net portfolio value of S$403 billion ($294 billion) as of March. The company currently has no direct exposure in cryptocurrencies, it said.The meltdown of FTX and the evaporation of capital from its institutional backers is shaking confidence throughout the crypto world. The firm had been considered by some investors as one of the safer bets in the sector thanks to its size and role as an exchange, rather than being just an active manager of digital currency.“It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced,” Temasek said.Temasek’s statement on the writedown confirms an earlier Bloomberg report. Another FTX backer, Sequoia Capital, wrote down the full value of its $214 million bet on the exchange, while a person with knowledge of the situation said SoftBank Group Corp. is expecting a loss of around $100 million on its investment.Temasek said it backed FTX to invest in a leading digital asset exchange, giving it “market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk.”Temasek said it conducted an “extensive due diligence process” on FTX from February to October 2021. It reviewed FTX’s audited financial statement, which showed it to be profitable. Due diligence efforts also focused on regulatory risk, particularly licensing and compliance. It sought advice from external legal and cybersecurity specialists in key jurisdictions.“While this write down of our investment in FTX will not have significant impact on our overall performance, we treat any investment losses seriously and there will be learnings for us from this,” Temasek said.Temasek invests in early-stage companies and accepts the binary risks associated with such investments, it said. The firm’s early-stage investments make up about 6% of its portfolio and have generated good returns, with internal rates of return in the mid-teens, it added.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9963466374,"gmtCreate":1668737741998,"gmtModify":1676538105327,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","vip":1,"crmLevel":6,"crmLevelSwitch":1,"idStr":"3575352038769618","authorIdStr":"3575352038769618"},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963466374","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963584824,"gmtCreate":1668726823768,"gmtModify":1676538101866,"author":{"id":"3561596430587504","authorId":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":6,"crmLevelSwitch":1,"idStr":"3561596430587504","authorIdStr":"3561596430587504"},"htmlText":"Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO’s report. FTX CEO John Ray III’s filing from Thursday morning reveals a culture of laxity and permissiveness at the imploded crypto dealer, where expenses were approved with color-coded emoji and company money bought employee homes In a potentially serious concern, Almeda was granted exemption from “certain” parts of FTX’s auto-liquidation feature, a practice similar to a margin call in traditional finance. The former Enron restructuring CEO called some of the past management practices “unacceptable.” Earlier Thursday, FTX CEO John Ray III filed a declaration with the United States Bankruptcy Court for Delaware, the latest in the implosion of one of the world’s largest cryptocurrency exchanges","listText":"Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO’s report. FTX CEO John Ray III’s filing from Thursday morning reveals a culture of laxity and permissiveness at the imploded crypto dealer, where expenses were approved with color-coded emoji and company money bought employee homes In a potentially serious concern, Almeda was granted exemption from “certain” parts of FTX’s auto-liquidation feature, a practice similar to a margin call in traditional finance. The former Enron restructuring CEO called some of the past management practices “unacceptable.” Earlier Thursday, FTX CEO John Ray III filed a declaration with the United States Bankruptcy Court for Delaware, the latest in the implosion of one of the world’s largest cryptocurrency exchanges","text":"Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO’s report. FTX CEO John Ray III’s filing from Thursday morning reveals a culture of laxity and permissiveness at the imploded crypto dealer, where expenses were approved with color-coded emoji and company money bought employee homes In a potentially serious concern, Almeda was granted exemption from “certain” parts of FTX’s auto-liquidation feature, a practice similar to a margin call in traditional finance. The former Enron restructuring CEO called some of the past management practices “unacceptable.” Earlier Thursday, FTX CEO John Ray III filed a declaration with the United States Bankruptcy Court for Delaware, the latest in the implosion of one of the world’s largest cryptocurrency exchanges","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":48,"commentSize":39,"repostSize":0,"link":"https://ttm.financial/post/9963584824","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":104854639,"gmtCreate":1668738018796,"gmtModify":1668738032765,"authorId":4101513477370350,"author":{"id":4101513477370350,"idStr":"4101513477370350","authorId":4101513477370350,"name":"Joel