Crypto

Scaramucci toasts $50m (ish) investment from crypto billionaire SBF

An unflattering portrait stuck in Anthony Scaramucci’s mind: an image of himself at sea, dressed sharply in a suit — but sinking in a rowboat dubbed the S.S. Mooch as his cargo of bitcoin tumbled into the water. 

The caricature accompanied a July New York Post article about clients of Scaramucci’s SkyBridge Capital seeking to withdraw their money from his firm, which this summer halted redemptions from a fund that bet big on crypto.

Less than two months later, at this week’s SkyBridge Alternatives, AKA SALT, conference in New York City, the Mooch could gloat a little. His fund of hedge fund manager had just secured a roughly $50m investment from FTX Ventures, the venture vehicle of crypto billionaire Sam Bankman-Fried, which has taken a 30% stake Skybridge. 

‘It’s a terrible picture, and I’m going down,’ Scaramucci said of the Post’s picture Tuesday at SALT. ‘And now, one of the largest, richest companies in the world has made a 50-ish million-dollar investment in our firm, and what are the lessons there? Don’t listen to the nonsense, don’t listen to the noise, stay on message, work yourself through the message.’

The deal with Bankman-Fried’s company gives the cryptocurrency billionaire’s firm a three-year option to acquire 85% of Scaramucci’s $2.8bn fund group, the Financial Times reported, noting Scaramucci’s insistence that ‘we didn’t need Sam’s money … to run the business.’ The FT reported that FTX had invested $45m in SkyBridge. 

Scaramucci is in line to retain a 15% stake in SkyBridge, which he founded in 2005, if FTX exercised that option. He previously planned to leave SkyBridge when Chinese firm HNA sought to buy SkyBridge in 2017 but stayed on when that deal fell through

Scaramucci also served as former president Donald Trump’s communications director for a 10-day stint before he was fired after profanely criticizing White House colleagues in a phone call that Scaramucci has said he thought was off-the-record.

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