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November 10, 2022, 6:50 PM
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memeorandum
WeSmirchTop News
| Sam Bankman-Fried / @sbf_ftx: |
[Thread] FTX CEO Sam Bankman-Fried apologizes, says he “fucked up” and his priority is “doing right by users”, plans to raise funds and close Alameda, and more — 1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.
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Axios, CoinDesk, CoinDesk, Crunchbase News, The Block, Bloomberg, Reuters, PYMNTS.com, On my Om, TechCrunch, Gizmodo, Wall Street Journal, New York Post, Wall Street Journal, Cointelegraph, VICE, CoinDesk, CNBC, PC Gamer, The Economic Times, VICE, Decrypt, Blockworks, Bitcoin News, and CoinDesk
Tweets: @halocrypto, @brian_armstrong, @handlerrich, @sbf_ftx, @sbf_ftx, @genesistrading, @stoolpresidente, @sbf_ftx, @binance, @autismcapital, @zebulgar, @sbf_ftx, @sbf_ftx, @cz_binance, @tier10k, @jerallaire, @grdecter, @autismcapital, @sbf_ftx, @p3b7_, @cryptohayes, @sbf_ftx, @doombergt, @ercwl, @levie, @teo_leibowitz, @ianthetechie, @loganbartlett, @dogetoshi, @wassielawyer, @noahpinion, @autismcapital, @hsakatrades, @marionawfal, @ryansadams, @cobie, @danprimack, @fintechfrank, @felixsalmon, @molly0xfff, @temurdur, @twobitidiot, @sbf_ftx, @henrytheeth, @zachxbt, @sbf_ftx, and @nkulw
| Wall Street Journal: |
Source: SBF told investors that Alameda owes FTX ~$10B and FTX extended loans to Alameda using customer funds, describing the decision as a poor judgment call — FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion| Nikhilesh De / CoinDesk: |
FTX US tells users to close out positions as it may halt trading in days, hours after SBF said FTX US is “100% liquid”; some Tron-linked tokens can be withdrawn — Sam Bankman-Fried said the FTX US entity's users would be able to withdraw all their funds.| Reuters: |
Sources detail FTX's rise and fall: Changpeng Zhao's ~$100M investment in 2019, the souring Binance relationship, Alameda's series of losses in 2022, and more — On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message.
More:
The Block, The Information, Bloomberg, The Information, Cryptonews, CryptoSlate, Vox, and Decrypt
Tweets: @cz_binance, @snarkyzk, @wublockchain, and @hsakatrades
| Bryce Elder / Financial Times: |
Untangling FTX's extremely complex corporate structure, which could pose a problem for liquidators and law enforcement, as the crypto exchange faces bankruptcy — Relationship status: it's complicated — With crypto exchange FTX short $8bn and hurtling towards bankruptcy … | Oliver Knight / CoinDesk: |
Tether freezes FTX's $46M in USDT on the Tron blockchain at the request of law enforcement while an investigation occurs — The stablecoin lost its $1 peg earlier on Thursday. — Stablecoin issuer Tether has frozen $46 million of USDT held on the Tron blockchain by failing crypto exchange FTX following …
More:
Reuters, Crypto Daily, and Blockworks
Tweets: @whale_alert, @tier10k, @pentosh1, and @whale_alert
| Dan Primack / Axios: |
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Financial Times, Insider, TechCrunch, CNBC, Fortune, Bitcoin News, Dot Esports, San Francisco Business Journal, and The Guardian
Tweets: @sequoia, @thestalwart, @firstadopter, @ashleevance, @dsquareddigest, @lmatsakis, @taylorlorenz, and @pythianism
| Alex Heath / The Verge: |
Sources: Twitter's chief privacy officer, CISO, and chief compliance officer have resigned; legal now asks engineers to “self-certify” compliance with FTC rules — Twitter's privacy and security teams are in turmoil after Elon Musk's changes to the service bypassed its standard data governance processes.| Washington Post: |
Twitter employees are concerned by the rapid rollout of features without the security reviews required by the FTC's consent decree reached with Twitter in May — Yoel Roth had become the public face of Twitter's efforts to reassure users and advertisers the service would not become a ‘free-for-all’
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Techdirt, TechCrunch, Cybersecurity Dive, CNBC, Ars Technica, The Hill, Protocol, PCMag, iMore, and Deadline
Tweets: @b_fung and @emilygorcenski
| Bloomberg: |
Source: Twitter's head of Trust & Safety Yoel Roth and head of ad sales Robin Wheeler resigned on November 10 — Elon Musk, in his first address to Twitter Inc. employees since purchasing the company for $44 billion, said that bankruptcy was a possibility, according to a person familiar with the matter.
