FT News Briefing Crypto collapse hits black Americans hard
Jul 11, 2022
Elon Musk is facing legal turbulence as he tries to bail on his $44 billion Twitter deal, amidst claims of misinformation. Meanwhile, the crypto market crash has hit black Americans particularly hard, shedding light on existing financial vulnerabilities. Many invested in cryptocurrency seeking independence, but the downturn has stirred deep concerns reminiscent of past economic crises. In another vein, Cairo's iconic houseboats are being removed in a controversial urban redevelopment that threatens the city’s cultural legacy.
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Twitter vs. Musk
- Elon Musk is trying to exit his Twitter deal, citing misleading information about spam accounts.
- Twitter hired a law firm and plans to sue, aiming to enforce the agreement.
Crypto's Impact on Black Americans
- Black Americans' higher cryptocurrency exposure stems from historical financial exclusion.
- They hoped for early gains and financial freedom, making them vulnerable to the crypto crash.
Cairo's Houseboats
- Cairo is removing its historic houseboats for urban redevelopment along the riverbanks.
- This project, led by the military, raises concerns about the loss of cultural heritage.