Markets
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
Crypto
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.
