DIRS.INFO The most relevant business & tech news

☆ Opinion | How Trump’s Team Blew It
▼ + stars: | 2024-05-30 | by ( Renato Mariotti | ) www.nytimes.com time to read: +1 min

The criminal trial of Donald Trump didn’t have to end this way. If Mr. Trump’s lawyers had played their cards right, they most likely would have ended up with a hung jury or a misdemeanor conviction. The defense lost a winnable case by adopting an ill-advised strategy that was right out of Mr. Trump’s playbook. I have practiced criminal law for over 20 years, and I have tried and won cases as both a federal prosecutor and criminal defense attorney. The defense needs its own story, and in my experience, the side that tells the simpler story at trial usually wins.

Persons: Donald Trump didn’t, Alvin Bragg, Trump’s, I’ve, marshaling Locations: Manhattan

☆ As Sam Bankman-Fried awaits prison sentence, FTX customers await a surprise: full repayment
▼ + stars: | 2024-02-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last week that they expect to fully repay customers and creditors with legitimate claims. After the dust settled from FTX's bankruptcy, Solana saw a huge run-up in its price, and it continued to rally after the September report. The bankruptcy estate of FTX has been looking to sell its Anthropic stake, according to a court filing this month. For FTX customers, being made whole, according to a judge's ruling, means getting the cash equivalent of what their crypto was worth in November 2022.

Persons: Sam Bankman, Fried, FTX, Andrew Dietderich, —, Joseph Bankman, Barbara Fried, Brendan Mcdermid, John Ray III, Michael Kives, Braden Perry, FTX's, Ray, we're, It's, Solana, Lewis Kaplan, Elizabeth Williams, Michael Lewis, Lewis, IOUs, Perry, SBF, Renato Mariotti, Mariotti Organizations: Bankman, Federal Court, Reuters, K5 Global, SpaceX, Commodity Futures Trading Commission, CNBC, Alameda Research, U.S . Justice Department's Securities, Commodities, SEC Chari Locations: FTX, Delaware, Plenty, Palo Alto , California, New York City, U.S, Bankman, Solana, Alameda, FTX's, Anthropic, New York, Brooklyn

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Heroes to zeroes in 12 months: How the two biggest crypto billionaire CEOs proved the critics right
▼ + stars: | 2023-12-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. Meanwhile, Solana is nearly 10x higher in the last 12 months, and bitcoin miner Marathon Digital has also skyrocketed. That same year, Bankman-Fried earned street cred in crypto circles for his bitcoin arbitrage trading strategy, dubbed the Kimchi swap. The relationship between Zhao and Bankman-Fried began to sour a few months after they met. In Nov. 2022, a fight between Bankman-Fried and CZ on Twitter, now known as X, pulled the mask off the scheme.

Persons: Sam Bankman, Zhao Changpeng, Bitcoin, Solana, Binance's, Zhao, FTX's Sam Bankman, Fried, JPMorgan Chase, Jamie Dimon, bitcoin, Bill Gates, Warren Buffett, Elizabeth Warren, execs, Renato Mariotti, Michael Lewis, Sam, gunning, Lewis, SBF, Binance, FTX, Goldman Sachs, General Merrick Garland, Garland, Amr Alfiky Organizations: Marathon, JPMorgan, Microsoft, Capitol, Department of Justice, U.S . Justice Department's Securities, Commodities, CZ, Alameda Research, Formula, Democratic, Twitter, Emergency Economic, U.S ., Futures Trading Commission, Treasury Department, Securities, Exchange Commission, Justice Department, DOJ, Reuters Locations: Hong Kong, Singapore, Bankman, FTX, Miami, Washington, Alameda, U.S, New York City

☆ Three hours to guilty: How the government nailed Sam Bankman-Fried
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +9 min

