Caroline Ellison, former CEO of Alameda Research and ex-girlfriend of SBF, testified at the SBF trial on Tuesday. According to her, SBF used to think that he had a 5% chance of being elected as the President of the United States someday.
Ellison's testimony further revealed the complicated relationships between FTX and Alameda Research under SBF's lead. Previously, FTX co-founder Gary Wang said Alameda Research had a $65 billion line of credit on FTX. Speaking of the matter, Ellison said she wasn't told the size of the line of credit, but the size Alameda Research really would have needed was "one hundred or two hundred million".
Alameda Research buying back FTX equity from Binance was one of the cases that SBF told Ellison to use the line of credit, she said. At the time, Alameda Research didn't have enough money. But to get the deal done, it withdrew $1 billion in FTX customers' funds.
Related: SBF Trial Day 5: SBF Ex-Girlfriend Says SBF Directed Alameda to Borrow FTX Customers' Funds
To learn more, please read: the Trial of SBF
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