decisions since taking over the social media company back up his contention that so far his tenure "isn't boring," but also expose the type of corporate governance issues that are too often repeated to the detriment of shareholders.
"Without a doubt, Sam Bankman-Fried is a genius," said Yale School of Management leadership guru Jeffrey Sonnenfeld in an interview with CNBC's "Fast Money" on Thursday. "But what's hard is that somebody has to be able to put on the brakes on them and ask them questions. But when they develop one of these emperor-for-life models … then you really don't have accountability," Sonnenfeld said.
Few would doubt the genius of Elon Musk, or Mark Zuckerberg, for that matter, but few would put them in the same class with many companies that have failed spectacularly, though Sonnenfeld says they share the link of being allowed to operate without enough corporate oversight. "It's not crazy to talk about Theranos, or WeWork, Groupon, MySpace, WebMD, or Naptster – so many companies that fall off the cliff because they didn't have proper governance, they didn't figure out, how do you get the best of a genius?" Sonnenfeld said.
In the case of Bankman-Fried, who stepped down from his CEO role at FTX as the company filed for Chapter 11 bankruptcy on Friday, Sonnenfeld pointed to the lack of a board that should have been asking tough questions.But boards are often unable to manage genius, Sonnenfeld said. Zuckerberg is another example. When
Forgot about Ken Griffin. Hes been in a tough spot for 2 years!
😂😂 of course it was their fault
JeffSonnenfeld This is crap reporting.
Samir_Madani Ain't a genius, just got gullible people that wanted to get filthy rich caught up in a money laundering ponzi scheme.
ShortingIsFun Does CNBC harbor any guilt for promoting these grifters for the past few years? Maybe you owe the public an apology.
Amazing things happen when we eliminate free money and introduce financial risk back into the financial lending system. It's called 'normalcy' and expect more 'abnormal' things to go down in flames.
what? experimenting with twitter a bit vs scamming billions are not even close on the scale of “bad”.
'geniuses'