Business

Reuters reports: The collapse of FTX is the subject of scrutiny from investigators in the Bahamas, who are looking at whether any “criminal misconduct occurred,” the Royal Bahamas Police said on Sunday. FTX filed for bankruptcy on Friday, one of the highest profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours and …

Reuters reports: At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large portion of that total has since disappeared, they said. One …

The Guardian reports: Twitter’s relaunched premium service – which grants blue check verification labels to anyone willing to pay $8 a month – was unavailable on Friday after the social media platform was flooded by a wave of imposter accounts approved by Twitter. Before billionaire Elon Musk took control of the social media platform two weeks ago the blue check …

CBS News reports: FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world’s biggest cryptocurrency exchanges. Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. “The immediate relief of Chapter 11 is appropriate to provide the FTX Group …

CNBC reports: The Federal Trade Commission is closely watching Twitter’s moves under new owner Elon Musk, a spokesperson said in a statement Thursday. The agency struck a settlement with Twitter earlier, which granted it oversight of certain security and privacy practices at the company. “We are tracking recent developments at Twitter with deep concern,” an FTC spokesperson said in a …

The Verge reports: Two other top Twitter executives are leaving the company. Yoel Roth, Twitter’s head of trust and safety, and Robin Wheeler, the head of ad sales, are both out. First reported by Platformer’s Zoe Schiffer and Casey Newton, the news was confirmed to The Verge’s Alex Heath by two people familiar with the matter. The two executives resigned, …

Just out via press release: Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between exchanges. Many consumers had issues with accessing funds in their …

The Washington Post reports: Several top privacy and security executives resigned from Twitter on Thursday, citing fears over the risks from Elon Musk’s leadership, a stunning exodus that prompted federal regulators to warn they might step in. Chief Information Security Officer Lea Kissner tweeted Thursday morning that they had made the “hard decision” to resign, and the company’s chief privacy …

Reuters reports: Twitter’s new owner Elon Musk told advertisers on Wednesday he aimed to turn the social media platform into a force for truth and stop fake accounts in an effort to assuage brands and advertising agencies that have increasingly been backing away. Days after Twitter rattled users and advertisers by cutting half its staff, over 100,000 listeners tuned in …

CNN Business reports: Twitter appears to be battling a wave of celebrity and corporate impersonators on its platform who have quickly gamed the company’s new paid verification system, hours after its launch. The fake verified accounts had posed as former President Donald Trump, Rudy Giuliani, Nintendo of America, the basketball player LeBron James, the software company Valve and others. The …

The Associated Press reports: Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday. The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been …

Bloomberg News reports: While Elon Musk tinkers with newly acquired Twitter, his net worth has dropped by almost half from last year’s peak. Shares of Tesla Inc., the electric car maker that comprises the bulk of his fortune, traded as low as $186.75 intraday Tuesday as investors question whether the billionaire is spreading himself too thin among his many high-profile …

The Verge reports: Twitter’s daily user growth hit “all-time highs” during the first full week of Elon Musk owning the platform, according to a company document obtained by The Verge. Since Musk’s dramatic takeover, Twitter’s monetizable daily user (mDAU) growth has accelerated to more than 20 percent, while “Twitter’s largest market, the US, is growing even more quickly,” according to …

Business Insider reports: Elon Musk could put Twitter behind a paywall and charge users a monthly fee to view tweets, according to a report from tech newsletter Platformer. A person familiar with the plans told Platformer that both Musk and one of his advisers, venture capitalist David Sacks, have discussed the idea in meetings in recent days. The potential change …

The New York Times reports: Meta plans to lay off employees this week, three people with knowledge of the situation said, adding that the job cuts were set to be the most significant at the company since it was founded in 2004. It was unclear how many people would be cut and in which departments, said the people, who declined …

CNBC reports: While Elon Musk complains publicly about advertisers abandoning Twitter due to activist pressure, a coalition of civil rights groups is escalating a call for brands to halt spending on the platform in light of what they see as inflammatory rhetoric and problematic policy changes from the company’s new owner. The coalition, dubbed #StopToxicTwitter, consists of organizations including Media …

The Insider reports: Twitter suspended comedian Kathy Griffin’s account on Sunday evening after she jokingly pretended to be Elon Musk on the platform and mocked him in several tweets. Griffin now joins a range of several celebrities and figures who had their Twitter handles suspended for parodying Musk. A week earlier, the billionaire had declared that “comedy is now legal …

Bloomberg News reports: Twitter Inc., after laying off roughly half the company on Friday following Elon Musk’s $44 billion acquisition, is now reaching out to dozens of employees who lost their jobs and asking them to return. Some of those who are being asked to return were laid off by mistake, according to two people familiar with the moves. Others …

Bloomberg News reports: Twitter Inc. has started giving users who sign up for $8 a month a verified check mark, days after owner Elon Musk floated the idea of a new verification system. “Power to the people,” Twitter said in the version notes for its latest update that was released Saturday. “Your account will get a blue checkmark, just like …

Yahoo News reports: As Twitter’s system for verifying that people really are who they say they are now requires a $7.99/month fee, celebrities who already had a blue checkmark, including “One Day at a Time” actress Valerie Bertinelli changed their names on the platform to “Elon Musk” as a subtle protest. Vanity Fair TV critic Sonia Saraiya also changed her …