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E106: SBF's media strategy, FTX culpability, ChatGPT, SaaS slowdown & more
All-In with Chamath, Jason, Sacks & Friedberg
How Does a Margin Account Work?
SBF took customer deposits, gave them to himself. He then converted those dollars into some other asset and he had a mark on that asset. If all of a sudden the value of these entities multiplied by that percentage that you're allowed to loan falls below, you have to post money. That's how a margin account works. It's just there is no free lunch in that.
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