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Sam Bankman-Fried’s sudden turn from white knight to washout

Nov 11 (Reuters) – Sam Bankman-Fried earned a reputation as savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he co-founded and led until Friday, needed a lifeline, none was forthcoming. Until this week, the 30-year-old American was seen as a darling in digital assets …

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FTX’s Bankman-Fried scrambles for funds after Binance deal collapse

HONG KONG/SINGAPORE/NEW YORK, Nov 10 (Reuters) – FTX Chief Executive Sam Bankman-Fried on Thursday launched an urgent push to raise funds to save his firm as the crypto exchange looks to plug a reported $8 billion hole in its finances, according to tweets and a memo to employees. Bankman-Fried said he was in talks with …

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Exclusive: Behind FTX’s fall, battling billionaires and a failed bid to save crypto

Nov 10 (Reuters) – (This story contains language some readers may find offensive in paragraph 2) On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. The reason for the mea culpa: His announcement half an hour earlier that FTX’s arch-rival, Binance, …

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Tesla stock hits 2-year low after Musk sells $4 bln worth of shares

SAN FRANCISCO, Nov 9 (Reuters) – Tesla Inc (TSLA.O) shares slide to their lowest level in nearly two years on Wednesday after Chief Executive Elon Musk disclosed he sold another $3.95 billion worth of shares in the electric-vehicle maker. Shares ended down 7.2% at $177.59, the lowest level since Nov. 23, 2020. Musk’s latest share …

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Cryptocurrencies fall after FTX-Binance turmoil spooks investors

SINGAPORE/LONDON, Nov 9 (Reuters) – Cryptocurrencies saw a second day of sharp declines on Wednesday, as investors continued to fret about the stability of the sector and the financial health of major exchange FTX despite plans for a rescue deal from bigger rival Binance . Crypto giant Binance signed a nonbinding agreement on Tuesday to …

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Microsoft’s $69 bln Activision bid faces EU antitrust probe

BRUSSELS, Nov 8 (Reuters) – Microsoft (MSFT.O) may have to offer concessions to address EU antitrust concerns about its $69 billion bid for “Call of Duty” maker Activision Blizzard (ATVI.O) after regulators opened a full-scale investigation on Tuesday and warned about the impact of the deal. The US software company, which announced the deal in …

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Musk sells Tesla shares worth $3.95 bln days after Twitter takeover

Nov 8 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk has sold 19.5 million shares of the electric vehicle maker worth $3.95 billion on Tuesday, according to US securities filings, days after he completed the $44 billion takeover of Twitter Inch. Musk, the world’s richest man, had about $20 billion in cash after …

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Renault splits into 5 businesses in drive to boost profit

Renault to split in five businesses in big overhaul To form joint venture with Geely, spin off EV unit Shares fall on lack of progress in talks with Nissan PARIS, Nov 8 (Reuters) – French car maker Renault (RENA.PA) announced a major overhaul that will see it separate its activities in five businesses, deepen ties …

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Cryptoverse-Elon Musk frees the bird and the dog coin flies

SINGAPORE, Nov 8 (Reuters) – It’s no joke. Elon Musk’s acquisition of Twitter has put fresh wind in the sails of dogecoin, the meme cryptocurrency he catapulted to fame. Dogecoin’s price doubled after the Tesla tycoon completed the $44 billion deal. It was trading at about $0.07 on Oct. 27 before Musk tweeted “the bird …

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Germany likely to block Chinese takeover of Elmos’ chip production

FRANKFURT, Nov 7 (Reuters) – The German government will likely block the Chinese takeover of Elmos’ (ELGG.DE) chip factory, the Dortmund-based company said on Monday. The economics ministry had been examining the sale to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics (300456.SZ). The deal “will most likely be …

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