Former billionaire Sam Bankman-Fried has resigned as chief executive of his crypto exchange FTX as he files for Chapter 11 bankruptcy protection. Venture capital firms raised a record $151 billion this year, but new VCs are struggling to get a share. Plus, meet Midwestern billionaire Bill Stone, who contributed $50 million to medical research and health care in his Indiana hometown.
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In the news today
- The Royal Bahamas Police are investigating Sam Bankman-Fried’s now bankrupt FTX cryptocurrency exchange for possible criminal misconduct, marking the latest development in the entity’s stunning implosion. The force’s financial investigators in Nassau are working alongside the Bahamas Securities Commission to probe FTX Digital Markets Ltd.which is based in the island nation.
- Democrats retained control of the Senate after Senator Catherine Cortez Masto won her race in Nevada, defeating Donald Trump-backed Republican candidate Adam Laxalt and dealing another frustrating blow to GOP members who predicted a “red wave” in the midterm elections. After: With House control still in play, Speaker Nancy Pelosi (D-Calif.) says she wants the lower house to try to raise the debt ceiling before the end of the current session of Congress so that a Republican-controlled House cannot use the cap as a bargaining tool.
Twitter has suspended its new $8 monthly service which allows anyone to pay for a verification checkmark after numerous copycats spread misinformation and generally wreaked havoc on the social media site. Examples included a fake blue checkered account impersonating Republican Arizona gubernatorial candidate Kari Lake that tweeted a fake concession, and a fake Lockheed Martin account that tweeted that the company would stop sales to Saudi Arabia, Israel and the United States.
Rounding out the astonishing flurry of news about the fast demise of crypto exchange FTX, the entity has filed for Chapter 11 bankruptcy protection last Friday and former billionaire Sam Bankman-Fried stepped down as CEO. Company Pursues FTX.com Bankruptcy; FTX United States; Alameda Research, the proprietary trading company of Bankman-Fried; and approximately 130 additional affiliates.
Venture capital firms raised a record $151 billion of their investors this year. But for new VCs, many of whom belong to underrepresented groups, fundraising has paradoxically become more difficult as nervous investors place their money in big-name companies.
Self-driving technology developer TuSimple is risk of being delisted from the Nasdaq stock exchange after its co-founders, including recently ousted CEO Xiaodi Hou, used their majority stake to fire independent members of its board. The San Diego company also said former chief executive Cheng Lu would return to his role.
Some Republican lawmakers are urging the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives to speed up background check requests to speed up gun sales around Black Friday, which is usually a boon to sales in the firearms industry. Last year, nearly 188,000 background checks were requested the day after Thanksgiving, making it one of the top ten working days.
President Joe Biden said at the United Nations Climate Change Conference that the United States will work to avoid a “climate hell” following a UN report predicting that greenhouse gases will increase by 10.6% by 2030 compared to 2010 levels. The United States is responsible for about 30% of global emissions of methane, according to the White House, as they prepare to cut them by 75% through new regulations.
Must read today
These TikTok accounts hide child sexual abuse material in plain sight
Many accounts on TikTok have become portals to some of the most dangerous and disturbing content on the internet. As private as they are, almost anyone can join.
In case you missed it
Midwestern billionaire Bill Stone has injected $50 million into the medical research and healthcare sectors in his hometown of Evansville, Indiana to help revitalize its downtown area and create new jobs. He hopes other small-town philanthropists will follow his lead.
Advice you can trust
- The recent massive layoffs in the technology sector have erased the “we are family” mantra that some companies often promote to employees, as many have stopped offering substantial compensation packages and benefits to contribute to the nearly 120,000 job cuts in the sector this year. Here’s why this buzzline about corporate culture is actually a myth.
- The Covid-19 pandemic, now exacerbated by the threat of a winter ‘triple epidemic’ as Covid, influenza and RSV join forces, has highlighted the need for affordable childcare for parents can thrive at work. Not having access to these resources has resulted in eight hours of lost work in one week, with women being disproportionately affected. Here is why bcompanies should consider offering childcare options to maximize worker productivity.
America’s tech billionaires lost $315 billion last year
A year ago, America’s tech billionaires were soaring with markets near all-time highs. Now stock prices have fallen and inflation is rising, dealing a collective $500 billion blow to members of the Forbes 400 list of America’s richest people. Tech moguls have lost the most, bidding farewell to a combined net worth of $315 billion since the fall. 2021 – accounting for nearly two-thirds of this total decline.
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