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Ftx collapsed in late 2021, after the company was unable to secure funding for its proposed merger with BT.

British telecoms giant Ftx announced its collapse in December 2021, citing a lack of funding for its proposed merger with BT as the main reason. The announcement came just a week after Ftx’s shares hit an all-time low, following a failed takeover bid by French telecoms company Iliad.

The company’s shares had already dropped by nearly 40% since the beginning of 2021, but it was thought that they would continue to rise if the company could secure funding for its £50 billion merger with BT. However, investors were less confident in the merger after Ftx announced that it would be laying off thousands of workers and closing offices in an attempt to cut costs.

After Iliad’s failed takeover bid, analysts began to speculate that other companies might also try to buy Ftx. But when it became clear that no one else was willing to step forward and fund the deal, Ftx announced on December 1st that it would be filing for bankruptcy protection.