FTX CEO John J. Ray III received $1,575 per hour last month for his oversight of the exchange's bankruptcy, as revealed in a court document filed on Thursday.
During the period from March 1 to March 31, Ray worked 231 hours and received a total of $363,825. His responsibilities included participating in weekly phone calls and in-person board meetings to manage the bankruptcy restructuring efforts, as well as leading weekly calls and meetings, according to a monthly staffing report.
"Additionally, Mr. Ray has worked to establish and maintain internal controls, address and manage employees and employee concerns, interacted with management in Japan, Europe and other locations throughout the world and managed cash, other assets and investments, data and systems related issues with respect to all Debtors," the filing stated. "Mr. Ray also provided oversight related to the Debtors’ public relations and communications plans."
FTX collapsed in November 2022, leaving customers owed over $8 billion.
Ray, who played a role in cleaning up after Enron's corporate collapse years ago, previously hinted that the FTX bankruptcy was worse than Enron's. In filings following FTX's downfall, Ray remarked that he had never witnessed "such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."
It is worth noting that Ray is the sole professional from Owl Hill, his advisory firm (formerly known as Greylock Partners), working on behalf of the debtors.
