FTX founder Sam Bankman-Fried is scheduled to be flown to the United States on Wednesday

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The failed crypto entrepreneur faces a lengthy prison sentence. Also: Elon Musk confirms Twitter resignation and explains why Tesla stock plummeted.

Sam Bankman-Fried was considered the prodigy of the crypto industry. But now he has to deal with allegations of fraud.
MARIO DUNCANSON/AFP via Getty Images

Good morning! While you slept, work continued elsewhere in the digital scene.

The top topics:

the former FTX-CEO Sam Bankman-Fried has, according to several media reports, signed the necessary papers to waive an extradition hearing in the Bahamas. This cleared the way for him to be flown to the United States for prosecution. He is scheduled to return to the United States on Wednesday, a Bahamas prison official told a US broadcaster.

Acting Commissioner of Corrections for the Bahamas, Doan Cleare, confirmed that Bankman-Fried will be flown to the United States on a federal plane after his third courtroom hearing. Bankman-Fried faces eight separate charges including wire fraud, securities fraud and money laundering after his crypto exchange FTX filed for bankruptcy last month. [Mehr bei Reuters und CNBC]

on Founder Scene: Bright excitement reigns among Business Angels: Surprisingly, the subsidy that private start-up financiers receive from the state for investments will not be extended. “Business angels will face a real crisis,” some investors are now warning. Our editor Lisa Ksienrzyk has researched what the worries are about. [Mehr bei Gründerszene+]

And here are the other headlines of the night:

TwitterOwner and CEO Elon Musk wants to stick to the result of his Twitter poll: “I will resign as CEO as soon as I find someone stupid enough to take the job! After that, I’ll just lead the software and server teams.” tweeted he. The billionaire released an informal poll on Sunday asking Twitter users if he should step down as head of the company. A majority of the 17 million respondents voted in favour. [Mehr bei The Guardian und CNBC]

Die Tesla-Shares fell to a new 52-week low on Tuesday. CEO Elon Musk tried to partially attribute the falling price to macroeconomic factors. After an investor tweeted that Tesla’s stock price reflected the electric-car maker’s lack of a CEO, Musk responded, “As guaranteed bank rates on savings accounts begin to converge towards stock market returns, which are not guaranteed, people will increasingly get their money.” shifting from stocks to cash.” However, Tesla stock has fallen more than other major automakers since Musk announced his plans to buy Twitter in April 2022. [Mehr bei Bloomberg und CNBC]

Amazon has settled a competition dispute with the EU Commission. This should bring advantages for customers of the US group – including a larger selection and better offers on the online platform. For example, the company was accused of systematically using non-public business data from independent retailers for its own retail business. Amazon must change these business practices in the future. [Mehr bei Handelsblatt und Wall Street Journal]

MetaCEO Mark Zuckerberg testified in U.S. federal court on Tuesday that there was “almost no chance” the company would develop a VR fitness project in today’s economic climate. Zuckerberg said so as part of a lawsuit the Federal Trade Commission has brought against Meta over Meta’s $400 million acquisition of the VR studio Within to block. Within develops the popular fitness game “Supernatural”. Zuckerberg’s testimony highlights the economic pressures on Meta that have resulted in the layoff of 13 percent of the workforce. [Mehr bei Wall Street Journal und Techcrunch]

Workday has Carl Eschenbach, a top partner of the investment firm Sequoia Capitalwhich the investments in Snowflake, Zoom and Uipath co-managed, hired as Co-CEO. Eschenbach is said to be working with Aneel Bhusri, co-founder and co-CEO of the cloud software company, until January 2024. After that, Workday hopes to fully transfer the role to Eschenbach. Eschenbach will continue to support the Sequoia team and its portfolio on a part-time basis. [Mehr bei The Information, Bloomberg und Techcrunch]

Our reading tip on Gründerszene: A successful exit at the end of the year: The Berlin company Forteil GmbHbetter known under the brand Bonifywas sent to the credit agency Schufa sold. The Schufa makes millions jump to become more popular with tech-savvy customers. [Mehr bei Gründerszene]

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Happy Wednesday!

Your Gründerszene editors



Source: https://www.businessinsider.de/gruenderszene/business/sam-bankman-fried-am-mittwoch-usa/

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