20 days after the announcement, Ripple withdraws from the Fortress acquisition.
CEO Brad Garlinghouse, at the helm of Ripple, took to X, their chosen platform for communication, to deliver a surprising update. In a twist of events just within 20 days of unveiling their intent to acquire Fortress Trust, Ripple, a prominent player in the financial technology sector, has decided to withdraw from the proposed transaction. In an announcement posted by Ripple ’s CEO Brad Garlinghouse on X (formerly known as Twitter), dated September 28, the unexpected decision was unveiled: “we’ve since made the decision not to move forward with an outright Acquisition .” However, it’s essential to note that Ripple is not severing all ties; they will maintain their status as a shareholder in Fortress Trust’s parent company, Fortress Blockchain Technologies. The initial revelation of Ripple’s acquisition plan on September 8 was met with widespread surprise, even among insiders at the company, as per reports from Cointelegraph. At the time, Ripple had ou...