Exclusive: How FTX bought its way to become the ‘most regulated’ crypto exchange

Exclusive: How FTX bought its way to become the 'most regulated' crypto exchange

FTX bought a 10% stake in IEX with an option to acquire 100% FTX spent $2 billion on ‘acquisitions for regulatory purposes’ Documents show FTX saw its regulatory status as a way of luring new capital from major investors Nov 18 (Reuters) – Before it collapsed this month, FTX stood apart from many rivals in … Read more

Trump’s 2024 presidential bid a fresh wrinkle for markets

Trump's 2024 presidential bid a fresh wrinkle for markets

NEW YORK, Nov 16 (Reuters) – Former President Donald Trump’s entry on Tuesday into the 2024 presidential race confirmed the world’s “worst kept secret” and created another variable for markets that some investors say remains a low priority for now. Trump, who has mounted relentless attacks on the integrity of US voting since his 2020 … Read more

Musk’s all-nighters at Twitter raise concern for Tesla investors

Musk's all-nighters at Twitter raise concern for Tesla investors

SAN FRANCISCO, Nov 15 (Reuters) – In 2018, Elon Musk was working through the night and sleeping at Tesla Inc’s (TSLA.O) factories in California and Nevada as the company struggled to ramp up production of the Model 3. On Monday, Musk said he had worked through the night at Twitter’s San Francisco headquarters and would … Read more

Sam Bankman-Fried’s sudden turn from white knight to washout

Sam Bankman-Fried's sudden turn from white knight to washout

Nov 11 (Reuters) – Sam Bankman-Fried earned a reputation as a savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he co-founded and led until Friday, needed a lifeline, none was forthcoming. Until this week, the 30-year-old American was seen as a darling in digital … Read more

EXCLUSIVE At least $1 billion of client funds missing at failed crypto firm FTX – sources

EXCLUSIVE At least $1 billion of client funds missing at failed crypto firm FTX – sources

FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda – sources Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda – sources Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources Executives set up book-keeping “back door” that thwarted red flags … Read more

Nearly half of Meta job cuts were in tech, reorg underway – execs say

Nearly half of Meta job cuts were in tech, reorg underway - execs say

OAKLAND, Calif., Nov 11 (Reuters) – Facebook owner Meta Platforms (META.O) employees told on Friday that it would stop developing smart displays and smartwatches and that nearly half of the 11,000 jobs it eliminated this week in an unprecedented cost-cutting move were technology roles. Speaking during an employee townhall meeting heard by Reuters, Meta executives … Read more

FTX’s Bankman-Fried scrambles for funds after Binance deal collapse

FTX's Bankman-Fried scrambles for funds after Binance deal collapse

HONG KONG/SINGAPORE/NEW YORK, Nov 10 (Reuters) – FTX Chief Executive Sam Bankman-Fried on Thursday launched an urgent push to raise funds to save his firm as the crypto exchange looks to plug a reported $8 billion hole in its finances, according to tweets and a memo to employees. Bankman-Fried said he was in talks with … Read more

Exclusive: Behind FTX’s fall, battling billionaires and a failed bid to save crypto

Exclusive: Behind FTX's fall, battling billionaires and a failed bid to save crypto

Nov 10 (Reuters) – (This story contains language some readers may find offensive in paragraph 2) On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half an hour earlier that … Read more

Cryptocurrencies fall after FTX-Binance turmoil spooks investors

Cryptocurrencies fall after FTX-Binance turmoil spooks investors

SINGAPORE/LONDON, Nov 9 (Reuters) – Cryptocurrencies saw a second day of sharp declines on Wednesday, as investors continued to fret about the stability of the sector and the financial health of major exchange FTX despite plans for a rescue deal from bigger rival Binance . Crypto giant Binance signed a nonbinding agreement on Tuesday to … Read more

Musk sells Tesla shares worth $3.95 bln days after Twitter takeover

Musk sells Tesla shares worth $3.95 bln days after Twitter takeover

Nov 8 (Reuters) – Tesla Inc. (TSLA.O) Chief Executive Officer Elon Musk has sold $3.95 billion worth of shares in the electric vehicle maker, according to US regulatory filings, days after he completed his purchase of Twitter Inc for $44 billion. Musk, whose net worth dropped below $200 billion after investors dumped Tesla stock, unloaded … Read more