David Dee Delgado | ReutersIn Sam Bankman-Fried's fraud trial, prosecutors won quickly by keeping it simple. "While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time," Williams said. Sam Bankman-Fried's parents, seated to the left, react to the verdict. "Sam Bankman-Fried will be remembered as one of the biggest fraudsters of our lifetimes," Mariotti said. WATCH: Sam Bankman-Fried found guilty on all seven counts

Persons: Sam Bankman, David Dee Delgado, CNBC they'd, Yesha Yadav, Fried, Nicolas Roos, Danielle Sassoon, Crypto, Roos, Sassoon, Marc, Antoine Julliard, Renato Mariotti, who's, Bryan Cave Leighton Paisner, Damian Williams, Williams, Andrew Ross Sorkin, Sorkin, that's, It's, SBF, Mariotti, Paul Tuchmann, Wiggin, Dana, Tuchmann, Elizabeth Williams, Caroline Ellison, Bankman, Ellison, James Koutoulas, Koutoulas, Gary Wang, Nishad Singh, FTX coder Adam Yedidia, FTX's, Sun, Kevin J, O'Brien, Mark Cohen Organizations: FTX, Manhattan, Reuters, CNBC, Vanderbilt University ., U.S . Justice Department's Securities, Commodities, Southern, of, Prosecutors, Stanford, Alameda Research, New York Times DealBook, Washington , D.C, U.S, Justice Department, Trading Commission, Securities and Exchange Commission Locations: New York City, London, Chicago, U.S, of New York, Alameda, Washington ,, Bankman, New York

☆ SBF's conviction is the final nail in the coffin for crypto bros hoping to get rich quick
▼ + stars: | 2023-11-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried was found guilty of all seven charges against him. AdvertisementAdvertisementA New York jury took less than five hours on Thursday to find Sam Bankman-Fried guilty of all seven charges the FTX founder faced. Now facing up to 110 years in prison, SBF's conviction marks the final nail in the coffin for the coterie of crypto bros who got rich quick. Bankman-Fried also testified he believed regulation would help give FTX a competitive edge over rival crypto exchange Binance. That complaint includes one especially damning exchange, in which the SEC alleges Binance's chief compliance officer said:"we are operating as a fking unlicensed securities exchange in the USA bro."

Persons: Sam Bankman, Fried, Crypto's, —, Renato Mariotti, that's, it's, SBF, Binance's, There's, Kwon, Luna, Elon Musk's, Joe Biden's Organizations: Service, bros, BlackRock, DMs, Securities, Exchange Commission, Binance, SEC, New York Magazine Locations: York, Japan, Washington, Binance, USA

☆ Here are the emails, texts and photos that could put Sam Bankman-Fried in prison for life
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried.

Persons: Sam Bankman, Fried, FTX, Renato Mariotti, Bryan Cave Leighton, Caroline Ellison, —, Alameda —, Ryan Pinder, Rob Creamer, didn't, Ellison, he'd, HOOD, they'll, FTX's, Sun, Bankman, Stephen Curry, Tom Brady, Giselle Bundchen, Larry David, Nishad Singh, Michael Kives, Bryan Baum, Hillary Clinton, Katy Perry, Orlando Bloom, Leonardo DiCaprio, Kris, Kylie Jenner, SDNY Singh, Baum, Drappi, Jane Rosenberg, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Ryan Salame, Changpeng Zhao, Michael Lewis, Singh, Lewis Organizations: U.S . Justice Department's Securities, Commodities, Lawyers, U.S, Alameda Research, Alameda, Geneva Trading, FIA, Traders Group, Wall Street Journal, Google, shuttering, Prosecutors, NBA, Major League Baseball, K5, Federal Court Locations: Chicago, Bahamas, Bankman, Alameda, FTX, shuttering Alameda, Hong Kong, New York City, U.S, Sequoia, Alameda's

☆ Sam Bankman-Fried blames top lieutenants for FTX troubles in second day of testimony in criminal trial
▼ + stars: | 2023-10-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +10 min

The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In describing the swift downfall of FTX, Bankman-Fried said that customer withdrawals had quickly increased from $50 million a day to $1 billion a day. For example, Sassoon asked Bankman-Fried if he assured people that Alameda played by the same rules as others on the FTX exchange. Sassoon asked Bankman Fried, "Would you agree you know how to tell a good story?" Sassoon asked.

