Business

Is Elon Musk Backing Away from Twitter?


The ties between previous and new markets are increasing each day. An S.E.C. filing yesterday revealed that the billionaire founding father of the crypto alternate FTX, Sam Bankman-Fried, had purchased a 7.6 % stake within the publicly traded on-line inventory and crypto buying and selling app Robinhood, paying about $648 million. The corporate’s shares soared in after-hours buying and selling. FTX isn’t publicly traded — but — however the transfer reveals Bankman-Fried’s old-school ambitions.

The Twittersphere and crypto cultists enthusiastically likened the acquisition to Elon Musk’s Twitter takeover advances, and extra proof of the monetary and cultural may of billionaires for blockchain. However the conditions are distinct. Bankman-Fried, 30, is probably as intent on exerting affect as Musk, 50. He’s additionally vocal, pouring thousands and thousands into political donations and international lobbying efforts, and he’s extensively investing in crypto ventures to assist guarantee the ascendance of digital belongings. Twitter and Robinhood, nevertheless, are totally different beasts: There isn’t any path to a takeover of Robinhood with out the help of its two founders, Vladimir Tenev and Baiju Bhatt, who’re deeply engaged within the enterprise and reportedly maintain greater than 60 % of the voting rights. In addition they simply took the corporate public final yr.

Crypto’s most mainstream alternate, Coinbase, is prepping for extra storms. When the corporate went public simply over a yr in the past, its inventory opened at $381. Now it’s underneath $60 amid the widespread crypto downturn. Coinbase reported quarterly outcomes this week that fell far wanting analyst estimates. It additionally seems to be bracing for stricter scrutiny from the S.E.C., submitting a registration assertion “supposed for use for potential potential choices which can embrace the sale of recent securities.”

In different phrases, the corporate appears to imagine the company could quickly make good on Gensler’s threats. He has usually mentioned most crypto tokens are securities requiring registration. That might imply extra firm obligations and extra company oversight. At this second, that maybe doesn’t appear so unwise.


Commerce in Russia has been lowered since Russia’s invasion of Ukraine, nevertheless it has but to be crippled, writes The Times’s Ana Swanson. Transport site visitors out and in of Russia has remained comparatively sturdy, in response to information from the delivery tracker Refinitiv, as firms have raced to satisfy contracts for purchases of power and different items earlier than the complete pressure of worldwide sanctions goes into impact.

Modifications to conduct after the Russian invasion weren’t but mirrored in delivery site visitors, mentioned Jim Mitchell, the pinnacle of oil analysis for the Americas at Refinitiv, since crude oil sometimes trades 45 to 60 days forward of supply.



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