FTX was supposedly positioned as an exchange and can make money either. But when you're running a bank, there's always the possibility that you'll loot the bank doing whatever you in this case they had like over 100 different entities. And somewhere in this process, either Alameda or FTX caused a lot of this money to disappear and sort of could be bad investments by Sam Bankman Fried and his cronies.
Economist and author Arnold Kling talks with EconTalk host Russ Roberts about the recent drama in the tech world--Elon Musk's acquisition of Twitter, the collapse of FTX, and the appearance of ChatGPT. Underlying topics discussed include the potential for price discrimination to make social media profitable, whether you could tell Jeff Bezos from Sam Bankman-Fried early on, and the role of human beings in the world of artificial intelligence.