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☆ FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
▼ + stars: | 2023-01-06 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

They're currently scrutinizing former FTX engineer Nishad Singh, people familiar with the matter said. Singh first met Sam Bankman-Fried through the now-disgraced FTX founder's younger brother Gabe, who he was high school friends with. "[Former FTX chief technology officer] Gary [Wang] is scared, Nishad is ashamed and guilty," Bankman-Fried said. "It hit [Singh] hard. Read more: Everything we know about Nishad Singh, the 27-year-old former FTX exec who had an 8% stake in the crypto exchange

☆ Banks vs. Fintechs: Why all the billions in the world can't help Wall Street crush its digital rivals
▼ + stars: | 2023-01-05 | by ( Bianca Chan | Reed Alexander | ) www.businessinsider.com time to read: +15 min

To compete, banks have written fat checks to acquire fintechs — tech, talent, and all. But on Wall Street, old habits die hard, and Goldman has struggled to make Marcus, a big fintech bet, a success. Since the beginning of the pandemic, Wall Street leaders have been at the helm of a push to get their employees back to their desks. It's more that the very things that make Wall Street, well, Wall Street are preventing it from embracing the ethos of Silicon Valley. And perhaps, for Wall Street, that's the moral of the story.

☆ Why now is the best time for Gen Zers to launch a business, and how they're taking advantage of the opportunity to change the workforce
▼ + stars: | 2023-01-05 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Here's why now is the best time for Gen Zers to start their own businesses. It helps that some successful Gen Zers are earning more than America's top CEOs. Here's why now is the best time to start a business for young people and two Gen Z entrepreneurs who have done it. New ventures in copywriting, social media management, and virtual assisting have been among some of the most successful, Mawhinney said. With this in mind, young founders have the opportunity to build brands that new workers resonate with.

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☆ Apple is coming off a terrible year and Wall Street is torn on whether it's set for more pain or about to skyrocket.
▼ + stars: | 2023-01-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

While the meeting minutes don't tell us exactly what the Fed will do next month, generally they are worth paying attention to for hints into the thinking of central bankers. Shares fell further on Tuesday and Wednesday after a Nikkei report said demand for MacBooks, AirPods, and Apple Watches is weakening. But Loup Funds' Gene Munster said Apple stock should be worth double its current value, given that it's one of the world's greatest companies. What's your outlook for Apple stock this year? This hedge fund manager has returned 163% over the last year, and he's anticipating more pain to come for stocks.

☆ Sam Bankman-Fried's $470 million Robinhood stake is set to be seized by US authorities, attorney says
▼ + stars: | 2023-01-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's Robinhood shares are set to be seized by US authorities, an attorney said Wednesday. Bankman-Fried, FTX's new bosses, bankrupt crypto lender BlockFi and FTX creditor Yonatan Ben Shimon have all laid claim to the Robinhood stake, per a December 22 court filing. Bankman-Fried disclosed a 7.6% stake in Robinhood in May, acquiring 56.3 million shares in the trading platform for $648 million through an Antigua-based holding company called Emergent Fidelity Technologies. Robinhood shares traded at $8.36 as of Wednesday's closing bell – meaning that Emergent's position is now worth just over $470 million. Read more: Sam Bankman-Fried is facing off against FTX's new bosses in a 4-way battle for $450 million of Robinhood shares

☆ Wall Street's competitive and rigorous internship process could use a facelift
▼ + stars: | 2023-01-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street's version of the Hunger Games — nabbing a summer internship at an investment bank — is about to kick off. Thousands of college students are eagerly refreshing investment banks' careers pages awaiting applications to open for internships for the summer of 2024. (Yes, you read that right, this summer's internship spots have already been wrapped up for a while.) It's a process that results in young people making decisions that will set them on a certain path for years to come. Despite a difficult end to the year for the bank thanks to a costly fine, Wells' investment bank was actually among the top 10 advisors in M&A in 2022, Bloomberg reports.

