#62 – Crypto/FTX/SBF, Twitter

December 23, 2022


Down 17% was down 25%. 

Meta job cuts. 11000 13%. Brad Gerstner letter. A summary of some of the layoffs this year…

  • Twitter: cutting 50% of its workforce (estimated 3,700 jobs).
  • Facebook ($META): cutting 13% of its staff (11,000 jobs), its largest round of 


SBF is a FRAUD! Bernie Madoff style! 

FTX lends money to Alameda!! $10b loan on $16b in assets.  

 FTX meltdown. FTX. Alameda. Binance. Coinbase. Nothing safe. 

  • FTX has a prominent list of backers such as Sequoia Capital, BlackRock Inc., Tiger Global Management and SoftBank Group Corp.
  • Sam Bankman-Fried. $8b shortfall! He was worth $26b…apparently. 
  •  Tom & Gisele. Hedgefunds
  • FTX Arena in Miami. Home of Heat. FTX on umpire uniforms. 
  • Celeb lawsuits: https://deadline.com/2022/11/tom-brady-giselle-bundchen-ftx-lawsuit-larry-david-steph-curry-crypto-1235174541/
    • In the case of Curry, the NBA legend admitted in another tongue-in-cheek-ish TV spot that he was not that knowledgeable about crypto. He added, looking at the camera: “I don’t need to be. With FTX I have everything I need to buy, sell, and trade crypto safely.”
  • FTX’s new chief executive“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,”  “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
  • SBF is 2nd largest democratic donor this election cycle. $37 million. 
  • SBF parents. raised by two Stanford professors who specialize in law and taxes.
  • Caroline Ellison.
  • Related party loans:
    • $300m from last $450m investment to SBF.  
    • Alameda Research had $4.1 billion in related-party loans. Among those were $1 billion to Bankman-Fried, $543 million to FTX Director of Engineering Nishad Singh and $55 million to FTX Digital Markets head Ryan Salam


Lays off ½ of 7500 workers. 

Had to bring some back.  

The whole world shit-posting that the site will go down now. Tesla AI runs with 150 engineers. 
Ligma and Johnson.

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