Apple shells out $5M for rights to Sam Bankman-Fried’s story

Apple, the tech giant, has reportedly spent $5 million acquiring the rights to an upcoming book on the roller-coaster journey of Sam Bankman-Fried, the erstwhile CEO of the now-defunct crypto exchange, FTX.

Michael Lewis, the author renowned for his book The Big Short, delves into the meteoric rise and precipitous fall of Sam Bankman-Fried in his latest work Going Infinite: The Rise and Fall of a New Tycoon. The book is slated for release on October 3, coinciding with the start of SBF's trial in New York.

The tale of Bankman-Fried's ascendancy in the world of crypto, his unique fashion style, and the subsequent downfall of FTX that culminated in his arrest in the Bahamas, has been capturing headlines long before his legal predicament. Apple's acquisition of the book's rights, as per reports from The Ankler on September 7, followed a competitive bidding war.

Read also: “When will FTX's fallout end?”

Fascinatingly, the story of Bankman-Fried is not confined to the printed pages. A documentary on the crypto tycoon is reportedly in development under the aegis of director Nanette Burstein, known for her films on prominent figures like John McAfee and Hillary Clinton.

Amid the ongoing writers and actors guild strikes, Apple's move to bring Bankman-Fried's story to the screen prompts questions about the potential ripple effects on an entertainment industry in flux. Will the gripping narrative of SBF's spectacular success and subsequent failure serve as a catalyst to rejuvenate the industry, or will it merely become a footnote in an era dominated by streaming wars and tech giants' lavish spending?