Temasek Writes Down $275M Investment in FTX and FTX US

Temasek released a statement on FTX, announcing the decision to write down its $275m investment in FTX, irrespective of the outcome of FTX's bankruptcy protection filing.

The statement showed that Temasek invested $210m for a minority stake of around 1% in FTX International, and invested $65m for a minority stake of around 1.5% in FTX US, across 2 funding rounds from October 2021 to January 2022. The cost of investment in FTX was 0.09% of its net portfolio value as of March 31st, 2022.

Temasek said that it conducted an 8-month due diligence process on FTX from February to October 2021. FTX's audited financial statement showed it to be profitable.