Kevin O'Leary, renowned entrepreneur and television personality, received $15.7 million from cryptocurrency exchange FTX in exchange for what is described as relatively minimal services, according to Michael Lewis's latest book, "Going Infinite."
Kevin O’Leary was paid $15.7 million for twenty service hours, twenty social posts and fifty autographs to promote FTX
10/3/2023
The compensation details indicate that O'Leary was paid $15.7 million for providing just 20 hours of service, making 20 social media posts, participating in one virtual lunch, and signing 50 autographs. The compensation package has raised eyebrows within FTX, with some executives, including Constance Wang, the former Chief Operating Officer, reportedly questioning the value of O'Leary's role as a spokesperson for the exchange.
FTX's CEO, Sam Bankman-Fried, justified O'Leary's compensation by highlighting the role of social networks in the world of investing. He argued that investing is, to a certain extent, a social network-driven activity, and O'Leary's substantial following of approximately one million people sought his financial advice.
Bankman-Fried's perspective on O'Leary's compensation is unconventional but reflects the influence of social media and celebrity endorsements in the world of finance. O'Leary's significant following on social platforms like Twitter likely contributed to his appeal as a spokesperson for FTX, despite the relatively limited nature of his contributions.
The revelation of O'Leary's compensation offers a unique glimpse into the dynamics of celebrity endorsements and social media influence within the cryptocurrency and financial industry.
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