Here’s How Much John J. Ray III, the New CEO of FTX, Made in Just 2 Months
John J. Ray III is the new CEO at the now defunct crypto-exchange FTX. He told a Delaware judge on Monday that he charged $690,000. This was for less than two months of work guiding the company through bankruptcy. According to FTX news, Ray had previously disclosed to the court that he charges $1,300 an hour.
FTX’s new CEO Charges $690K
Ray is said to have earned $690,000. In hourly fees after Sam Bankman-Fried, the founder of FTX, resigned his position as chief executive officer and filed chapter 11 bankruptcy protection. This includes the 11th of December to the 31st of December last year. Ray was given the task of supervising the bankruptcy proceedings at FTX in an effort to recover billions of dollars of funds to repay FTX’s creditors and customers.
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Ray stated that he charges $1,300 per hour for his services. This indicates that Ray worked nearly 75 hours per week while trying to organize the company’s chaotic finances over the course of nearly two months. The Wall Street restructuring specialist, who handled Enron’s bankruptcy, earned an annualized salary in excess of $1.2 million. He also served as chairman and CEO of the now defunct energy giant. According to the claims, he also won another bankruptcy case. He racked up 156 hours of billable work over two months and received $120,582 in total compensation.
John J. Ray III takes on FTX
John J. Ray III previously stated that the exchange was managed “by a very small group of grossly unexperienced and unsophisticated people who failed to implement virtually all of the systems or controls required for a company that’s entrusted with money or assets of other people.”
Ray was quoted saying:
In all my 40 years of corporate legal work and restructuring work, I have never seen anything similar.
Ray’s findings show that the process of recovering assets can take longer than usual due to FTX’s inability to keep proper records and bookkeeping since the company was founded. He also stated that they were dealing with a “paperless bankruptcy” regarding how the firm was built.
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