Persons: Sam Bankman, Fried, Kyle Mazza, FTX, Mark Cohen, Caroline Ellison, Ellison, Gary Wang, Nishad Singh, Singh, Sun, Jane Rosenberg, Renato Mariotti, Bryan Cave Leighton Paisner, Mariotti, Danielle Sassoon, I'm, Sassoon, Bankman, Crypto, wasn't, Bankman Fried, Vox, he's, Alameda, —, Dawn Giel Organizations: Court, Anadolu Agency, Getty, Alameda Research, Alameda, Bloomberg, Apollo, Reuters, U.S . Justice Department's Securities, Commodities, CNBC, U.S, PR Locations: New York City, Alameda, New York, U.S, Chicago

☆ Sam Bankman-Fried's defense team fails to land a blow as he takes the stand
▼ + stars: | 2023-10-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Sam Bankman-Fried took the stand in a New York courtroom on Thursday, as he and his defense team auditioned their best legal material for U.S. District Judge Lewis Kaplan. Bankman-Fried, the son of two Stanford legal scholars, has pleaded not guilty in the case. Several of these witnesses have themselves pleaded guilty to multiple charges, including Bankman-Fried's ex-girlfriend Caroline Ellison, who faces a maximum sentence of 110 years for crimes committed while she was the CEO of Alameda. Given that the core issue will be intent to defraud, SBF should be portraying himself as clueless, inattentive, and in over his head. But for years he had portrayed himself as a visionary genius, and I don't expect that to change on the stand," he said.

Persons: Sam Bankman, Fried, District Judge Lewis Kaplan, Fried's, Mark Cohen, Dan Friedberg, SBF, Renato Mariotti, Bryan Cave Leighton, Caroline Ellison Organizations: U.S, District, Stanford, U.S . Justice Department's Securities, Commodities, Alameda Research, Prosecutors Locations: New York, Manhattan, Chicago, Alameda

☆ Carnage in the bond market again with benchmark ETF down 10% on year to lowest since 2011
▼ + stars: | 2023-09-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Treasury yields are spiking to levels not seen in over 15 years, causing sell-offs in many of the market's biggest bond funds. The iShares 20+ Year Treasury Bond ETF (TLT) closed at $89.18 on Monday, which was its lowest close since Feb. 10, 2011, according to FactSet. The Fed's target interest rate is already above 5%, as are short-term Treasury yields. But the long-term decline in bond yields began roughly two decades before that. That trend may finally have reached its turning point, Jim Grant, founder of Grant's Interest Rate Observer, said Tuesday on CNBC's " Squawk Box ."

Persons: Bruno Braizinha, Braizinha, Goldman Sachs, Cecilia Mariotti, Mariotti, Ajay Rajadhyaksha, Jonathan Krinsky, Jim Grant, Grant, BTIG's Krinsky Organizations: Treasury Bond ETF, iShares, Aggregate Bond, Treasury, Bank of America, Barclays, Federal

☆ Donald Trump: A stunning possible fourth indictment looms over the former president and the 2024 election
▼ + stars: | 2023-08-14 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

Trump believes he will be among them and is already fundraising off of the possibility of more criminal charges, casting them as Democratic efforts to interfere in the 2024 election. But there will be key differences between the potential case in Georgia and Trump’s previous indictments. Investigators have long suspected the breach was not an organic effort sprung from sympathetic Trump supporters in the Republican stronghold. Smith, for example, has asked a judge to open a trial into the election interference charges in January – just two weeks before the Iowa caucuses. It’s too early to speculate how headlines about these cases could weigh on Trump or Biden in November 2024.

