Is Elon Musk stepping away from Twitter?

Links between old and new markets are growing every day. An SEC filing yesterday revealed that billionaire founder of crypto exchange FTX, Sam Bankman-Fried, bought a 7.6% stake in the publicly traded online stock and trading app. crypto Robinhood, paying around $648 million. Shares of the company soared in after-hours trading. FTX is not yet publicly traded, but the move shows Bankman-Fried’s old-school ambitions.

The Twittersphere and crypto cultists enthusiastically compared the purchase to Elon Musk’s Twitter takeover advances, and further proof of the financial and cultural might of billionaires for blockchain. But the situations are different. Bankman-Fried, 30, may be as determined to exert influence as Musk, 50. He is also vocal, pouring millions into political donations and global lobbying efforts, and he invests heavily in crypto companies to help ensure the ascendance of digital assets. Twitter and Robinhood, however, are different beasts: there is no path to a takeover of Robinhood without the support of its two founders, Vladimir Tenev and Baiju Bhatt, who are deeply committed to the business and own more than 60% of the votes. rights. They also took the company public last year.

Crypto’s most mainstream exchange, Coinbase, is bracing for more storms. When the company went public just over a year ago, its stock opened at $381. Now It’s Below $60 Amid Widespread Crypto Slowdown. Coinbase released quarterly results this week well below analysts’ estimates. It also appears to be preparing for tougher scrutiny from the SEC, filing a registration statement “intended to be used for potential offerings that may include the sale of new securities.”

In other words, the company seems to believe that the agency could soon follow through on Gensler’s threats. He has often said that most crypto tokens are securities requiring registration. This would mean more obligations for companies and more oversight for agencies. Right now, that might not seem so reckless.


Trade in Russia has been reduced since Russia’s invasion of Ukraine, but it has not yet been crippled, writes Ana Swanson of The Times. Maritime traffic to and from Russia remained relatively strong, according to data from maritime tracker Refinitiv, as companies rushed to fulfill contracts to purchase energy and other goods before the full force of the global sanctions come into effect.

Changes in behavior after the Russian invasion have yet to be reflected in shipping traffic, said Jim Mitchell, head of oil research for the Americas at Refinitiv, as crude oil typically trades 45 to 60 days before delivery. .

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