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Bestselling author Michael Lewis discusses the downfall of crypto exchange FTX, the influence of FOMO in Silicon Valley, and the importance of emotional intelligence in organizations.
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- The downfall of FTX can be attributed to poor management and lack of expertise in building trading firms.
- FTX's mission of effective altruism was hindered by the absence of emotional intelligence within the organization, leading to critical blind spots in risk management and decision-making.
Deep dives
The Rise and Revenue of FTX
FTX, a cryptocurrency trading firm, experienced a meteoric rise in revenue from $20 to $100 to $950 to a billion dollars. The company's success was driven by the popularity of its online casino and the increasing number of people participating in cryptocurrency gambling. Despite concerns about the legitimacy of the business, FTX generated significant revenue, trading $250 billion of crypto monthly and earning between $900 million to $1 billion annually. However, the downfall of FTX can be traced back to its legacy business, Alameda Research, where poor management and lack of expertise in building trading firms led to risky operations and jeopardized the stability of FTX.
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