OpenPhil has a majority of board members (3/5) who aren’t the source of funds (Moskovitz and Tuna, who are the other 2). As I understand it, they also have a few $B under their direct independent legal control[1]. The fact that FTX Foundation didn’t secure any assets independently this way is a massive failure (for the world, EA, and FTX creditors[2]).
Were there significant assets in an independently-controlled FTX Foundation we would be in a much better position now even from the point of view of wanting (or being compelled) to use the money to pay back FTX creditors.
OpenPhil has a majority of board members (3/5) who aren’t the source of funds (Moskovitz and Tuna, who are the other 2). As I understand it, they also have a few $B under their direct independent legal control[1]. The fact that FTX Foundation didn’t secure any assets independently this way is a massive failure (for the world, EA, and FTX creditors[2]).
Would be good to see proof of this.
Were there significant assets in an independently-controlled FTX Foundation we would be in a much better position now even from the point of view of wanting (or being compelled) to use the money to pay back FTX creditors.