Persons: Donald Trump, quagmire, Fani Willis, Willis, Trump, He’s, Jack Smith’s, Brian, Kemp, There’s, Renato Mariotti, ”, Attorney Alvin Bragg, he’s, Smith, Geoff Duncan, –, he’d, George Chidi, Sen, Jen Jordan, Brad Raffensperger, Biden’s, Raffensperger, Tanya Chutkan –, ” Chutkan, General Merrick Garland, David Weiss, Hunter Biden, Joe Biden, Republicans –, Joe, ’, It’s Organizations: CNN, Democrat, “ CNN, House, Manhattan, Attorney, Republican, Independent, Democratic, Trump, Milwaukee, GOP, Iowa, Fair, Justice, Biden, Republicans, Trump Save America Locations: Atlanta, Georgia, Manhattan, Florida, Washington , DC, Washington, Fulton County, Peach, Coffee County , Georgia, –, Iowa

☆ Analysis: Donald Trump's legal drama grows by the day
▼ + stars: | 2023-08-10 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

CNN —Donald Trump’s already daunting legal predicament gets grimmer by the day as new details emerge of the depths to which he was prepared to stoop to reverse his defeat in the 2020 election. And as the former president’s legal team juggles court dates in different cities this week, their task in defending Trump is getting ever more complex. The stampede of developments around Trump’s cases is providing only a hint of the political and legal collision that is likely to unfold next year. But data from Trump’s account could potentially provide information about which phone – and potentially person – posted tweets to the account. Twitter data might also show any direct messages sent to or from Trump’s account.

Persons: Donald Trump’s, Trump, Fani Willis, Jack Smith’s, Carlos De Oliveira, Walt Nauta, Biden, Craig Robertson, Attorney Alvin Bragg, Stormy Daniels, Bragg, George Soros, Robertson, ”, General Merrick Garland, Willis –, –, Willis, Gov, Geoff Duncan, ” Duncan, CNN’s Erin Burnett, Georgia Biden, Brad Raffensperger, CNN’s Sara Murray, Elie Honig, Smith, “, Renato Mariotti, Jake Tapper, Trump ‘, ’ ” Trump, Joe Biden’s DOJ, ” Trump Organizations: CNN, Trump, Twitter, New York Times, FBI, Democratic, Manhattan, Attorney, Republican Locations: Georgia, Fulton County, Atlanta, Washington, Mar, Florida, Trump’s, Utah, Fulton, Coffee County , Georgia

☆ You'd need to be a millionaire with great credit to buy the life-size Barbie Malibu Dreamhouse
▼ + stars: | 2023-07-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

In the real world, it would be pretty expensive to live like Barbie — especially when it comes to housing. Consider Airbnb's life-size Barbie Dreamhouse rental in Malibu, an all-pink mansion decked out in Barbie décor, for example. That's a pretty high credit score; any score between 740 and 799 qualifies as "very good," according to Experian. While the oceanfront estate is privately owned and isn't actively for sale, several real estate companies have given varying estimates of what it may be worth. RubyHome estimates the pink mansion is worth about $10 million, Mariotti says.

Persons: Barbie, Barbie décor, Tony Mariotti, It's, Mariotti Organizations: CNBC Locations: Malibu

In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France. Ripple's XRP token went up 68% in the last 24 hours, leading a wider rally of major-cap altcoins, as crypto traders digest a key ruling that could stifle U.S. regulator efforts to stamp out digital asset trading. All four tokens were recently singled out as securities in the U.S. Securities and Exchange Commission's formal suits against popular crypto retail trading exchanges, including Binance and Coinbase . But the Thursday summary judgement from U.S. District Judge Analisa Torres calls that classification into question. Ripple maintained that its token is not a security — triggering ongoing confusion over which digital coins fall into which regulatory bucket.

