- SkyBridge Capital, founded by Anthony Scaramucci, lost 39% of its highest funds due to a lack of crypto investments.
- The investors asked for 60% of their capital to be refunded, but only 10% was returned.
- The stock market crash of 2022, coupled with FTX’s bankruptcy filing, had a deep impact on SkyBridge.
SkyBridge Capital, founded by Anthony Scaramucci, suffered a serious loss in the year 2022. According to a Bloomberg report, their largest funds dropped by 39% due to a lack of investments in FTX and cryptocurrencies.
The investors had requested to withdraw 60% of the principal from the principal fund during the redemption period, but only 10% was refunded. SkyBridge had limited the withdrawal of funds to two times a year, compared to four times before, and had guaranteed that at least 25% of the principal would be returned.
The crash of FTX, which was once the second-largest crypto exchange in the world, and the overall market crash of 2022 had a great impact on SkyBridge. For instance, SkyBridge owned 1.3 million class A common shares in West Dominion Shires, the US trading firm that owned FTX.
In September 2022, FTX had purchased 30% of SkyBridge Capital for $45 million and SkyBridge had invested $10 million worth of FTX’s cryptocurrency FTT. However, Scaramucci recently revealed that he only managed to recover $400,000 of the $10 million investment.
At the World Economic Forum in Davos, Switzerland, Scaramucci accused Bankman-Fried of “treason” and “fraud” due to the FTX crash. SkyBridge’s equity stake in FTX is expected to soon become worthless.
