Techmeme
November 9, 2022, 9:40 AM

Top News

Meta:
Mark Zuckerberg says Meta plans to lay off 13% of its staff, or 11,000+ employees, and will cut discretionary spending and extend its hiring freeze through Q1  —  Mark Zuckerberg just shared the following with Meta employees:  —  Today I'm sharing some of the most difficult changes we've made in Meta's history.
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 FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
Tom Maloney / Bloomberg:
Sam Bankman-Fried's estimated $15.6B fortune has been eviscerated in days by the demise of FTX and Alameda, dropping to ~$1B, the largest one-day collapse ever  —  Just weeks ago, Sam Bankman-Fried was considered crypto's version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry.
Shaurya Malwa / CoinDesk:
In the wake of FTX's dramatic fall, Binance, Gate.io, KuCoin, Poloniex, Bitget, Huobi, and OKX pledge to release their Merkle tree reserve certificates  —  Over seven crypto exchanges will publish proof of their reserve holdings in the next month.  —  Crypto exchanges are now scrambling …
Joshua Oliver / Financial Times:
Memo: Binance CEO Changpeng Zhao says FTX's near collapse “severely” shook confidence in the crypto industry, offers some deal details, and halts FTT sales  —  Changpeng Zhao tells employees that the bailout of its chief rival is ‘not a win’  —  The near collapse of FTX has …
Daniel Kuhn / CoinDesk:
How Binance exacerbated a bank run on FTX before offering to acquire the company, and why the potential deal represents a meteoric fall for Sam Bankman-Fried  —  Binance, after exacerbating a bank run on rival crypto exchange FTX, offered to buy out the jewel in SBF's crown.  —  By Daniel KuhnLayer 2
Helen Partz / Cointelegraph:
Tanaya Macheel / CNBC:
Solana crashes 30%+ to ~$18; bitcoin falls 10%+ to ~$17,500 and briefly hit $17,300 on November 8, its lowest since November 2020; ether drops 15% to ~$1,250  —  FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World
Divya Balji / Bloomberg:
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 check mark to help distinguish accounts that users actually need to know are real.
Rebecca Elliott / Wall Street Journal:
Filings: after taking over Twitter, Elon Musk sold 19.5M Tesla shares, worth almost $4B, between November 4-8; Musk retains a roughly 14% stake in Tesla  —  The sale of 19.5 million shares this month in the electric-vehicle maker follows sales in April and August
Tom Matsuda / The Block:
Crypto payments startup Ramp raised a $70M Series B co-led by Mudabala Capital and Korelya Capital at an estimated $450M+ valuation  —  - Crypto payments firm Ramp has raised $70 million in Series B funding as the founder claims its valuation has increased by more than 50% in a “very healthy” up round.

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Kollen Post / The Block: