Techmeme
December 31, 2022, 3:05 PM

Top News

Wall Street Journal:
Sources: Sam Bankman-Fried will likely plead not guilty to fraud and other charges at a January 3 hearing; SBF returns to Twitter to deny he moved Alameda funds  —  FTX founder Sam Bankman-Fried is likely to plead not guilty to eight counts of fraud at a hearing next week, according to a person familiar with the matter.
Reuters:
The Bahamas' Securities Commission says it is holding FTX assets worth $3.5B temporarily and plans to deliver them to customers and creditors who own them  —  The Securities Commission of the Bahamas said on Thursday that it is holding FTX assets worth $3.5 billion based on market pricing …
New York Times:
Sources detail Elon Musk's Twitter cost-cutting measures, including closing a data center, reducing training for new staff, and canceling janitorial services  —  Elon Musk has reduced the company to a bare-bones operation, and employees are under a “zero-based budgeting” mandate to justify any spending.
Taylor Soper / GeekWire:
Matt Levine / Bloomberg:
Crypto created a toy financial system and had a toy financial crisis; in order to work in the long run, crypto must prove its real usefulness outside of finance  —  On Oct. 25, Bloomberg Businessweek published “The Crypto Story,” a cover-to-cover issue of the magazine that I wrote about what crypto is and what it all might mean.
Brian Merchant / The Atlantic:
Meta's dramatic implosion, Elon Musk's Twitter train wreck, and Amazon's labor uprising show that 2022 was not just a disastrous year, but a reckoning for tech  —  The companies that define our digital lives have hit a wall.  —  The dramatic, multidimensional implosion of Meta …
Emily Birnbaum / Bloomberg:
Tim Wu, who helped shape Joe Biden's antitrust agenda, plans to leave his adviser role on January 4 and return to teaching antitrust law at Columbia Law School  —  Adviser Tim Wu, who helped to shape President Joe Biden's antitrust agenda, will leave his position Jan. 4, the White House said Friday.
Wall Street Journal:
Predictions for 2023: competition for Meta's metaverse, Apple's AR/VR headset debut, generative AI integration into products, continuing crypto gloom, and more  —  Our tech columnists look ahead to an Apple headset, Netflix password crackdowns, the next DALL-E and more  —  Big layoffs at Meta, Amazon, Snap and others?

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Dan Strumpf / Wall Street Journal:
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