FTX was using QuickBooks for its multibillion dollar business,

Processing expense reports through Slack.

The company had no CFO and no Board of Directors.

Yet, it was able to attract a lot investors and celebrities' endorsements, including:

- Tom Brady

- Kevin O'Leary

- Steph Curry

- Shaq

Plus renowned investment firms, like:

- Sequoia Capital

- SoftBank

- BlackRock

Just to name a few.

That's something my accountant's mind is struggling to understand.

Which makes me wonder:

1️⃣ As a Finance and Accounting community, how should we educate investors?

Granted some may rather listen to their favorite influencers, than a "boring" CPA.

2️⃣ At which point should a private company hire a CFO and/or independent board members?

Good Corporate Governance should not depend on company size.

The rise of fractional CFO and other executive services makes this affordable for a broader range of companies.

3️⃣ What kind of regulations should be in place to prevent millions of dollars being raised with no oversight?

Public companies face a bunch of regulations, but companies on their way there, not so much.

Yet, over-regulating could slow down the growth of certain companies.

4️⃣ How would things be different if Sam Bankman-Fried was Black?

I doubt he would have "benefited" from such a prolongued lack of scrutiny and due diligence.

Someone would have caught him a long time ago...

So, let's talk!

Which question, 1️⃣, 2️⃣, 3️⃣ and/or 4️⃣ resonated with you most?