☆ I used a 'light hypnosis' app for a month. It helped my productivity, but I was blown away by what it did to my downtime.
▼ + stars: | 2023-01-04 | by ( Julie Peck | ) www.businessinsider.com time to read: +8 min

Julie Peck is a freelancer who was having trouble focusing on tasks, so she tried the app BrainTap. Similar audio programs are available for free on YouTube and Spotify, as well as on rival meditation apps like Insight Timer, Sacred Acoustics, and EquiSync. BrainTap app screenshot. Screenshot of different modules on BrainTap app. I've listened to the focus programs first thing in the morning, during the afternoon, and at the end of the day.

☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

☆ Shopify had a bumpy 2022, with a stock split, layoffs, and more. These are the biggest stories about the e-commerce company.
▼ + stars: | 2022-12-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +10 min

After seeing explosive sales and revenue growth during the earlier days of the Covid-19 pandemic, the Canadian e-commerce company saw its business come back down to earth this year. Shopify employees are granted restricted stock units, or RSUs, in addition to their base salaries. MayOn May 2, Shopify announced plans to acquire e-commerce fulfillment startup Deliverr for more than $2 billion. The acquisition was intended to help Shopify merchants offer one and two-day shipping to their customers. On December 15, Shopify announced that it was doubling down on its sustainability efforts by investing $11 million in carbon removal projects.

☆ Crumbling tech stocks and recession fears have cratered the fortunes of the wealthiest Americans including Elon Musk and Jeff Bezos.
▼ + stars: | 2022-12-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Britta Pedersen-Pool/Getty Images; Arif Hudaverdi Yaman/Getty Images; KENZO TRIBOUILLARD/Getty Images; Mike Cohen/Getty Images; Yuqing Liu/Business Insider1. Besides the fallen crypto king, many of these shrinking fortunes can be chalked up to this year's bloodbath in the tech stocks. How has Elon Musk's involvement with Twitter impacted your outlook for Tesla stock? Tesla stock price on December, 29, 2022 Markets Insider10. Tesla stock climbed Wednesday as dip-buyers poured into the EV maker.

☆ The benefits and risks of using a password manager to protect your online identity
▼ + stars: | 2022-12-27 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

But there are some key decisions to make in choosing, and using, a password manager. Most web browsers have some type of password manager, which are convenient and user-friendly. For more robust security and features, security professionals say a dedicated password manager is a better choice. How to choose a strong master passwordMake sure you have a strong master password, one that's not easily guessable. What happens if you lose online accessThe master password is your entry to the password manager.

It was not immediately clear when Bankman-Fried would depart the Bahamas, where he was arrested on Dec. 12 per a U.S. extradition request. At the hearing, his local criminal defense attorney, Jerone Roberts, told Serville initially that he did not know why Bankman-Fried was brought to court on Monday morning. Serville said at the hearing that he could not take any action on Bankman-Fried's extradition without the former billionaire's consent. [1/9] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. At one point during the hearing, Bankman-Fried leaned back with his eyes closed and appeared to be awakened by a court official.

☆ Arielle Charnas said she works 4 hours a day. But is it really possible to run and scale a successful startup from 10 a.m. to 2 p.m.?
▼ + stars: | 2022-12-17 | by ( Jennifer Ortakales Dawkins | Alexandra York | ) www.businessinsider.com time to read: +5 min

Arielle Charnas, the founder of Something Navy, said she works from 10 a.m. to 2 p.m.Insider asked founders whether it's possible to run and scale a startup working four hours a day. Insider asked more than 50 founders over email whether entrepreneurs can be successful working just four hours a day. It's possible to start with a few hours a dayMany founders start their businesses as side hustles while working a 9-to-5 job. Courtesy Justin SilvermanOcean Ronquillo-Morgan, a 24-year-old software engineer, spends about three hours a day on her side hustles. She said she won't work past 7 p.m. on weeknights or on weekends, doesn't respond to emails outside of work hours, and logs off from work when she's on vacation.

