While the 2022 midterm elections released the majority of its results this past week, two financial disasters ran with a flood of breaking news in crypto currency and Elon Musk’s new toy, Twitter.
Last Wednesday, Dow Jones dropped about 1,000 points, alerting people to the collapse of FTX, a Bahama-based crypto currency exchange. FTX’s founder Sam Bankman-Fried, 30, lost 94 percent of his assets, going from net worth of $15.2 billion to $991.5 million, in one day of stock losses and resigned. He had secretly moved $10 billion of customer funds to his trading company Alameda Research with about 130 affiliated companies, and about $1-2 billion disappeared. A rescue deal with Binance collapsed, and the company filed for bankruptcy.
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