Persons: Ripple's, Algorand's, Analisa Torres, Brad Garlinghouse, Renato Mariotti, Bryan Cave Leighton Organizations: U.S . Securities, Exchange, District, SEC, Labs, San, U.S . Southern, of New, U.S . Justice Department's Securities, Commodities Locations: Paris, France, San Francisco, U.S, of New York, Chicago

☆ Leaked audio of Trump saying he has a 'secret' document that he knows he can't declassify is 'more damning than indictment,' one expert said
▼ + stars: | 2023-06-27 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

An audio clip obtained by CNN shows Trump saying he has a "highly confidential" document. Renato Mariotti, a former federal prosecutor, said on Twitter Monday the audio clip was "even more damning than it reads in the indictment." In the audio, Trump says "I have a big pile of papers" as it sounds like someone rifling through pages. "This totally wins my case, you know," Trump says, "except it is like highly confidential, secret — this is secret information." The audio clip shared by CNN ends with Trump saying to someone, "Hey, bring some Cokes in please."

Persons: Trump, —, Donald Trump, Jack Smith's, Renato Mariotti, Hillary, Hillary Clinton, Anthony Weiner Organizations: CNN, Service, FBI, Trump, Twitter, Fox News, National Archives Locations: Lago, Iran

☆ Leaked audio of Trump saying he has a 'secret' document that he knows he can't declassify is 'even more damning than it reads in the indictment,' one expert said
▼ + stars: | 2023-06-27 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

☆ Village garbage man helped unearth ancient bronze statues in Tuscany
▼ + stars: | 2023-06-02 | by ( Alvise Armellini | ) www.reuters.com time to read: +5 min

About two dozen bronze statues from the third century BC to the first century AD, extracted from the ruins of an ancient spa, will go on display in Rome's Quirinale Palace from June 22, after months of restoration. When the discovery was announced in November, experts called it the biggest collection of ancient bronze statues ever found in Italy and hailed it as a breakthrough that would "rewrite history". The statues were found in 2021 and 2022 in the hilltop village of San Casciano dei Bagni, still home to popular thermal baths, where archaeologists had long suspected ancient ruins could be discovered. Digging started in 2019 on a small plot of land next to the village's Renaissance-era public baths, but weeks of excavations revealed "only traces of some walls", San Casciano Mayor Agnese Carletti said. Then former bin man and amateur local historian Stefano Petrini had "a flash" of intuition, remembering that years earlier he had seen bits of ancient Roman columns on a wall on the other side of the public baths.

Persons: dei, Casciano Mayor Agnese Carletti, Stefano Petrini, San, Petrini, Emanuele Mariotti, Maria Giuseppina Valeri, Laura Rivaroli, Roman, San Casciano dei, Ada Salvi, Salvi, Mariotti, Marcius Grabillo, Janet Lawrence Organizations: Casciano Mayor, Culture Ministry, Grosseto, Arezzo, Thomson Locations: Rome, Italy, Tuscany, Quirinale, San, Casciano, San Casciano's, San Casciano, Tuscan, Siena

☆ Reports of bombshell Trump recording suggests prosecutors may have grounds to charge him under the Espionage Act
▼ + stars: | 2023-06-01 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

CNN reported Trump was captured on audio in 2021 admitting he took a classified document. Federal prosecutors investigating Trump's handling of documents have the recording, CNN said. The recording included Trump saying he was not sure he was able to declassify records after leaving the presidency, two sources said. The sources said Jack Smith, the special counsel leading the Justice Department's investigations into Trump, has focused on the summer 2021 meeting in which the audio recording was taken. Legal experts respond to reports of the audio recording"This is absolutely blockbuster evidence," Renato Mariotti, a former federal prosecutor, wrote on Twitter of the reported audio.

