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November 23, 2022, 1:45 AM
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Top News

Nikhilesh De / CoinDesk:
SBF says FTX had ~$60B in collateral in spring 2022, but a credit squeeze, market selloff, and “run on the bank” reduced it to $9B ahead of the bankruptcy  —  The former FTX CEO did not address concerns about customer funds being misappropriated or other recent revelations about the company.
Berber Jin / Wall Street Journal:
Sources: Sequoia apologized to its fund investors for the $150M it lost on FTX and told them it would improve its due diligence process on future investments  —  Venture-capital firm tells fund investors that it will improve due diligence on future investments after $150 million loss on crypto exchange
New York Times:
Interviews and messages show how SBF used PACs, nonprofits, and consulting firms to woo politicians, regulators, and others to support his crypto goals
Koh Gui Qing / Reuters:
Records: FTX, its executives, and SBF's parents bought 19+ properties in the Bahamas worth ~$121M over the past two years as “residence for key personnel”
New York Times:
Since Elon Musk's takeover, sources say Twitter has in some cases chosen not to pay vendors, as it reviews and renegotiates deals to cut expenses  —  Mr. Musk and his advisers are examining all types of expenses at Twitter.  Some of the social media company's vendors have gotten stiffed.
Liz Hoffman / Semafor:
Despite Elon Musk publicly distancing himself from SBF, texts between them on May 5 show SBF rolled over $100M in Twitter stock during Musk's takeover  —  Elon Musk used Twitter, the platform he now owns, to gleefully mock the meltdown of the crypto exchange FTX.
Alex Heath / The Verge:
Sources: at an all-hands, Elon Musk said Twitter is done with layoffs and actively recruiting for roles in engineering and sales; Twitter has 2,700+ employees
Washington Post:
Sources detail Elon Musk's rapid dismantling of Twitter's safety work, narrowing its scope to whatever he deems violent, threatening “sticks and stones” talk  —  Amid the wider turmoil since his takeover last month, Musk has moved rapidly to undermine Twitter's deliberative content-moderation system.
Washington Post:
Pathmatics: over a third of Twitter's top 100 clients, including Mars and Jeep, as well as 14 of the top 50, haven't advertised on Twitter in the past two weeks  —  More than a third of Twitter's top 100 clients have not advertised on the platform in the past two weeks, data shows
Bloomberg:
Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG  —  The troubled brokerage Genesis Global has $2.8 billion in outstanding loans on its balance sheet, with about 30% of its lending made to related parties including …
Sergiu Gatlan / BleepingComputer:
Windows Subsystem for Linux is now generally available for Windows 10 and 11 via the Microsoft Store, as Microsoft makes the Store version of WSL the default  —  Microsoft announced today that the Store version of Windows Subsystem for Linux (WSL) is generally available for Windows 10 and 11 customers.
Bloomberg:
Sources: hundreds of Foxconn workers at Apple's iPhone plant in Zhengzhou clashed with security guards as protests erupted over unpaid wages and COVID-19 fear  —  Hundreds of workers at Apple Inc.'s main iPhone-making plant in China clashed with security personnel, as tensions boiled …
Denny Jacob / Wall Street Journal:
HP to lay off 4,000 to 6,000 employees, or up to ~10% of its workforce, over the next three years as part of a plan to achieve $1.4B in annualized cost savings  —  Dell warns of a worsening decline after a 17% drop in third-quarter laptop and desktop sales  —  HP Inc. HPQ 0.75%increase …
Ken Sweet / Associated Press:
In a bankruptcy hearing, FTX lawyers say a “substantial amount” of assets have been stolen from accounts; client names and addresses will be redacted for now  —  Lawyers for FTX disclosed Tuesday that a “substantial amount” of assets has been stolen from the accounts …
Eliza Gkritsi / CoinDesk:
Filings: FTX, Alameda, and other affiliates have $1.2B in cash reserves, below the $3.1B owed to the top 50 creditors; Alameda's reserves are largest at ~$393M
Jeff Horwitz / Wall Street Journal:
Facebook's Q3 Widely Viewed Content Report: in a first, none of the top 20 posts broke platform rules; sources detail Meta's latest fight against spammy content  —  Third-quarter content report shows only one in the top 20 posts qualified as engagement bait  —  What's Behind Social Media Spambots and Can They Be Stopped?
Mack DeGeurin / Gizmodo:
Meta's researchers detail Cicero, an AI trained to “human level performance” in negotiation-based strategy game Diplomacy, ranking in the top 10% over 40 games  —  Ever since IBM's Deep Blue artificial intelligence system defeated world chess champion Garry Kasparov at his own game in 1997 …

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From Mediagazer

David Ellison / @ellisonskydance:
David Ellison announces that the combined Paramount and Warner Bros. Discovery will be called Skydance “to preserve what has made each of these studios iconic”

New York Times:
Sources: Trump personally told his budget director to use taxpayer money for TV ads praising his presidency; at least four spots have run at a cost of ~$5.5M

Lauren Harper / The Intercept:
Eugene, Oregon, claims processing a public records request filed by local news outlet Double Sided Media concerning a police officer would cost ~$2.5M

More News

New York Times:
NY becomes the first US state to restrict crypto-mining as Governor Kathy Hochul signs a bill imposing a two-year moratorium on permits at fossil fuel plants
Manish Singh / TechCrunch:
Shares of Paytm closed at an all-time low on Tuesday, a week after the post-IPO lockup period for early investors expired, amid competition risk from Reliance
Bloomberg:
Sources: Binance CEO Changpeng Zhao met with investors in Abu Dhabi last week to raise money for a crypto industry recovery fund

Earlier Picks

Samuel Stolton / Politico:
The UK's CMA launches an investigation into Apple's and Google's dominance in mobile browsers and cloud gaming, following a survey that found a “stranglehold”
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