A Hard Fork in the Road: FTX’s Unraveling and Elon’s Loyalty Oath
A Hard Fork in the Road: FTX’s Unraveling and Elon’s Loyalty OathUpdate: 2022-11-18
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The balance sheet contains an apology, the in-house coach is concerned that company executives are “undersexed” and billions in customer funds remain in jeopardy. The wreckage at FTX goes from bad to worse.
Plus: Elon’s “extremely hardcore” plan for Twitter 2.0.
Additional Resources:
- George K. Lerner, FTX’s in-house performance coach, said he was shocked by the collapse of FTX.
- In an interview with Matt Levine, a Bloomberg columnist, Sam Bankman-Fried described his strategy to restore faith in the crypto ecosystem.
- Bankman-Fried reflected on his actions as chief executive of FTX in a series of Twitter messages with Kelsey Piper, a Vox reporter.
- Elon Musk told Twitter employees in an email that the company would become an “extremely hardcore” operation. Employees were asked to click yes to be part of the new Twitter or take severance.
- Musk’s social calendar includes courting comedians and hopping on yachts.
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@42:20: This is an impressively knuckle-headed theory that suggests the hosts have a very poor understanding of finance. It's as if the hosts don't understand the difference between debt and equity. If Elon or Twitter (e.g., via an LBO) have secured debts, the value of the debt doesn't decrease just because the collateral/ securitization loses value. It might make sense if the issue were of equity held by investors rather than debts held by creditors. The only other way this makes sense is if the debts are unsecured (unlikely) or there's an implied threat of bankruptcy. People are just so deceived by Elon that they're blind to the obvious--i.e., he's an insecure, rash, dim child--and choose instead to concoct stories about he's actually playing n-dimensional chess. He's not even playing tic-tac-toe.
Elina is more interested in performing for his fan-boys than in running any companies. He's just a jackass who got rich from a lucky bet on PayPal and has since gotten rich off of engineers who try to make sense of his nonsense. He's a deeply insecure, immature moron whose identity is wrapped up in trolling.
Awesome. I’m very glad this podcast does its thing. Thank you everybody for your hard work.