☆ Netflix has lost its golden touch. Here's why the streamer is so boring now.
▼ + stars: | 2022-12-16 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Finance has long ranked employees, but it's been out of fashion in tech for nearly a decade. Netflix once made an explicit choice to invest in underrepresented communities, Paris Marx writes. Shows like "Orange is the New Black" and "GLOW" gave spotlights to women, queer people, people of color, and non-Americans. But, according to Marx, the company stopped prioritizing stories from underrepresented communities, and new players were throwing their hats into the streaming wars. Now, Marx writes that Netflix is filled with bland shows, half-assed reality TV, and hopelessly derivative movies.

☆ 'Wolf of Wall Street' Jordan Belfort says Sam Bankman-Fried has 'diarrhea of the mouth' after the FTX founder's media appearances
▼ + stars: | 2022-12-15 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Jordan Belfort, the ex-trader dubbed the "Wolf of Wall Street," says Sam Bankman-Fried should "shut up." Speaking to Fox News, Belfort said that Bankman-Fried has "diarrhea of the mouth." Bankman-Fried gave numerous interviews after FTX's collapse, despite his lawyers saying he shouldn't. His lawyers argued for $250,000 bail because Bankman-Fried kept to a vegan diet, and took multiple medications such as Adderall. Referencing reports that FTX executives were roommates who dated each other, Belfort said: "It's more like a frat house than a business."

☆ The head of the legal system in the Bahamas said the US will 'likely' ask for Sam Bankman-Fried's extradition
▼ + stars: | 2022-12-13 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

The US is "likely" to request Sam Bankman-Fried be extradited to the US, the Bahamas attorney general said. The attorney general indicated the Bahamas intended to extradite Bankman-Fried if requested. The disgraced crypto founder was arrested in the Bahamas on Monday, according to US authorities. The Bahamas attorney general said in the statement that the US had filed criminal charges against Bankman-Fried and was "likely to request his extradition." Representatives for the Bahamas attorney general office did not immediately respond to Insider's request for comment made outside normal working hours.

☆ Limiting volatility has driven Clarkston Founders fund to outperform in 2022
▼ + stars: | 2022-12-12 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The Clarkston Founders Institutional Fund has always tried to avoid volatility. The Founder's Fund has lost about 2.8% in 2022, notably outperforming other mid-cap value funds, which are down an average 7.2%, and a Morningstar benchmark index, which is lower by 5.6%, all through Dec. 9. As a result, the $610-million fund has a below average beta — a measurement of volatility relative to the broad market — of 0.85, according to Morningstar, versus 1.08 for all mid-cap value funds. The fund ranks in the 15th percentile of all mid-cap value funds in 2022, and is in the 23rd percentile over the past five years. Clarkston's investment policy emphasizes what it calls "quality value" stocks, regarded as high quality and considered undervalued relative to their long-term cash flows.

☆ Charity suspends work over 'safety concerns' after founder's racist incident with Prince William's godmother
▼ + stars: | 2022-12-10 | by ( Leila Sackur | ) www.nbcnews.com time to read: +4 min

LONDON — A British charity led by a Black woman who says she was repeatedly pressed for information about her nationality by Prince William’s godmother, has suspended some its operations over safety concerns, it said Saturday. Sistah Space, which provides support to domestic violence victims of African and Caribbean heritage in London, made the announcement in a post on Instagram stories. “Unfortunately recent events meant that we were forced to temporarily cease many of our operations to ensure the safety of our service users and our teams,” it said. It added that the charity was “overwhelmed by the amount of support and encouragement and looks forward to fully reinstating as soon as safely possible.”NBC News has approached Sistah Space for further comment. “My team, family and I have been put under immense pressure and received some horrific abuse via social media,” the statement said.

☆ Elon Musk and AOC finally agree on something: both have mocked Sam Bankman-Fried's lowly League of Legends rank
▼ + stars: | 2022-12-04 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Elon Musk mocked FTX founder Sam Bankman-Fried for his low League of Legends ranking. Nuff said," Musk tweeted on Saturday, reminding users of Bankman-Fried's surprisingly low rank of Bronze III in the game. His goading of Bankman-Fried marks him as an unlikely ally to LoL player and Democrat congresswoman Ocasio-Cortez, who previously mocked Bankman-Fried's rank as his empire crumbled around him. Bankman-Fried's Bronze is the second-lowest rank. "I play a lot more than you'd expect from someone who routinely trades off sleep vs work," Bankman-Fried tweeted, suggesting it was an outlet to help him switch off.

