Caroline, former CEO of Alameda, reveals in newly surfaced diary: Felt relieved and happy about FTX collapse
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Caroline, former CEO of Alameda, reveals in newly surfaced diary: Felt relieved and happy about FTX collapse
FTX collapsed, Caroline: Feels good.
Navigating Web3 tides with focused insightsBy Jim
The Wall Street Journal, citing sources with knowledge of the matter, reviewed Google documents belonging to former Alameda Research CEO Caroline Ellison, which recorded many of her feelings and thoughts. She appeared deeply distressed over events such as becoming CEO and breaking up with SBF, to the extent that she actually felt relieved when FTX collapsed.
Caroline Ellison’s Relationship with SBF
After graduating from Stanford University, Caroline joined the quantitative firm Jane Street, where she met SBF.
After SBF left Jane Street in 2017 to found Alameda, he recruited Caroline to join the firm.
In October 2021, SBF claimed he would focus on FTX operations and stepped down as CEO of Alameda Research, appointing Sam Trabucco and Caroline Ellison as co-CEOs.
Sam Trabucco then announced his resignation in August 2022, transitioning to an advisory role, leaving Caroline solely in charge of Alameda.
Hating Being CEO, Overwhelmed by Work
In a Google document dated February 2022, Caroline wrote:
I’ve been feeling very unhappy with my job and overwhelmed by work. At the end of each day, all I want is to go home, turn off my phone, have a drink, and escape everything.
In another document, she mentioned feeling unsuited to manage Alameda and lacking decisiveness as a leader.
Her romantic relationship with SBF also seemed to complicate matters, causing her to worry at times that SBF thought poorly of her:
When SBF is around, I instinctively shrink—becoming quieter and more compliant.
Losing Passion for Alameda After Breaking Up with SBF
In a document written to SBF in April 2022, Caroline stated that their breakup greatly diminished her enthusiasm for Alameda, and that her days at the firm were too closely intertwined with SBF, causing her significant emotional pain.
During this time, she deliberately avoided contact with SBF, saying:
Intentionally making myself unreachable was the only way I felt I could reclaim power.
After the breakup, she also grew weary of SBF’s celebrity status, noting that staying at Alameda meant remaining close to him and constantly hearing news about how extraordinary he was.
FTX Collapse: “Feels Great”
Earlier court filings by the CFTC mentioned that SBF considered shutting down Alameda last September and invested over $400 million into another trading firm, Modulo Capital.
According to insiders, Caroline expressed dissatisfaction with this move in her journal, feeling jealous of Modulo and excluded.
Messages between Caroline and SBF during FTX’s collapse were cited in court records, where Caroline said:
I’d grown increasingly afraid of this day arriving, feeling immense pressure—but now that it’s really happened, ending it all feels great.
Previous reports indicated that FTX co-founder and CTO Gary Wang, along with Caroline Ellison, have both pleaded guilty and face maximum sentences of 110 years and 50 years in prison, respectively.
Former engineering director Nishad Singh, though not formally charged, received a $543 million loan from Alameda Research.
All three executives have turned into cooperating witnesses. SBF’s criminal trial is set to begin in October, with insiders indicating that the proceedings will largely center on Signal message records between SBF and these three former executives.
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