Santos","avatar":"https://static.tigerbbs.com/d6e094a0a86911d0f782f5dc8380e2dd","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.09.16","exceedPercentage":"80.50%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":3,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":0,"prevId":0,"content":"[Like]","text":"[Like]","html":"[Like]"},{"id":104854638,"gmtCreate":1668738015542,"gmtModify":1668738029433,"authorId":3573703375513385,"author":{"id":3573703375513385,"idStr":"3573703375513385","authorId":3573703375513385,"name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","vip":1,"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":0,"prevId":0,"content":"the temptation is stronger when administrative authority is weaker","text":"the temptation is stronger when administrative authority is weaker","html":"the temptation is stronger when administrative authority is weaker"},{"id":104854635,"gmtCreate":1668738010233,"gmtModify":1668738024411,"authorId":3554847287681495,"author":{"id":3554847287681495,"idStr":"3554847287681495","authorId":3554847287681495,"name":"BC1970","avatar":"https://static.tigerbbs.com/0ddbf1d90da79b3d2d9ce69edd1f06d5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":104854630,"prevId":0,"content":"<span class=\"s1\">Ggh</span>","text":"<span class=\"s1\">Ggh</span>","html":"<span class=\"s1\">Ggh</span>"},{"id":104854630,"gmtCreate":1668737999584,"gmtModify":1668738012720,"authorId":4092825739678010,"author":{"id":4092825739678010,"idStr":"4092825739678010","authorId":4092825739678010,"name":"MicSng","avatar":"https://static.tigerbbs.com/80f2cc0ddee49507e67c44af892a821c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">👍</span>","text":"<span class=\"s1\">👍</span>","html":"<span class=\"s1\">👍</span>"},{"id":104854619,"gmtCreate":1668737984498,"gmtModify":1668737997770,"authorId":3576183521672950,"author":{"id":3576183521672950,"idStr":"3576183521672950","authorId":3576183521672950,"name":"PKT","avatar":"https://community-static.tradeup.com/news/a44a7456d25f5fabf4dbcab8098b1602","vip":1,"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Ok</span>","text":"<span class=\"s1\">Ok</span>","html":"<span class=\"s1\">Ok</span>"}],"langContent":"EN"},{"id":9963685939,"gmtCreate":1668663041122,"gmtModify":1676538093284,"author":{"id":"3585604372962377","authorId":"3585604372962377","name":"patrickLai","avatar":"https://static.tigerbbs.com/baedd77ad7c3a28da1ae2ecc8b2e88aa","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3585604372962377","authorIdStr":"3585604372962377"},"htmlText":"Writing off as Write down?","listText":"Writing off as Write down?","text":"Writing off as Write down?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963685939","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963615535,"gmtCreate":1668660350027,"gmtModify":1676538092906,"author":{"id":"3578690837330197","authorId":"3578690837330197","name":"Goupppppppp","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578690837330197","authorIdStr":"3578690837330197"},"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963615535","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963615359,"gmtCreate":1668660335272,"gmtModify":1676538092892,"author":{"id":"3577002876366813","authorId":"3577002876366813","name":"上高山","avatar":"https://community-static.tradeup.com/news/f83cbceccaec574b5120e66f3a0baaa7","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":6,"crmLevelSwitch":1,"idStr":"3577002876366813","authorIdStr":"3577002876366813"},"htmlText":"There goes cpf money","listText":"There goes cpf money","text":"There goes cpf money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9963615359","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":104842173,"gmtCreate":1668660866465,"gmtModify":1668660882221,"authorId":3581627611317712,"author":{"id":3581627611317712,"idStr":"3581627611317712","authorId":3581627611317712,"name":"ALearner","avatar":"https://static.tigerbbs.com/dd4e09038044887c08337f0d263b9446","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963615359,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Oh my money</span>","text":"<span class=\"s1\">Oh my money</span>","html":"<span class=\"s1\">Oh my money</span>"}],"langContent":"EN"},{"id":9963634991,"gmtCreate":1668658225613,"gmtModify":1676538092579,"author":{"id":"3580011914778910","authorId":"3580011914778910","name":"VivianChua","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3580011914778910","authorIdStr":"3580011914778910"},"htmlText":"Hope is better 💚 🙏&nbsp;","listText":"Hope is better 💚 🙏&nbsp;","text":"Hope is better 💚 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963634991","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":48,"commentSize":11,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2284736006"}