Bybit CEO Ben: Why not renew the F1 sponsorship? Bybit CEO Ben Zhou @benbybit shared during an interview on the When Shift Happens channel on April 23 that the company will not be renewing its sponsorship of Red Bull F1 Racing. He pointed out that the actual commercial value of F1 has been decreasing year by year. The manpower costs of the execution team required to maintain sponsorship rights could be double the sponsorship fee, making it unlikely to break even if they continue. Additionally, the annual guest list has become fixed, and there’s a mix of “personal relationships” involved, which has led some people to develop an expectation of “deserved invitations.” Not inviting them could even harm business relationships. He mentioned that the team is currently looking for the next brand with greater value to focus on. Source: When Shift Happens