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‘Why aren’t you in jail already?’ Internet erupts after Sam Bankman-Fried confirms participating in New York Times’ DealBook

“ “How did this dude steal billions of dollars and is now speaking at a summit as a free man? Make it make sense.” ” That was Twitter user @WSBChairman responding to a late Wednesday tweet by disgraced FTX founder Sam Bankman-Fried, who confirmed that he will participate in the New York Times’ DealBook Summit …

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Stephen King, Elon Musk spar: MyPillow will be Twitter’s ‘only advertiser’

“‘Pretty soon the only advertiser left on Twitter will be MyPillow.’” — Stephen King, on Twitter That was master of horror and bestselling fiction writer Stephen King riffing on the parade of advertisers including GM GM, +0.44%, United Airlines UAL, +0.85% and Audi VOW, -1.69% pausing or scrapping their marketing on the social-media platform since …

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Google looks to shed 10,000 ‘poor performing’ workers: report

Another major tech titan is bracing for thousands of layoffs. Alphabet Inc.’s GOOGL, +1.37% GOOG, +1.43% Google is considering 10,000 layoffs — or 6% of its worldwide workforce — based on a ranking system that would eliminate the lowest-ranked “poor performing” employees, according to a report in The Information. “Earlier this year, we launched Googler …

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FTX Says Substantial Amount of Crypto Assets Stolen or Missing

A substantial amount of FTX’s assets are either missing or stolen, a lawyer for the failed crypto exchange said in court, vowing to cast a wide net to secure potentially billions of dollars in funds that passed through the firm he called the “personal fiefdom” of co-founder Sam Bankman-Fried. Tuesday’s hearing marked an inflection point …

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Why ‘work longer’ isn’t great retirement advice

Financial planners typically advise you to work for as long as you can, so you can juice up your retirement savings while holding out for a fatter Social Security check. But such advice presumes that you have the luxury of deciding when to stop working. Tens of millions of Americans don’t. Here’s the truth: Retiring …

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The best-performing sector in 2022 is not finished crushing it, says Citi, offering three stocks to buy

You can count on it, says our call of the day Provided by Citigroup, though they say investors can’t expect as lofty returns. “We see market rotation into energy equities as having further to run, even though names in our US coverage already sit at all-time highs,” a team of analysts led by Alastair R …

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Tesla stock at two-year low, other EV-maker shares plunge as concerns simmer about China, oil futures

Tesla Inc. shares ended at a fresh two-year low Monday, with shares of other electric-vehicle makers also underperforming the broader equity market as worries about China’s COVID-19 lockdowns re-emerged and oil futures prices dropped to their lowest level since January. Shares of Tesla TSLA, -6.84% extended their losing streak to a fourth session and closed …

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Coinbase worth less than $10 billion for the first time as ‘crypto winter’ continues to set in

The punishing decline of Coinbase Global Inc.’s stock brought the company’s market value lower than $10 billion Monday for the first time since the cryptocurrency exchange went public last year. Coinbase shares COIN, -8.90% declined 8.9% Monday, pulling the stock’s market capitalization down to about $9.36 billion. That’s a far cry from the peak market …

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S&P 500 to bottom in the first quarter, creating a ‘terrific buying opportunity,’ says Morgan Stanley’s Wilson

The S&P 500 will set a new price trough of 3,000 to 3,300 in the first quarter of next year before jumping back to the 3,900-level by the end of 2023, according to Morgan Stanley’s Michael Wilson, chief equity strategist. Wilson has been one of the Wall Street’s most vocal bears, and correctly predicted this …

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How Elon Musk’s Twitter Faces Mountain of Debt, Falling Revenue and Surging Costs

To make the deal work, Mr. Musk has been trying to add subscription revenue and reassure advertisers about the platform’s future. Twitter was losing money before Mr. Musk bought the company, and the deal added a debt burden that requires fresh sources of cash. It is tough to determine the state of the company. Twitter …

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