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TechCrunch, The Hill, San Francisco Business Journal, The Verge, Reuters, and Ars Technica
| Sara Fischer / @sarafischer: |
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Vox, Axios, The Information, Adweek, BuzzFeed News, and Engadget
Tweets: @mshannahmurphy, @nandoodles, @justinhendrix, @sarafischer, and @oneunderscore__
| Erin Woo / The Information: |
Sources: at an all-hands, Elon Musk told staff that Twitter may have a “net negative cash flow” of billions in 2023 and “bankruptcy is not out of the question” — Elon Musk told Twitter employees on Thursday the company may have a “net negative cash flow of several billion dollars” …
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Insider, 9to5Mac, Engadget, Bloomberg, The Week, and MobileSyrup
Tweets: @parismartineau, @zoeschiffer, @oneunderscore__, @mikeisaac, @oneunderscore__, @fmanjoo, @matt_levine, @zoeschiffer, @stevekovach, @normative, @owswills, @megawatts55, @peterawolf, @abrahamjoseph, @lisamccray, @wongmjane, @joshuatopolsky, @amir, @thorntonmcenery, @erinkwoo, @ideafaktory, @ivanthek, @green_footballs, @decloet, @metaltxt, @pkafka, @kfury, @oalexanderdk, @lib_crusher, @phil_lewis_, @tvietor08, @marypcbuk, @samfbiddle, @i_zzzzzz, @fmanjoo, @darth, @rmac18, @marypcbuk, @martinsfp, and @pkafka
| The Verge: |
Elon Musk says Twitter will not survive “without significant subscription revenue” and that the company needs roughly half of revenue to come from subscriptions — Elon Musk has sent his first email to Twitter employees, warning them to prepare for a “dire” economy and putting an immediate end to remote work.
More:
New York Times, Bloomberg, The Hill, CNBC, and Ars Technica
Tweets: @joshuatopolsky, @kantrowitz, and @sarahfrier
| Kurt Wagner / Bloomberg: |
In his first email to Twitter staff, Elon Musk warns of “difficult times ahead” and bans remote work, saying employees must be in the office 40+ hours per week — New Twitter Inc. owner Elon Musk emailed his workers for the first time late Wednesday to prepare them for …
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New York Post, The Economic Times, The Hill, Wall Street Journal, Associated Press, CNBC, Insider, SlashGear, iPhone in Canada Blog, Financial Times, Toronto Star, BBC, and Australian Financial Review
Tweets: @mikeisaac, @gergelyorosz, @techemails, @dril, @sarahfrier, @louiseridley, @mmasnick, @jonrog1, @bobsaietta, @mmasnick, @dbreunig, @obrien, @tomcoates, and @derektmead
| Kif Leswing / CNBC: |
Apple plans to launch Emergency SOS with Satellite in November and pay $450M to US companies enabling the texting feature, with the majority going to Globalstar — - Apple said Thursday that it will spend $450 million with U.S. companies including Globalstar to enable its new emergency satellite texting feature.
More:
Apple, Computerworld, MobileSyrup, PCMag, Wccftech, Digital Trends, MacRumors, Philip Elmer‑DeWitt, and ZDNet
| Wall Street Journal: |
Sources: Amazon started a monthslong cost-cutting review of its unprofitable businesses, like its devices unit, which had a $5B+ operating loss in recent years — Review takes a close look at devices unit, which includes Alexa and has had an annual operating loss of $5 billion in some recent years, documents show
More:
The Information, PYMNTS.com, Insider, The Verge, CNN, TechRadar, SiliconANGLE, Financial Times, Investing.com, and Fortune
| Sarah Perez / TechCrunch: |
Google Play expands its third-party billing pilot to the US, Brazil, and South Africa, with Bumble joining Spotify as one of the pilot testers — Google today announced it's expanding its user choice billing pilot, which allows Android app developers to use other payment systems besides Google's own.| Kyle Wiggers / TechCrunch: |
After Twitter labels select accounts as “Official”, Elon Musk says he “killed it” and an executive says the label “is still going out” as part of the new Blue — Update: Well, that was fast. The grey checks have begun to disappear following a tweet …
More:
Washington Post, The Daily Dot, BleepingComputer, Insider, BGR, SlashGear, and iPhone in Canada Blog
Tweets: @elonmusk, @mcuban, @waemd, @jasonschreier, @esthercrawford, @esthercrawford, @elonmusk, @esqueer_, @mmasnick, @dangeredwolf, @mkbhd, @mattbinder, @alexvtunzelmann, @enichan, @fascinated, and @mds
| Taylor Hatmaker / TechCrunch: |
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VICE, TechCrunch, The Verge, CNN, PCMag, Insider, The Verge, Gizmodo, Techdirt, Livemint, Axios, Fortune, Variety, SlashGear, and The Week
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