Techmeme
November 8, 2022, 6:00 PM

Top News

Changpeng Zhao / @cz_binance:
Binance CEO Changpeng Zhao says the company signed a non-binding letter of intent to acquire FTX.com and help cover its liquidity crunch, pending due diligence  —  This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
More: coinbase.com, New York Times, Financial Times, Bloomberg, Semafor, Decrypt, The Block, The Information, CoinDesk, Blockworks, The Block, Ed Zitron's Where's Your Ed At, Barron's Online, Crunchbase News, TechCrunch, TheStreet, Bloomberg, CNBC, BetaKit, VentureBeat, Forbes, PYMNTS.com, Wall Street Journal, Neowin, Engadget, Quartz, The Guardian, SiliconANGLE, The Verge, Crypto Briefing, CryptoSlate, CryptoGlobe, Tech Monitor, NewsBTC, Finbold, Fortune, Politico, Cointelegraph, TIME, Dexerto, Forbes, Crypto Daily, Finextra, Bitcoin News, ZyCrypto, CoinGape, Axios, Ethereum World News, and Trustnodes
Angus Berwick / Reuters:
In a message to staff, FTX CEO Sam Bankman-Fried says withdrawals on FTX.com are “effectively paused” after FTX saw ~$6B of net withdrawals in 72 hours  —  Crypto exchange FTX saw around $6 billion of withdrawals in the 72 hours before Tuesday morning, according to a message …
Sam Reynolds / CoinDesk:
FTX's FTT token drops below $5, down ~80% in the past 24 hours, as crypto investors fear possible contagion from the collapse of FTX-linked Alameda Research  —  The FTT price has declined nearly 14% over the past 24 hours, with Solana's SOL and Serum's SRM taking losses along with bigger cryptocurrencies like bitcoin and ether.
Daniel Kuhn / CoinDesk:
Stephanie Bodoni / Bloomberg:
The European Commission opens an in-depth investigation into Microsoft's proposed $69B Activision Blizzard acquisition and sets a March 23 decision deadline  —  Microsoft Corp.'s proposed $69 billion takeover of games developer Activision Blizzard Inc. faces an in-depth European Union probe …
Casey Newton / Platformer:
Sources: Elon Musk pitched charging most or all Twitter users for a subscription; internal estimates show Blue could lose the company ~$6/user/month in the US  —  Will he go through with it?  PLUS: Botched layoffs, how the new Blue could lose money, and more
Mark Gurman / Bloomberg:
Sources: turnover has hindered Apple's search for a new head of product design, leaving few obvious candidates for a department still in Jony Ive's shadow  —  Turnover at Apple Inc. has hindered efforts to replace the head of product design, leaving a gaping hole at the helm of a prominent team that's …
More: MacRumors and 9to5Mac
Kollen Post / The Block:
The SEC wins its lawsuit arguing that decentralized publishing platform LBRY's token is subject to regulatory oversight, in a blow to crypto token issuance  —  - A New Hampshire district court has ruled against decentralized publishing platform LBRY in a legal battle with the SEC.
Wall Street Journal:
Sources: Mark Zuckerberg told Meta staff that layoffs begin on November 9, he is accountable for missteps, and his overoptimism about growth led to overstaffing  —  Meta Platforms Inc. will begin laying off employees on Wednesday morning, Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday.
Takashi Mochizuki / Bloomberg:
Nintendo reports Q2 operating profit of ~$809M, up from ~$685M YoY, thanks to a weakened yen, and cuts its fiscal year Switch sales forecast by 10% to 19M  —  Nintendo Co. cut its fiscal-year forecast for Switch console sales by 10% to 19 million after reporting earnings in line with expectations.
Umar Shakir / The Verge:
Zoom releases Mail and Calendar clients in beta as part of its Zoom One interface, announces an AI-powered Zoom Virtual Agent chatbot coming in 2023, and more  —  Available as a beta release, the Outlook-like Mail and Calendar will slot neatly into the company's new unified Zoom …
Lauren Forristal / TechCrunch:
Disney hit 235.7M global streaming subscribers in its Q4, above Netflix's 223.1M in its Q3; Disney+ had 164.2M subscribers, Hulu had 47.2M, and ESPN+ had 24.3M  —  Disney reported results for the final quarter of its 2022 fiscal year today, revealing a total of 164.2 million Disney+ global subscribers …
Jay Peters / The Verge:
Twitter plans to label select accounts “Official” when the new Blue launches; not all previously verified accounts will get the label, which won't be for sale  —  Twitter is rolling out another type of checkmark to help distinguish accounts that users actually need to know are real.
Richard Lawler / The Verge:
Divya Balji / Bloomberg:
Coinbase's stock closes down 10.78% and Robinhood Markets closes down 19.04% as the Binance-FTX deal spotlights the challenges facing the $1T crypto industry  —  Robinhood Markets Inc. tumbled by the most in more than a year after Binance Holdings Ltd. agreed to acquire Sam Bankman-Fried's …

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Jonathan Vanian / CNBC: