Media start-up Semafor is exploring ways to buy out its biggest outside backer Sam Bankman-Fried, the disgraced founder of the FTX cryptocurrency exchange, in a plan that would hold the money in custody.
Before the collapse of FTX last year, Bankman-Fried contributed more than a third of the $25mn in initial funding for the news venture launched by Justin Smith, the former Bloomberg Media chief executive, and Ben Smith, the ex-New York Times columnist.
While Semafor has long acknowledged Bankman-Fried was one of a clutch of wealthy supporters, it has not disclosed the scale of funding he provided. The investment of approximately $10mn was first reported by the New York Times on Wednesday.
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