The technology crash of 2022
Twitter Near Bankruptcy, Amazon First Company to Lose $1 TRILLION, Facebook Fires 11,000 Employees
On Wednesday this week, Amazon.com became the first publicly traded company in history to lose $1 trillion in market valuation.
Yesterday afternoon, Elon Musk told employees of Twitter at an “all-hands meeting” that the company is losing so much money that “bankruptcy is not out of the question.” (Source.)
All of this happened after the great cryptocurrency collapse of Tuesday, when the equivalent of a “bank run” happened when crypto exchange FTX saw $6 billion of withdrawals in a 72-hour span, resulting in them stopping the process of withdrawals.
The other Big Tech news on Tuesday was that Facebook parent company Meta announced it is slashing more than 11,000 jobs, reducing its workforce by about 13 percent. (Source.)
The collapse of FTX
By Steve Kirsch
If you are not into crypto skip this section…
I got caught in the FTX fiasco. I was able to withdraw some funds, but other withdrawals “could not be completed at this time.”
So even though they said “withdrawals are not affected” that was a lie too.
Bottom line: Diversify your holdings now.
Turns out they were using customer funds for their own trading and they lost $10B of their customer’s funds. Wow. No auditor said anything about that?
If you think your money is safe at Coinbase, think again.
This email from Scott Purcell is eye-opening (the rest of this section is his email):
FTX today. Celsius and BlockFi yesterday. Why? Will there be more? Yes.
First the "why?", then I'll discuss "who's next?" (yes, there will be more).
Read more at https://stevekirsch.substack.com/p/billboards-are-up
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I would not put funds into cyberspace like that. I guess all banks are crooks. Time to start tracking the principals down and give them their just rewards.