FTX Financial Filing Reveals Yacht Purchase for Former Co-CEO Sam Trabucco
In an attempt to broaden its minority shareholder base, FTX Financial revealed in a recent filing that the company purchased a 28-meter luxury yacht for its former co-CEO, Sam Trabucco. The yacht was purchased for $4.5M using a loan from an undisclosed lender.
The news comes after months of speculation surrounding FTX’s mysterious and controversial yacht purchase. The transaction was not disclosed in the company’s financial statements, which raised suspicions of potential improprieties.
FTX’s filings confirm that the yacht was acquired for the personal use of Sam Trabucco, while he was still employed as co-CEO of FTX. The company notes in the filing that Trabucco had no ownership stake in the yacht and no other FTX personnel had access to it.
The filing also notes that Trabucco agreed to reimburse the company for the loan repayment costs, which totaled $260,000. Furthermore, the filing states that Trabucco was salaried while employed at FTX and was not eligible to receive any kind of shares, option or bonus for this purchase.
In addition, FTX claims that the purchase of the yacht was made with the intention to “ensure financial stability and job security” for Trabucco and other senior staff members at the company.
For its part, FTX stated that the yacht purchase was a “unique and legitimate business decision” and was made in the best interests of the company’s minority shareholders.