• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
LeadershipFTX

Elon Musk backs call for Sam Bankman-Fried to go to jail: ‘Let’s just give him an adult timeout in the big house’

By
Chloe Taylor
Chloe Taylor
Down Arrow Button Icon
By
Chloe Taylor
Chloe Taylor
Down Arrow Button Icon
December 5, 2022, 12:21 PM ET
Sam Bankman-Fried, chief executive officer of FTX Cryptocurrency Derivatives Exchange, listens during the Bitcoin 2021 conference in Miami, Florida, U.S., on Saturday, June 5, 2021.
Sam Bankman-Fried, former CEO of collapsed crypto exchange FTX, pictured in 2021.Eva Marie Uzcategui/Bloomberg via Getty Images
Add Fortune on Google for similar content.

With details gradually emerging about the demise of one-time crypto icon Sam Bankman-Fried, many have questioned whether the sudden collapse of his FTX empire will land him in jail.

Both the Department of Justice and the SEC are reported to be investigating the downfall of FTX, the crypto exchange Bankman-Fried founded and ran as CEO.

Elon Musk, the world’s wealthiest person and CEO of both Tesla and Twitter, is one of the latest prominent business figures to weigh in on the FTX disaster—and its consequences for Bankman-Fried, who is also known as SBF.

In a Tweet on Saturday, Musk said he “agreed” with another Twitter user who suggested SBF “doesn’t need any more mentioning except for his court date.”

“Let’s just give him an adult timeout in the big house and move on,” Musk replied.

Taking to Twitter on Sunday, Bankman-Fried said he would testify before the U.S. House Committee on Financial Services, although he added that he wanted to “finish learning and reviewing what happened” at FTX before doing so. He did not specify how long he thought this learning process would take.

SBF resigned as FTX’s CEO on Nov. 11—the day the crypto exchange filed for bankruptcy. He has since been accused of using customers’ money to plug losses, and to fund risky bets at his trading firm Alameda Research, claims he has denied.

In the aftermath of the $32 billion exchange’s spectacular implosion, Bankman-Fried has attempted to paint a picture of him as an inexperienced entrepreneur who fell victim to a “failure of oversight.”

“I didn’t ever try to commit fraud,” Bankman-Fried said in his first live interview since FTX’s collapse. “I didn’t knowingly commingle funds.”

It is not illegal in the U.S. to be an incompetent CEO—but legal experts told CNBC on Monday that SBF could face a whole host of civil and criminal lawsuits.

So far, however, he has not been charged with any crimes.

‘He needs to be prosecuted’

Musk’s thoughts on the matter echo remarks made by other high-profile entrepreneurs and investors over the past week.

Speaking at a cryptocurrency event last week, Coinbase CEO Brian Armstrong argued there was “a very open and shut case for fraud” when it came to SBF’s ruin.

“It’s baffling to me why he’s not in custody already,” he said.

Meanwhile, billionaire Dallas Mavericks owner Mark Cuban said in an interview with TMZ that Bankman-Fried should be “afraid of going to jail for a long time.”

“I thought he was smart, but boy, I had no idea he was going to take other people’s money and put it to his personal use,” Cuban said. “That sure…seems like what happened.”

Billionaire investor Mike Novogratz also said recently that FTX’s former leader should face jail time over the company’s implosion.

“Sam was delusional about what happened and his culpability in it,” he told CNBC on Thursday. “He needs to be prosecuted. He will spend time in jail. And it wasn’t just Sam. You don’t pull this off with one person.”

Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today's executives—and how they can best navigate those challenges. Subscribe here.
About the Author
By Chloe Taylor
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
InvestingDonald Trump
Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
By Catherina GioinoJuly 1, 2026
4 hours ago
How foodservice giant Sodexo is embracing AI and robotics to reshape the kitchen
NewslettersCIO Intelligence
How foodservice giant Sodexo is embracing AI and robotics to reshape the kitchen
By John KellJuly 1, 2026
10 hours ago
U.S. Polo Assn. CEO J. Michael Prince
SuccessThe Promotion Playbook
U.S. Polo Assn. CEO was told he wasn’t right for a promotion—so he ‘outworked’ anyone else who wanted the job for 6 months straight
By Orianna Rosa RoyleJuly 1, 2026
11 hours ago
Nikesh Arora, chief executive officer at Palo Alto Networks
SuccessJobs
CEO of $248 billion cybersecurity company says workers are about to face a ‘Darwinian moment’ thanks to AI: Evolve or get cut
By Emma BurleighJuly 1, 2026
12 hours ago
DHL plane being refuelled at airport by man in high-vis jacket
EuropeAviation
The Iran conflict saw jet fuel prices soar—when you use 1.88 million tonnes a year, how you respond really matters (just ask DHL)
By Sam ForsdickJuly 1, 2026
14 hours ago
I know how Gen Z can survive the ‘jobpocalypse’ because I built an AI company — in 2015
CommentaryCareers
I know how Gen Z can survive the ‘jobpocalypse’ because I built an AI company — in 2015
By Jeremy FainJuly 1, 2026
16 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
20 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
18 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
14 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.