A Hard Fork in the Road: FTX’s Unraveling and Elon’s Loyalty Oath

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The balance sheet contains an apology, the in-house coach is concerned that company executives are “undersexed” and billions in customer funds remain in jeopardy. The wreckage at FTX goes from bad to worse.

Plus: Elon’s “extremely hardcore” plan for Twitter 2.0.

Additional Resources:

• George K. Lerner, FTX’s in-house performance coach, said he was shocked by the collapse of FTX.

• In an interview with Matt Levine, a Bloomberg columnist, Sam Bankman-Fried described his strategy to restore faith in the crypto ecosystem.

• Bankman-Fried reflected on his actions as chief executive of FTX in a series of Twitter messages with Kelsey Piper, a Vox reporter.

• Elon Musk told Twitter employees in an email that the company would become an “extremely hardcore” operation. Employees were asked to click yes to be part of the new Twitter or take severance.

• Musk’s social calendar includes courting comedians and hoping on yachts.

Credits

“Hard Fork” is hosted by Kevin Roose and Casey Newton and produced by Davis Land. The show is edited by Paula Szuchman. Engineering by Corey Schreppel and original music by Dan Powell, Marion Lozano and Elisheba Ittoop. Fact-checking by Caitlin Love.

Special thanks to Hanna Ingber, Nell Gallogly, Kate LoPresti, Shannon Busta, Mahima Chablani and Jeffrey Miranda.