Techmeme
November 10, 2022, 2:30 PM

Top News

Sam Bankman-Fried / @sbf_ftx:
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.
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
Oliver Knight / CoinDesk:
Tether freezes FTX's $46M in USDT on the Tron blockchain at the request of law enforcement while investigations occur  —  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 a request from law enforcement.
Dan Primack / Axios:
Sequoia tells partners the firm marked down its FTX investment of $213.5M across two funds to $0, saying it “ran a rigorous diligence process” before investing  —  - Its $150 million of exposure to both FTX and FTX.US in its third global growth fund represents less than 3% of that fund's total capital commitment.
Gillian Tan / Bloomberg:
Source: citing an $8B shortfall, Sam Bankman-Fried told investors that FTX needs a cash injection or the company will need to file for bankruptcy  —  Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection the company would need to file for bankruptcy …
Wall Street Journal:
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.
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 …
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.
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.
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
Mark Gurman / Bloomberg:
Apple limits iOS' AirDrop in China for receiving files from non-contacts to 10 minutes after its use in protests, and plans to change the global default in 2023  —  Apple Inc. has limited the AirDrop wireless file-sharing feature on iPhones in China after the mechanism was used by protesters to spread images to other iPhone owners.
Taylor Hatmaker / TechCrunch:
Fake Twitter accounts of athletes and other celebrities, some now suspended, are spreading fake announcements and chaos as paid Blue checkmarks become available  —  Elon Musk's mercurial leadership and half-baked product plans are already creating fertile ground for confusion on Twitter.
Kyle Wiggers / TechCrunch:

Sponsor Posts

Intel:
Managing a Complex Multi-Cloud Environment Requires a Reliable Ecosystem  —  To avoid vendor lock-in and effectively manage your mission critical workload needs, you need a reliable ecosystem and architecture
Brightspot:
Is your CMS solving your content problems, or creating new ones?  —  In a commissioned study written and conducted by Forrester, we revealed that 72% plan to change their CMS platform, is your organization one of them?
Sastrify:
SaaS Prices Are Going Up.  Here's Why (And What You Can Do about It)  —  From inflation issues to rock-bottom retention rates: get the latest industry updates and see how high-growth teams are preparing for 2023.
Zoho:
Ride the wave with our marketing predictions for 2023  —  As years go by, access to technology and its expansion have been shrinking the physical borders around us.  It wouldn't be an oversimplification …
Vesto:
The treasury management platform built for startups  —  Put your idle cash to work, earn higher yields, and extend your runway with Vesto.
Techmeme Ride Home:
Fri. 02/03 - The Startup Planning To De-Extinct The Dodo
The day's tech news, every day at 5pm ET. Fifteen minutes and you're up to date.
Subscribe via Apple Podcasts, Spotify, or RSS.
 

About This Page

This is a Techmeme archive page. It shows how the site appeared at 2:30 PM ET, November 10, 2022.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

More News

Earlier Picks

Sara Fischer / @sarafischer: