Techmeme
November 9, 2022, 2:30 PM

Top News

Ian Allison / CoinDesk:
Source: after looking at FTX's data and loan commitments, Binance is highly likely to scrap its acquisition; FTX was turned down by Coinbase, OKX, and others  —  Backing out would be one more stunning development in the collapse of Sam Bankman-Fried's crypto empire.
Tanaya Macheel / CNBC:
Major coins are plummeting: Solana crashes 40%+ to under $17, bitcoin drops 10%+ to ~$17,000, its lowest since November 2020, and ether drops 20%+ to ~$1,150  —  FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World
Bloomberg:
Sources: the SEC and CFTC are investigating FTX.com over handling customer funds and its relationship with other parts of Sam Bankman-Fried's empire  —  US financial regulators are investigating whether beleaguered crypto-exchange FTX.com properly handled customer funds …
Joshua Oliver / Financial Times:
Memo: Binance CEO Changpeng Zhao says FTX's near collapse “severely” shook confidence in the crypto industry, offers some deal details, and halts FTT sales  —  Changpeng Zhao tells employees that the bailout of its chief rival is ‘not a win’  —  The near collapse of FTX has …
Tom Maloney / Bloomberg:
Sam Bankman-Fried's estimated $15.6B fortune has been eviscerated in days by the demise of FTX and Alameda, dropping to ~$1B, the largest one-day collapse ever  —  Just weeks ago, Sam Bankman-Fried was considered crypto's version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry.
Shaurya Malwa / CoinDesk:
In the wake of FTX's dramatic fall, Binance, Gate.io, KuCoin, Poloniex, Bitget, Huobi, and OKX pledge to release their Merkle tree reserve certificates  —  Over seven crypto exchanges will publish proof of their reserve holdings in the next month.  —  Crypto exchanges are now scrambling …
Meta:
Mark Zuckerberg says Meta plans to lay off 13% of its staff, or 11,000+ employees, and will cut discretionary spending and extend its hiring freeze through Q1  —  Mark Zuckerberg just shared the following with Meta employees:  —  Today I'm sharing some of the most difficult changes we've made in Meta's history.
Kyle Wiggers / TechCrunch:
After rolling out Twitter's “Official” label to select high-profile accounts, Elon Musk says he “killed it” in a reply to YouTuber MKBHD  —  Update: Well, that was fast.  The grey checks have begun to disappear following a tweet from Twitter CEO Elon Musk implying …
Frederic Lardinois / TechCrunch:
IBM announces its Osprey quantum processor with 433 qubits, up from 127 qubits in the 2021 Eagle processor, and plans to hit 4,000 qubits by 2025  —  IBM wants to scale up its quantum computers to over 4,000 qubits by 2025 — but we're not quite there yet.  For now, we have to make do with …
Nilay Patel / The Verge:
An interview with CEO Dylan Field on scaling Figma, selling the company to Adobe, retaining autonomy, WebGL, making VR Figma for the metaverse, AGI, and more  —  We also talk about AI and VR — but we know why you're here. … Dylan Field is the co-founder and CEO of Figma …
Rebecca Elliott / Wall Street Journal:
Filings: after taking over Twitter, Elon Musk sold 19.5M Tesla shares, worth almost $4B, between November 4-8; Musk retains a roughly 14% stake in Tesla  —  The sale of 19.5 million shares this month in the electric-vehicle maker follows sales in April and August
Ernesto Van der Sar / TorrentFreak:
Italian court upholds a ban against Cloudflare resolving DNS queries for three torrent sites, after Cloudflare appealed that the ban would impact users globally  —  The Court of Rome has confirmed that Cloudflare must block three torrent sites through its public 1.1.1.1 DNS resolver.
Ashley Capoot / CNBC:
Roblox reports Q3 revenue up 2% YoY to $517.7M, bookings up 10% YoY to $701.7M, and DAUs up 24% YoY to 58.8M; stock drops 15%+ on a larger-than-expected loss  —  - Shares of Roblox fell more than 17% in premarket trading Wednesday after the company reported a third-quarter loss but beat analyst estimates for revenue.
More: Roblox and TechCrunch

Sponsor Posts

Termina:
AI Powered Diligence at Scale  —  VCs and founders deploy Termina AI Scans on >12% of all known series A+ deals to uncover hidden risks and opportunities.  Explore how you too can invest and build better companies with AI.
Zoho:
Top live chat software in 2025  —  When it comes to customer communication, every second counts for businesses because it leads to either a treasure trove or an empty cave.  To help with this …
SBS Comms:
Expect Better: SBS Comms  —  The media landscape is changing fast, so don't be slow — out with the old, in with the new.  SBS helps tech companies like GitHub, Cloudflare, Flexport, Ramp and more modernize comms and secure impactful results.
IDrive:
Protecting your Cloud Applications Data  —  Backing up Office 365, Google Workspace, Dropbox & Box data is critical to preventing data loss or corruption, complying with laws and avoiding critical downtime in case of a disaster.

Featured Podcasts

Techmeme Ride Home:
Arm Upends The Entire Semiconductor Industry
The day's tech news, every day at 5pm ET. Fifteen minutes and you're up to date.
Subscribe to Techmeme Ride Home.
The Logan Bartlett Show:
Andy Price (Artisanal): Executive Hiring Advice from the Founder of Tech's Top Recruiting Firm
A podcast hosted by Logan Bartlett, an investor at Redpoint Ventures, covering tech with industry insiders.
Subscribe to The Logan Bartlett Show.
Decoder with Nilay Patel:
The FCC is a weapon in Trump's war on free speech
A show from the Verge about big ideas - and other problems.
Subscribe to Decoder with Nilay Patel.
Generative Now:
Mike Krieger: Product Building Lessons from Co-Founding Instagram to Leading Product at Anthropic
A podcast from Lightspeed dedicated to highlighting the stories, strategies and insights behind today's most exciting AI companies.
Subscribe to Generative Now.
Channels with Peter Kafka:
BuzzFeed wants to build a... social network?
Media and tech aren't just intersecting - they're fully intertwined. To understand how those worlds work, Peter Kafka talks to industry leaders, upstarts and observers.
Subscribe to Channels with Peter Kafka.
Invest Like the Best:
Marc Andreessen - The Battle For Tech Supremacy
The leading destination to learn about business and investing. We do this by showcasing exceptional talent and ideas.
Subscribe to Invest Like the Best.
 

About This Page

This is a Techmeme archive page. It shows how the site appeared at 2:30 PM ET, November 9, 2022.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

More News

Earlier Picks