FTX was valued at approximately 33 billion earlier this year. Its investors included Sequoia, SoftBank, and the Ontario Teachers Pension Plan. Documents by coin desk last week show FTX may not have been backing user funds one to one behind the scenes.
Kara and Scott dissect what the FTX meltdown means for cryptocurrency, Meta's layoffs, and how the midterms might impact big tech. Friend of Pivot Jonathan Haidt stops by to talk about the impacts of social media on teens and society. And hours after our regular taping, we dragged Scott out of a fancy London bar to record an updated reaction to the latest Twitter news: Elon Musk was warning of a possible Twitter bankruptcy, while top executives were jumping ship.
You can check out more of Jonathan Haidt's work here.
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