Persons: Trump, —, Donald Trump, Jack Smith, President Trump, Renato Mariotti, …, Peter Strzok, Ryan Goodman, Goodman, Richard W, Painter, George W, Bush Organizations: CNN, Service, The New York Times, CBS, Trump, FBI, Justice, Justice Department, Twitter, New York University, White, DOJ Locations: Iran, Lago

☆ Fox News settles lawsuit with Venezuelan businessman it accused of helping rig the 2020 US presidential election, as it readies for $1.6 billion Dominion trial
▼ + stars: | 2023-04-10 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Fox News has settled a defamation lawsuit filed by Venezuelan businessman Majed Khalil. Khalil was accused on air of rigging the 2020 presidential election by then Fox host Lou Dobbs. The former Fox host also accused Khalil and other Venezuelans of being involved in a scheme to oust former president Donald Trump. Khalil filed a $250 million lawsuit against Dobbs, Fox News, and former Trump lawyer Sidney Powell in December 2021. Dominion's mammoth $1.6 billion lawsuit against Fox Corp, which it filed after Fox accused the company of using its voting machines to aid Joe Biden's victory, has garnered the most attention.

☆ Trump slams indictment, calls indict ment 'political persecution and election interference'
▼ + stars: | 2023-03-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump slams indictment, calls indict ment 'political persecution and election interference'Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Mick Mulvaney, former White House chief of staff, Renato Mariotti, former federal prosecutor, and former HUD chief Julian Castro join the show as a panel to discuss the indictment against Donald Trump.

☆ $30 million of Funko Pop! toys get thrown in the trash
▼ + stars: | 2023-03-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Thirty million dollars worth of Funko (FNKO) Pop! figures – those big-headed, vinyl pop-culture dolls – will soon make their way into the hands of a new collector: The garbage collector. Funko said in its fourth quarter earnings report that a combination of waning demand for the toys and a surplus of inventory is creating financial trouble for the company. Funko was holding onto about $246.4 million worth of dolls at the end of 2022. The company reported a total loss of $47 million in the fourth quarter of 2022.

☆ $30 million worth of Funko Pop figurines are headed to the dump, as the company looks to purge excess inventory
▼ + stars: | 2023-03-04 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +2 min

Funko will throw away $30 million worth of its plastic figurines, the company said this week. The move comes after Funko Pop inventory ballooned nearly 50% in the last year. According to the company, by the end of 2022 its inventory was valued at $246.4 million, an increase of 48% from the same period last year. The way forward, according to the company, is to throw away much of that inventory, as its button-eyed dolls clutter warehouses and store shelves. Still, Funko executives said the company is working hard to course correct and keep its brand top-of-mind for consumers across the globe.

☆ The SEC has a stablecoin firm in its sights — and it could shake up the whole $137 billion market
▼ + stars: | 2023-02-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Paxos has been ordered by New York regulators to stop issuing the Binance USD (BUSD) stablecoin. The move will have major implications for the $137 billion market, experts told CNBC. Are stablecoins securities? Renato Mariotti partner, BCLPIf BUSD is deemed a security by the SEC then the regulator would have oversight over the stablecoin. "Absent a successful fight, it is most likely BUSD will no longer be sold into the U.S. or be available on U.S.-based digital asset exchanges," Lansing said.

Musk, who is expected to be called as a witness in San Francisco federal court this week, has built a cult-like following for his irreverent humor, marketing skills and vision. Legal experts said a jury trial can turn on a key witness and the attorney who questions Musk needs to establish control, minimizing Musk's ability to use his charisma. In the current case, Musk sat for a daylong deposition in 2021 with lead shareholder attorney Nicholas Porritt. The jury is likely to see the "greatest hits" from that interview, according to trial attorney Renato Mariotti, who is not involved in the case. Reporting by Tom Hals in Wilmington, Del., and Jody Godoy in San Francisco; Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ I expect Sam Bankman-Fried to serve a substantial prison sentence, says fmr. Federal prosecutor
▼ + stars: | 2022-12-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI expect Sam Bankman-Fried to serve a substantial prison sentence, says fmr. Federal prosecutorRenato Mariotti, former Federal prosecutor, joins 'TechCheck' to discuss Sam Bankman-Fried's choices for a plea deal, shoes left to drop in the crypto arena and restitution implications.

Search resuls for: "Mariotti"

25 mentions found