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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
As we continue to gain momentum and garner more popularity around our “Road to Afrofuture” events, we’ll aim to explore additional locations and expand our reach to more diverse markets.
What is the AfroFuture Foundation?
The AfroFuture Foundation is a program we established to give back to the local Ghanaian community in a long-term and meaningful way. Through our philanthropy efforts, we’re able to connect with local groups and international charities to educate and feed students and families in Accra. Our foundation goals are strategically aligned with the United Nations’ 17 sustainable development goals.
In 2017, we had the opportunity to collaborate with local schools within Madina Zongo, Greater Accra, and Kumasi Ashanti Region, to provide $5,000 in school supplies (notebooks, pads, pencils, pens, erasers, textbooks) and bookbags. This initiative was our initial commitment to the 4th sustainable development goal of quality education. The following year, we partnered with the Water Aid Foundation and raised 10,500 Ghana Cedis (over $2,000) to provide clean water to families in need in the Northern Region of Ghana.
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
The AfroFuture Foundation is a program we established to give back to the local Ghanaian community in a long-term and meaningful way. Through our philanthropy efforts, we’re able to connect with local groups and international charities to educate and feed students and families in Accra. Our foundation goals are strategically aligned with the United Nations’ 17 sustainable development goals.
In 2017, we had the opportunity to collaborate with local schools within Madina Zongo, Greater Accra, and Kumasi Ashanti Region, to provide $5,000 in school supplies (notebooks, pads, pencils, pens, erasers, textbooks) and bookbags. This initiative was our initial commitment to the 4th sustainable development goal of quality education. The following year, we partnered with the Water Aid Foundation and raised 10,500 Ghana Cedis (over $2,000) to provide clean water to families in need in the Northern Region of Ghana.
In 2018, we partnered with Twitter Blackbirds (ERG) and AirBnB for two initiatives: AfroFuture Reads and AfroFuture Feeds.
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6302
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
Our foundation goals are strategically aligned with the United Nations’ 17 sustainable development goals.
In 2017, we had the opportunity to collaborate with local schools within Madina Zongo, Greater Accra, and Kumasi Ashanti Region, to provide $5,000 in school supplies (notebooks, pads, pencils, pens, erasers, textbooks) and bookbags. This initiative was our initial commitment to the 4th sustainable development goal of quality education. The following year, we partnered with the Water Aid Foundation and raised 10,500 Ghana Cedis (over $2,000) to provide clean water to families in need in the Northern Region of Ghana.
In 2018, we partnered with Twitter Blackbirds (ERG) and AirBnB for two initiatives: AfroFuture Reads and AfroFuture Feeds. Through this partnership, we raised $10,500 to renovate and remodel the Genesis School of Orphans In Jamestown, Greater Accra Region.
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6303
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
In 2017, we had the opportunity to collaborate with local schools within Madina Zongo, Greater Accra, and Kumasi Ashanti Region, to provide $5,000 in school supplies (notebooks, pads, pencils, pens, erasers, textbooks) and bookbags. This initiative was our initial commitment to the 4th sustainable development goal of quality education. The following year, we partnered with the Water Aid Foundation and raised 10,500 Ghana Cedis (over $2,000) to provide clean water to families in need in the Northern Region of Ghana.
In 2018, we partnered with Twitter Blackbirds (ERG) and AirBnB for two initiatives: AfroFuture Reads and AfroFuture Feeds. Through this partnership, we raised $10,500 to renovate and remodel the Genesis School of Orphans In Jamestown, Greater Accra Region. The school was recently demolished, and the land sold, leaving students to study under tents for the remainder of their last term.
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6304
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
This initiative was our initial commitment to the 4th sustainable development goal of quality education. The following year, we partnered with the Water Aid Foundation and raised 10,500 Ghana Cedis (over $2,000) to provide clean water to families in need in the Northern Region of Ghana.
In 2018, we partnered with Twitter Blackbirds (ERG) and AirBnB for two initiatives: AfroFuture Reads and AfroFuture Feeds. Through this partnership, we raised $10,500 to renovate and remodel the Genesis School of Orphans In Jamestown, Greater Accra Region. The school was recently demolished, and the land sold, leaving students to study under tents for the remainder of their last term. AfroFuture invited the African diaspora to aid students with school supplies and a stable learning environment through monetary donations to help us collectivity reach our goal fostering the importance of “Quality Education.”
Through our AfroFuture Feeds initiative, our mission is to bring awareness to and eradicate hunger in Ghana.
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6305
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
The following year, we partnered with the Water Aid Foundation and raised 10,500 Ghana Cedis (over $2,000) to provide clean water to families in need in the Northern Region of Ghana.
In 2018, we partnered with Twitter Blackbirds (ERG) and AirBnB for two initiatives: AfroFuture Reads and AfroFuture Feeds. Through this partnership, we raised $10,500 to renovate and remodel the Genesis School of Orphans In Jamestown, Greater Accra Region. The school was recently demolished, and the land sold, leaving students to study under tents for the remainder of their last term. AfroFuture invited the African diaspora to aid students with school supplies and a stable learning environment through monetary donations to help us collectivity reach our goal fostering the importance of “Quality Education.”
Through our AfroFuture Feeds initiative, our mission is to bring awareness to and eradicate hunger in Ghana. Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants.
