[texasbigdata]

Ah okay, this I actually know; see exhibit 115-1 on page 15 and repeated on page 23 from FTXs docket [1] managed by Kroll here: https://imgur.com/a/GxPEzIp (sorry for sloppy screenshot, on my phone).

What Elon is alluding to is a “roll over”. So, assume you have a house you bought with your brother 60/40% that you want to sell for $1M. What you can do is your brother “rolls over” which amounts to basically (assume no debt aka mortgage) his 40% which mathematically is the same as if he cashed out $400k at close simultaneously with you, and immediately reinvested it into the house with the new buyer. Elons choice of words suggests one of two things: a) no new money came in but FTX rolled over into the take private, reducing the financing Elon had to bring to the table OR b) he did not offer that to FTX and he essentially redeemed their stake and wrote a check at closing. Not sure which is true.

The exhibit suggests that FTX does indeed own 0%, however considering the required creditor matrix was filed confidentially in redacted fashion with the court, who knows what’s real.

Kinda nutty how much stuff FTX “bought”.

1. Warning, rabbit hole: https://cases.ra.kroll.com/FTX/Home-DocketInfo