☆ Oath Keepers founder's estranged wife 'beyond happy' for his Jan. 6 seditious conspiracy conviction: 'I am thrilled that he's finally facing justice.'
▼ + stars: | 2022-11-30 | by ( Ashley Collman | Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Oath Keepers founder Elmer Stewart Rhodes was convicted of seditious conspiracy on Tuesday. Rhodes' estranged wife told Insider she was happy with the conviction. "I am beyond happy," Adams told Insider. On top of their seditious conspiracy convictions, Rhodes and Meggs were found guilty of obstruction of an official proceeding. When examining the case against members of the Proud Boys who were also charged with seditious conspiracy, McDaniel said they could face a maximum of 20 years in prison.

☆ Arianna Huffington slams Elon Musk and Sam Bankman-Fried as 'burnout deniers' whose intense approach is actually harming their companies
▼ + stars: | 2022-11-30 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

Arianna Huffington rebuked Elon Musk and Sam Bankman-Fried as "burnout deniers." In a Tuesday opinion piece, she suggested Musk's "hardcore" approach is bad for business. Musk's first month as CEO at Twitter has been marred by "stunning missteps, reversals and mass defections," Huffington wrote. Musk revived his "hardcore" language in testing Twitter employees earlier this month. "This will mean working long hours at high intensity," Musk wrote in a late-night email to employees.

☆ How Microsoft can double its ad business to $20 billion
▼ + stars: | 2022-11-28 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

As the ad industry braces itself for what's sure to be a challenging 2023, we're taking a look at what Microsoft will need to do to achieve its ambitious goal of doubling its advertising business to $20 billion. Microsoft plans to grow its advertising business to $20 billion. In an interview with Insider, Microsoft Ads chief Rob Wilk shared plans to double the size of the company's ad business. Were Microsoft to reach $20 billion in ad revenue, it would overtake Chinese tech and media giant Tencent to become the sixth-largest digital ad seller worldwide, based on Insider Intelligence's estimates. Gyasi Calhoun, a front-end software engineer and developer at Twilio, said there's perks to the job, but that the industry can be stressful.

☆ FTX founder's remarks pose challenge for his lawyers
▼ + stars: | 2022-11-18 | by ( Andrew Goudsward | ) www.reuters.com time to read: +4 min

Nov 18 (Reuters) - FTX founder Sam Bankman-Fried, facing mounting legal challenges over the collapse of his cryptocurrency exchange, may have harmed his defense by speaking publicly in recent days, legal experts said. Bankman-Fried has sought to explain the implosion of FTX and disparaged government regulators in posts on Twitter and conversations with reporters. Attorneys said such statements will likely make life more difficult for the defense lawyers seeking to manage fallout from the exchange’s demise and navigate multiple federal investigations. His law firm represents many other financial industry clients. Joseph is a former president of the American College of Trial Lawyers who has written about racketeering law and rules of evidence.

☆ Googlers are making memes to deal with the looming threat of job cuts
▼ + stars: | 2022-11-17 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +4 min

Meanwhile, former Yahoo CEO and one-time Google exec Marissa Mayer is sounding the alarm bell that the web itself could be degrading in quality. Google employees meme past the graveyard. Elon Musk fired as many as two dozen Twitter employees this week who had criticized his leadership style. Now, Twitter employees are deleting internal Slack messages they fear Musk won't like, so as to avoid his wrath. A Twitter exec went so far as to warn employees to use Slack "wisely."

☆ An Airbnb cofounder's new startup is building $289,000 prefab tiny homes that can be set up in a few hours — see inside the units
▼ + stars: | 2022-11-16 | by ( Brittany Chang | ) www.businessinsider.com time to read: 1 min

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