FTX’s Sam Bankman-Fried cashed out $300 million personally during a $420.69 million raise from 69 investors

Per WSJ: When FTX raised $420 million from an array of big-name investors in October last year, the cryptocurrency exchange said the money would help grow the business, improve user experience and allow it to engage more with regulators. Left unmentioned was that nearly three-quarters of the money, $300 million,

68% of Americans now say they support marijuana legalization

Per Gallup: Gallup has documented increasing support for legalizing marijuana over more than five decades, with particularly sharp increases occurring in the 2000s and 2010s. In 2013, a majority of Americans, for the first time, supported legalization. As was the case in 2020, solid majorities of U.S. adults in

Qatar is set to ban all beer sales at and around its World Cup stadiums

Qatar is banning all beer sales at and around its World Cup stadiums, in a dramatic U-turn just two days before the massive soccer tournament begins, world soccer governing body FIFA confirmed on Friday. “Following discussions between host country authorities and FIFA, a decision has been made to focus the

Almadea Research used billions in customer funds from its founder’s exchange FTX

The quant trading firm Sam Bankman-Fried founded was able to quietly use customer funds from his exchange FTX in a way that flew under the radar of investors, employees and auditors in the process, according to a source. The way they did it was by using billions from FTX users

FTCH Stock Plunged: Here’s What Happened

The Situation Farfetch Ltd (NASDAQ: FTCH) shared -- a British-Portugues online luxury fashion retail platform with over 700 boutiques and branches worldwide -- plunged on Friday after Q3 losses were reported larger than expected. As of 12:00 PM ET, Farfetch shares dropped by 16.03%. The Explanation Farfetch Ltd

Ontario Teachers' Pension Plan Invested $75 M and a Follow-Up $20 M in FTX | Investment to be Written as Zero

Per OTPP Ontario Teachers' Pension Plan invested $75 million in FTX International and FTX US in October 2021. They added $20 million to FTX US in January 2022. They said the investment was less than 0.05% of their net total assets. Their invested amounts gave them ownership of

Binance Strategy Chief Patrick Hillmann Said It Only Took Two Hours of Due Diligence on FTX to Find Out It Couldn't be Saved

Per CNBC Binance Strategy Chief Patrick Hillmann said it only took him two hours of due diligence on FTX to determine that his company couldn't save the crypto exchange. Hillmann: "It was like a bomb went off that place." Hillmann described his call, saying people were

Hundreds of Employees Quit as Elon Musk Demanded Commitment to a 'Hardcore' Work Environment

Per NYT Elon Musk recently demanded that Twitter employees commit to a new "hardcore" work environment. As a result, hundreds of workers decided to resign. Some employees quit even before the 5 PM pledge deadline by Elon Musk took effect. Three-quarters of a poll on Blind, consisting of

Amazon CEO Andy Jassy Says There Will be More Job Cuts This Year

Per Bloomberg Amazon CEO Andy Jassy said there will be more job cuts into 2023. This is a part of the company's cost-reduction plans, which include wiping out 10,000 jobs. Jassy said the people within the company were notified, and some employees were given 60 days to

The Securities Commission of The Bahamas now controls of all FTX digital assets

The Securities Commission of The Bahamas said on Thursday it has ordered all digital assets of FTX Digital Markets Ltd (FDM) transferred to a digital wallet controlled by the Commission for safekeeping, per Reuters. "Urgent interim regulatory action was necessary to protect the interests of clients and creditors of

The public version of Twitter is reportedly at risk of breaking during the night

Per Reuters: The company notified employees that it will close its offices and cut badge access until Monday, according to two sources. Security officers have begun kicking employees out of the office on Thursday evening, one source said. Twitter, which has lost many of its communication team members, did not

Twitter office buildings are temporarily closed and badge access is suspended

Hundreds of Twitter employees refused on Thursday to sign a pledge to work “long hours at high intensity”, threatening the site’s ability to keep operating and prompting hurried debates among managers over who should be asked to return, current and former employees said. The crisis came in response to

Biden administration will ask Supreme Court to allow student loan debt relief program to resume

Per CNBC: The Biden administration said in a new court filing Thursday that it will ask the Supreme Court to lift an injunction and allow a major student loan debt relief program to resume. The filing came three days after the federal appeals court for the 8th Circuit in St.

