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:

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Sara Fischer / @sarafischer: