Business

While Binance founder and CEO Changpeng Zhao dealt a fatal blow to his main rival, FTX’s Sam Bankman-Fried on Tuesday tweeted a curious announcement: Binance would start issuing “proofs of reserve”. Crypto is full of these weird phrases, but Zhao — or CZ, as he’s commonly known — has hinted that proof of reserves can reform the industry by offering…

Billionaire Elon Musk has assumed responsibility for yet another company by acquiring Twitter. And while some see his track record as a goal, Musk himself doesn’t believe it’s a lifestyle others should aspire to. “I would be careful what you wish for. I’m not sure how many people would really like to be me,” he said via video link to…

US stocks will end 2023 almost unchanged from current levels – but have a bumpy road there, according to Morgan Stanley’s Michael Wilson. The highly-rated strategist sees a “volatile path” to reaching his base case target for the S&P 500’s 2023 year-end of 3,900 index points, about 2% below Friday’s close. He expects stocks to fall as earnings estimates fall…

Twitter’s new owner, Elon Musk, further slammed teams battling misinformation on the social media platform after outsourced moderators learned over the weekend they were out of work. Twitter and other major social media companies have relied heavily on contractors to track hate and other harmful content. But many of these content watchdogs have now sprung, first as Twitter laid off…

Federal Reserve Governor Christopher Waller said “we still have a long way to go” before the Federal Reserve halted rate hikes, despite good consumer price news last week. At the same time, policymakers may consider slowing their pace after four consecutive 75 basis-point hikes, and the Fed is considering a 50 basis-point hike at the next December meeting or the…

It didn’t take long for 2020 workers to realize that expanded work-from-home policies meant they could buy property virtually anywhere. Holiday markets went gangbuster. Outskirts were getting hot, as were so-called “Zoom cities” like Boise. Even large cities that were losing residents, like New York and San Francisco, became overheated as the decoupling of roommates triggered a spillover effect from…

Elon Musk is known for picking fights on Twitter. On Sunday he received a noteworthy counterattack. The brawl began on Friday when Senator Ed Markey tweeted a complaint about how easy it was for someone to impersonate them with Twitter Blue, a new $8 monthly subscription service. In his case it was her Washington Post This is for demonstration purposes,…

Michael Lewis’ next book is about FTX founder Sam Bankman-Fried, and the bestselling author has been linked to the disgraced crypto mogul for the past six months. That emerges from a report by The Ankler on Sunday. Lewis, of course, has seen several of his books made into films. For example money ball, starring Brad Pitt, based on the author’s…

The box office revived with the long-awaited release of Black Panther: Wakanda Forever. The Marvel sequel grossed $180 million in box office sales at more than 4,396 theaters across the United States and Canada, according to estimates by The Walt Disney Co. as of Sunday, making it the second-biggest premiere of the year behind Doctor Strange in the Multiverse of…

Bahamian police said they are working with the Bahamas Securities Commission to investigate whether there was criminal misconduct in the collapse of crypto exchange FTX. “Given the global collapse of FTX and the temporary liquidation of FTX Digital Markets Ltd. A team of financial investigators from the Financial Crimes Investigation Branch is working closely with the Bahamas Securities Commission to…