Facebook will no longer fact-check former President Donald Trump now that he’s officially running again for the White House

Per NYP: Facebook will no longer fact-check former President Donald Trump now that he’s officially running again for the White House, according to a company memo. A manager on Meta’s “news integrity partnership” team sent a directive Tuesday to help those “seeking guidance regarding fact-checking political speech” over

FTX’s new CEO John Ray has said: Never in my career have I seen such a complete failure

Per Reuters: The executive hired to steer FTX Group through bankruptcy offered his first findings of improper fund transfers and poor accounting at the collapsed crypto exchange on Thursday, describing it as a "complete failure" of controls. John Ray, who was named FTX's chief executive after

Sam Bankman-Fried has been accused in court documents of gaining 'unauthorized access' to FTX systems after filing for bankruptcy to transfer 'digital assets' to the Bahamas government.

Per Daily Mail: Court documents clakn exchange platform FTX claims former CEO Sam Bankman-Fried 'hacked' its systems after filing for bankruptcy to transfer 'digital assets' to Bahamian regulators. FTX lodged the motion in the US bankruptcy court in delaware on thursday saying it had evidence to

The FDA has approved a lab-grown meat product for human consumption

The US Food and Drug Administration has given a safety clearance to lab-grown meat for the first time. Upside Foods, a California-based company that makes meat from cultured chicken cells, will be able to begin selling its products once its facilities have been inspected by the US Department of Agriculture.

A disabled employee sues Twitter over Elon Musk's ban on remote work.

Twitter Inc owner Elon Musk's mandate that employees stop working remotely and put in "long hours at high intensity" discriminates against workers with disabilities, a new lawsuit claims. Dmitry Borodaenko, a California-based engineering manager who said Twitter fired him this week when he refused to report

How have tech layoffs affected stocks? A quick look at the data.

Tl;dr: * Tech layoffs have an impact on stock price. * Flow might dictate some directional movement after announcement 2022 Tech Layoffs have been a hard hit to the job market the last few months, with upwards of 120,000 people being relieved from their duties in the process. Layoffs can

Average 401(k) balances plunged 23% year-over-year

Per CNBC: The average 401k balance sank for the third consecutive quarter and is now down 23% from a year ago to $97,200, according to a new report by Fidelity Investments, the nation's largest provider of 401(k) plans. The financial services firm handles more than 35

FTX used corporate funds to purchase employee homes

Per CNBC: Corporate funds were used to purchase homes in the Bahamas and "personal items" in the name of employees and advisors of FTX, a bankruptcy declaration said, days after the penthouse apartment of founder Sam Bankman-Fried was listed for nearly $40 million. It is not immediately clear

House Republicans are opening up an investigation to determine the extent of President Joe Biden’s involvement in his son Hunter’s business dealings

At a press conference held on Thursday morning, Representatives James Comer (R., Ky.) and Jim Jordan (R., Ohio) announced that House Republicans would be opening up an investigation to determine the extent of President Joe Biden’s involvement in his son Hunter’s business dealings. According to Comer and Jordan,

FTX Lawsuit Spreads to Celebrities that Promoted the Platform

Per Variety Here's the list of celebrities being sued for promoting FTX: * Tom Brady - NFL * Stephen Curry - NBA * Shaquille O'Neal -  NBA * Udonis Haslem - NBA * Trevor Lawrence - NFL * Shohei Ohtani - MLB * David Ortiz - MBL * Naomi Osaka - No. 1 tennis

SpaceX fired employees critical of Elon

Some SpaceX employees circulated the letter on June 15, urging the company to denounce the billionaire's "harmful Twitter behavior," per The Times. The letter followed an Insider report in May about SpaceX settling a sexual harassment claim against Musk, which he made jokes about on Twitter.

GLBE Stock Plunged: Here’s What Happened

The Situation Global-E Online Ltd (NASDAQ: GLBE) shares -- an Israel-based company operating as a software publisher and developer of Global-e, which enables direct-to-consumer cross-border e-commerce -- plunged on Thursday after the company cut revenue and gross merchandise value (GMV). As of 12:00 PM. ET, Global-E shares dropped by