Economics/Class Relations

Crypto kingpin goes down

Nicholas Carlson November 9, 2022


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But as for this newsletter, a million publications are going to tell you what happened last night in American politics. So allow me to zig while everyone else zags … and share some fascinating stories about what else is going on, from Meta layoffs to crypto chaos.

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The big story


Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight. Let’s break down what happened.


The 30-year-old shocked the cryptocurrency world on Tuesday after he announced that his exchange FTX had entered into a transaction to be acquired by rival Binance. It was a stunning turn of events, as Bankman-Fried (a.k.a. SBF) and his exchange were both viewed as saviors of the crypto market.


Before all of this, SBF was one of the world’s wealthiest people, with a net worth of $16 billion. Today, per Bloomberg, most of his wealth was likely gutted by the deal. This marks the biggest one-day wealth collapse among billionaires on record.


To really unpack what happened with FTX, check out the helpful rundown from our markets newsletter, 10 Things Before the Opening Bell. (And be sure to sign up to get the newsletter here.)


Dig into SBF’s reversal of fortune here.

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Today’s sound bite
“Instead of paying a fee for a working artist, you can get something that’s not as good, but vaguely in their style for basically nothing.” 
Insider’s Beatrice Nolan on the murky ethics behind AI-generated art. Check out the full segment in today’s episode of The Refresh from Insider.
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Today’s team
Nicholas Carlson (@nichcarlson), Lisa Ryan (@lisarya), Jordan Parker Erb (@jordanparkererb), and Shona Ghosh (@shonaghosh).
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