This Week in Startups Balwani found guilty, Crypto crash updates, + Turkey’s rare earth discovery | E1502
Jul 8, 2022
Sunny Balwani has been found guilty of fraud, raising serious questions about accountability in startups. Meanwhile, the U.S. is grappling with crypto regulations, revealing potential conflicts of interest among officials. The Solana blockchain faces a class-action lawsuit, complicating its future. On a brighter note, Turkey claims to have discovered nearly 700 million metric tons of rare earth materials, which could reshape global supply chains. Lastly, a new job board aims to connect warehouse workers with opportunities.
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Theranos Fraud
- Theranos executives Elizabeth Holmes and Sunny Balwani were found guilty of fraud, misleading investors and endangering patients.
- The TV show about the scandal likely influenced Balwani's conviction, highlighting the power of media.
Diligence for Investors
- Investors must perform thorough due diligence, scrutinizing claims and technology.
- Don't solely rely on others; verify information independently.
Delusion vs. Fraud
- While "fake it till you make it" can be a motivator, there's a distinct line between delusion and fraud.
- Founders should be ambitious but never lie or endanger others.