The ties between FTX and Alameda are at the heart of Bankman-Fried’s downfall. The US Securities and Exchange Commission is investigating how closely intertwined his businesses were and whether FTX mishandled customer funds.
Meta executives also said they were reorganising parts of the company, combining a voice and video calling unit with other messaging teams and setting up a new division, Family Foundations, focused on tough engineering problems.
FTX's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research.
The order for immediate layoffs, the ensuing panic and the about-face reflect the chaos that has engulfed Twitter since Musk took over the company two weeks ago.
While there’s little doubt the tech world has been in a pandemic-induced, stimulus-funded, number-go-up utopia for the best part of three years, there’s a significant difference between the dotcom bubble and this one.
Indian vehicle makers do not expect retail prices to reduce although delivery timelines are likely to fall for some brands.
Sam Bankman-Fried, FTX CEO who resigned today, addressed his followers on Twitter.