As some of the most successful tech companies face sagging growth and slumping share prices, can the two sides find a way to get along? The insider control at both companies, enshrined in special classes of stock that give founders extra voting rights, means they can ignore unhappy investors with impunity. The justification for supervoting shares was laid out most clearly by Google founders Sergey Brin and Larry Page at the time of their 2004 initial public offering. Read More...
CoinDesk
They Burned Down Crypto. Now They Want a Comeback
On Wednesday, Vox published a bombshell interview with former crypto exchange FTX CEO Sam Bankman-Fried, where the 30-year-old crypto trader all but revealed he had, in fact, co-mingled customer funds with those of his hedge fund, Alameda Research. This would be a problem on its own, as it violated FTX’s terms-of-service as well as likely falls afoul of wires or securities laws. Bankman-Fried’s crime, which “wasn’t quite lending [customer deposits] out” but something “messier,” “more organic” and “reasonable” than that, was compounded after a run on his exchange left up to one million FTX users without access to their funds.
