Former FTX CEO Sam Bankman-Fried, who is currently serving a 25-year prison sentence, just broke the internet with shocking tweets from prison! The tweets seemed to reference Elon Musk’s recent call for federal employees to report their work activities or face resignation.
The Reality of Unemployment
Bankman-Fried’s thread began with a surprising remark, that “I have a lot of sympathy for government employees: I, too, have not checked my email for the past few (hundred) days.”
SBF admitted that firing employees is one of the hardest decisions any company has to make. He explained that, in most cases, it’s not the employee’s fault that they were let go. Instead, it often comes down to the company’s inability to provide the right job, manager, or work environment for them.
Despite what many may think, losing a job or stepping away from work comes with its own set of stress and uncertainty. His words suggest that he has been facing these struggles firsthand after his downfall in the crypto industry.
Layoffs Are Never Easy
According to Bankman-Fried, many companies struggle with workforce planning, leading to situations where employees are hired for roles that may no longer be necessary.
This results in layoffs, even when the workers themselves have done nothing wrong. He highlighted that sometimes companies grow too fast, bringing in more employees than they can effectively manage, which eventually forces them to cut staff.
This discussion came as Musk, who has been involved in efforts to reduce the federal workforce, suggested that non-responsive employees should be considered as having resigned. Some agencies pushed back against this idea, while others advised their staff to comply.
A Strange Twist!
SBF who does not have direct access to social media or email, remains unclear who posted the tweets on his behalf. However, he can communicate through Corrlinks, a system that allows U.S. prisoners to send messages.
Even though Sam Bankman-Fried’s remarks had nothing to do with FTX, they quickly caught attention, causing a brief spike in the price of FTT, the token linked to the failed exchange.
FTT jumped from $1.55 to $2.07 shortly after his comments but didn’t hold the gains for long. Within 30 minutes, the token dropped back to around $1.70.
Despite this brief surge, FTT remains down over 96% from its all-time high of $85, which it reached before FTX collapsed in November 2022.
