Movie rights on FTX are being sold

Image for article titled Michael Lewis Is Already Selling Movie Rights for Book About FTX Bankruptcy

Image: David Levenson / Tom Williams/CQ-Roll Call, Inc. (Getty Images)

Michael Lewis, author of money ball Y The Big Short, has been following FTX founder Sam Bankman-Fried for the past six months to write his next book. And while the potential ending of Lewis’s book obviously changed last week since FTX’s $32 billion implosion, Lewis is already buying the movie rights, according to a new report from The Ankler.

Matthew Snyder of the CAA talent agency, which represents Lewis, reportedly sent an email Friday to Hollywood bigwigs explaining that Lewis has been interviewing Bankman-Fried for months. Lewis and Bankman-Fried have been talking about everything from the FTX founder’s childhood to his early success on Wall Street, and it seems certain that Lewis will have the inside story of everything that happened before FTX filed for bankruptcy. on Friday.

“Of course, the events of the past week have provided a dramatic surprise ending to the story. He also highlighted the rivalry between Bankman-Fried and Binance boss Chnagpeng. [sic] Zhao. Michael compares them to the Luke Skywalker and Darth Vader of cryptocurrencies,” Snyder’s email reads, according to a screenshot posted by The Ankler.

“Michael hasn’t written anything yet, but the story has gotten too big for us to wait. Let me know if I have piqued his interest,” the email continued.

The misspelled reference to Binance CEO Changpeng Zhao, or CZ as he is often known, refers to how CZ’s actions sent FTX into a tailspin. CZ bought a 20% stake in FTX in 2019, but had a falling out with Bankman-Fried, according to Reuters. When Bankman-Fried bought CZ’s stake in FTX in mid-2021, it was largely with FTX’s native token, FTT. CZ sold $580 million worth of that token last week, bringing the house of cards crashing down.

Lewis had hinted over the summer that he was onto something big, telling Financial News that a mutual friend had introduced him to someone within the crypto industry.

“I really don’t want to reveal exactly what I’m writing about. But I found a character I can write through: strangely it links to FlashBoys, The Big Short Y Liar’sPokerLewis told Financial News in August, referring to his other books.

“Essentially next year I’m going to be on this person’s hip. I still don’t know what the story is like,” Lewis said.

We now know that person was in fact Sam Bankman-Fried. And it’s unclear what kind of access Lewis has now that the shit has really hit the fans.

Bankman-Fried, 30, founded FTX in 2019, a cryptocurrency exchange that grew to a $32 billion valuation in a surprisingly short period of time. SBF, as he is often called, became a billionaire while selling himself as ethically wealthy. He was a promoter ofeffective altruism”, allegedly giving away millions every year, and is a vegan who donated to political causes largely on the left, including the President Joe Biden.

But it all came crashing down last week, thanks in large part to Bankman-Fried allegedly transferring billions of dollars in FTX client funds to sister organization Alameda Research, where it placed bets it couldn’t cover. According to reports, both the SEC and the DOJ they opened investigations about the former billionaire, even before the company filed for bankruptcy protection on Friday. To make things even stranger, FTX was allegedly “hacked” over the weekend and they drained around $600 million worth of crypto.

Bankman-Fried, who personally had a fortune of some $26 billion at his peak, is apparently still in the Bahamas, where FTX was based, although there are rumors that he is trying to flee to a country without an extradition treaty. with the US, a move that obviously makes a big scene in whatever movie is eventually produced.

Michael Lewis is no stranger to Hollywood and the rights to his work are practically guaranteed to fetch a pretty penny. the author’s book money ball was adapted to the big screen for Brad Pitt and Jonah Hill in 2011, and their book The Big Short was adapted for Steve Carell, Ryan Gosling, Brad Pitt and Christian Bale in 2015. Both films were huge hits, money ball grossed $110 million on a $50 million budget and The Big Short it grossed $133 million on a budget of $50 million.

In addition to the record speed of FTX’s implosion, the Bankman-Fried fall story has plenty of moments any screenwriter would love, including a romantic relationship of 10 people and rumors about the widespread use of amphetamines. Well, not so much rumors as tweets posted very publicly by Caroline Ellisondirector of Alameda Research and romantic partner of Bankman-Fried.

Image for article titled Michael Lewis Is Already Selling Movie Rights for Book About FTX Bankruptcy

Screenshot: Twitter

Lewis is sure to have plenty of material to work with when it comes to the Bankman-Fried family history as well. The crypto founder’s parents are blue on Wikipedia: Barbara Fried and Joseph Bankman are professors at Stanford Law School. His aunt, Linda P. Fried, is also dean of the Columbia University School of Public Health.

There are also little tidbits from old Bankman-Fried interviews that are now surfacing as odd details that may or may not make the movie. For example, Bankman-Fried gave an interview in which she explained that she thought books were for losers. Really.

“I am very skeptical of books. I don’t mean to say that no book is worth reading, but I actually believe something pretty close to that. I think if you wrote a book, you screwed up, and it should have been a six-paragraph blog post,” Bankman-Fried is quoted as saying in an interview that has since been released. removed from the internet.

Perhaps SBF should have opened a book or two on how ponzi schemes work out. It’s usually not good for the people who run them.

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Movie rights on FTX are being sold