FTX, a cryptocurrency exchange, recently filed its financial report for the second quarter of 2020, indicating that the company had purchased a yacht for former co-CEO Sam Trabucco. The report indicated that the yacht, which cost an estimated $2 million, was purchased with company funds.
The yacht is listed as an “asset for office use” in the filing and it’s unclear if it’s for business or leisure purposes. FTX also purchased a luxury office for Trabucco’s use, though it’s unclear if those two facts are related.
The filing also showed that FTX increased its spending on research and development in the second quarter to around $3 million, up from around $2 million in the first quarter.
It’s not unheard of for companies to provide their executives with fringe benefits, such as luxurious office spaces and transportation. However, FTX’s purchase of a yacht for a former executive is quite unusual, and has already attracted some criticism on social media.