Jeff John Roberts

Crypto Editor

It took a New York jury less than five hours to find Bankman-Fried guilty of each of the seven fraud-related charges he faced. His law-professor parents—once the toast of San Francisco’s liberal elite—could only look on in despair as their son was led away, while scrutiny grows of their own role in the sorry affair that bilked investors out of at least $8 billion.

Bankman-Fried is due to be sentenced in late March. He’ll also be facing a second trial that includes allegations he tried to bribe Chinese officials. Although lifetime sentences are rare for white-collar crime, Bankman-Fried’s deeds are so notorious—and his lying so pervasive—that he could join Bernie Madoff, who died in prison in 2021, as a rare exception.

For those looking for lessons in all of this, U.S. Attorney Damian Williams summed it up well when he said that “while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time.”

Meanwhile, the crypto industry has survived the colossal blow to its reputation inflicted by Bankman-Fried, and there are even signs a new bull market is underway. Let’s hope that this time around, more people heed Williams’s advice.

The miserable end of Sam Bankman-Fried—and what comes next

FINANCE

CEO of Ozempic prescription startup Calibrate steps down as investors eye ‘rapid downsizing’ of consumer business

Calibrate, backed by Founders Fund and Tiger Global, is making changes to its management team as investors restructure the company.

Apollo CEO Marc Rowan has a secret side gig: ‘It took me a year to realize that I was in the restaurant business’

“I got into the restaurant business by accident,” Rowan tells Fortune. “It all started because I like to build things.”

RETAIL

The alleged crime epidemic in places like San Francisco causing stores to flee may actually just be bad management, investment bank suggests

While crime has risen slightly, the numbers don’t match up, William James said in a research note, citing “potentially ulterior, more opportunistic motives.”

TECH

X, formerly Twitter, valued at $19 billion in new employee stock plan

The Elon Musk-owned social media platform is giving employees a new round of equity compensation, in the form of RSUs.

Israel’s cybersecurity startups are facing a double challenge

Just as many of the country’s engineers are getting called into military duty, cyberattacks against Israel are up 18%.

Airbnb cofounder Joe Gebbia raises $41 million for his startup building small, pre-fabricated houses that spun out of Airbnb in 2022

The startup is betting its pre-made Accessory Dwelling Units could ease California’s housing crunch.

SUCCESS

Gen Z aren’t taking to apprenticeships like millennials did—despite CEOs like Tim Cook and Richard Branson praising university alternatives 

Top-level praise for apprenticeships and the shift to skills-based hiring isn’t convincing aspirational Gen Zers to ditch college degrees.

PERSONAL FINANCE

The ‘great wealth transfer’ isn’t $72 trillion but $129 trillion, BofA says—and the government gave most of it to baby boomers

Government policy has enriched a certain generation of Americans—ones who have been in power for decades.

WELL

Starbucks’ CEO reveals 3 secrets in his daily routine that helped him beat executive burnout

Laxman Narasimhan’s ethos for thriving in the workplace is simple: Take care of yourself first and avoid meetings after 6 p.m. unless they are vitally important.

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