The Ontario pension fund invested US$75 million in FTX International and its US entity FTX.US in October 2021 followed by an additional US$20 million in FTX.US in January this year.
The investments were made through Teachers' Venture Growth in a move to gain exposure to an emerging area in the financial technology sector. Ontario Teachers' says the investment represented less than 0.05 per cent of its total net assets and equated to ownership of 0.4 per cent and 0.5 per cent of FTX International and FTX.US, respectively.
It says the loss will have a limited impact on the plan, given its size relative to its total net assets and strong financial position. John Ray III, who was appointed CEO at FTX last week, has called the situation a "complete failure" of corporate control at the cryptocurrency exchange.
Wow! Ontario Teacher’s Union has some pile of money stacked away. They should share some with the strikers?
Well if the Democrats, who’ve financially benefited from FTX via Ukraine look at Trudeau doing the same here. With taxpayer money.
Will someone get fired over this debacle?
All I can say . The Canadian tax payer better not pay for this $95m investment LOSS. I am not paying a dime .
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