In this week’s Distributed Ledger newsletter, MarketWatch Editor-in-Chief Mark DeCambre breaks down the widening fallout from the bankruptcy of FTX and the bizarre behavior of its founder and former CEO, Sam Bankman-Fried.
In this week’s Distributed Ledger newsletter, MarketWatch Editor in Chief Mark DeCambre breaks down the widening fallout from the bankruptcy of FTX and the bizarre behavior of its founder and former CEO, Sam Bankman-Fried.Readers were taken aback by the description of the company’s previous lack of financial controls by its new CEO, John Ray III, who has worked on large bankruptcies over several decades, including that of Enron.
After Elon Musk purchased Twitter in October and saddled the company with $13 billion in debt that partially funded the deal, he quickly laid off half the social-media company’s staff, saying he had to do it to avoid a $700 million net loss in 2023 when interest payments on the new debt will total $1.3 billion, according to reports.
On Nov. 17, Twitter said its offices would be closed, with remaining employees denied badge access until Nov. 21, after reports of mass resignations that followed Musk’s Nov. 16 message to employees requiring them to agree to “long hours at high intensity” or leave with three months’ severance pay. Therese Poletti dug into the most recent earnings report from industry bellwether Nvidia NVDA, -1.79% and highlighted an alarming development.
Two sides of a short-sale at Twist Bioscience Shares of Twist Bioscience TWST, -2.01% have fallen 35% over the past week, including a 20% plunge on Nov. 14, after Scorpion Capital called Twist a “‘synthetic biology’ swindle” in a report.
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