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6306
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
In 2018, we partnered with Twitter Blackbirds (ERG) and AirBnB for two initiatives: AfroFuture Reads and AfroFuture Feeds. Through this partnership, we raised $10,500 to renovate and remodel the Genesis School of Orphans In Jamestown, Greater Accra Region. The school was recently demolished, and the land sold, leaving students to study under tents for the remainder of their last term. AfroFuture invited the African diaspora to aid students with school supplies and a stable learning environment through monetary donations to help us collectivity reach our goal fostering the importance of “Quality Education.”
Through our AfroFuture Feeds initiative, our mission is to bring awareness to and eradicate hunger in Ghana. Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants. We’ve raised over $5,000 to feed 500 families within five impoverished neighborhoods in Ghana.
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6307
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
Through this partnership, we raised $10,500 to renovate and remodel the Genesis School of Orphans In Jamestown, Greater Accra Region. The school was recently demolished, and the land sold, leaving students to study under tents for the remainder of their last term. AfroFuture invited the African diaspora to aid students with school supplies and a stable learning environment through monetary donations to help us collectivity reach our goal fostering the importance of “Quality Education.”
Through our AfroFuture Feeds initiative, our mission is to bring awareness to and eradicate hunger in Ghana. Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants. We’ve raised over $5,000 to feed 500 families within five impoverished neighborhoods in Ghana.
In 2021, AfroFuture Feeds welcomed 72 volunteers to help hand out 500 packaged meals and water.
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6308
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
The school was recently demolished, and the land sold, leaving students to study under tents for the remainder of their last term. AfroFuture invited the African diaspora to aid students with school supplies and a stable learning environment through monetary donations to help us collectivity reach our goal fostering the importance of “Quality Education.”
Through our AfroFuture Feeds initiative, our mission is to bring awareness to and eradicate hunger in Ghana. Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants. We’ve raised over $5,000 to feed 500 families within five impoverished neighborhoods in Ghana.
In 2021, AfroFuture Feeds welcomed 72 volunteers to help hand out 500 packaged meals and water. In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
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6309
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
The school was recently demolished, and the land sold, leaving students to study under tents for the remainder of their last term. AfroFuture invited the African diaspora to aid students with school supplies and a stable learning environment through monetary donations to help us collectivity reach our goal fostering the importance of “Quality Education.”
Through our AfroFuture Feeds initiative, our mission is to bring awareness to and eradicate hunger in Ghana. Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants. We’ve raised over $5,000 to feed 500 families within five impoverished neighborhoods in Ghana.
In 2021, AfroFuture Feeds welcomed 72 volunteers to help hand out 500 packaged meals and water. In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
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6310
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
AfroFuture invited the African diaspora to aid students with school supplies and a stable learning environment through monetary donations to help us collectivity reach our goal fostering the importance of “Quality Education.”
Through our AfroFuture Feeds initiative, our mission is to bring awareness to and eradicate hunger in Ghana. Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants. We’ve raised over $5,000 to feed 500 families within five impoverished neighborhoods in Ghana.
In 2021, AfroFuture Feeds welcomed 72 volunteers to help hand out 500 packaged meals and water. In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
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6311
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants. We’ve raised over $5,000 to feed 500 families within five impoverished neighborhoods in Ghana.
In 2021, AfroFuture Feeds welcomed 72 volunteers to help hand out 500 packaged meals and water. In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023.
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6312
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
Through Ghana’s SDG, “Zero Hunger,” we aid the nation by providing meals via food trucks and direct donations to various Ghanaian communities during volunteer opportunities with both [AfroFuture] staff and participants. We’ve raised over $5,000 to feed 500 families within five impoverished neighborhoods in Ghana.
In 2021, AfroFuture Feeds welcomed 72 volunteers to help hand out 500 packaged meals and water. In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
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6313
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
In 2021, AfroFuture Feeds welcomed 72 volunteers to help hand out 500 packaged meals and water. In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
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6314
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit.
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6315
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
In 2022, we welcomed over 250 volunteers and delivered groceries to families across Accra and to surrounding communities.
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume.
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6316
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume. I feel like it has diluted the purity of music.
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6317
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
You are running events in South Africa and in New York – are there plans to expand the brand into other markets?
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume. I feel like it has diluted the purity of music.
What advice would you give to an aspiring entrepreneur in the music industry?
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6318
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
Yes, we intend to expand the AfroFuture brand and events to additional Francophone African nations and other markets in order to attract more partnership opportunities and reach a wider, more diverse audience.
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume. I feel like it has diluted the purity of music.
What advice would you give to an aspiring entrepreneur in the music industry?
My advice to an aspiring entrepreneur would be to remain true to your purpose and to always be authentic.
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6319
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
We’ve seen incredible success with our South Africa events with over 1,000 attendees in 2022 and in 2023. In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume. I feel like it has diluted the purity of music.
What advice would you give to an aspiring entrepreneur in the music industry?
My advice to an aspiring entrepreneur would be to remain true to your purpose and to always be authentic. With discipline and a solid foundation around you, you can reach your desired level of success – even when you meet adversity or when doors continue to close – you must never give up.
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6320
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume. I feel like it has diluted the purity of music.
What advice would you give to an aspiring entrepreneur in the music industry?
My advice to an aspiring entrepreneur would be to remain true to your purpose and to always be authentic. With discipline and a solid foundation around you, you can reach your desired level of success – even when you meet adversity or when doors continue to close – you must never give up.
Trailblazers is supported by TuneCore.
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6321
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
In New York, we’ve partnered with some incredible brands like Positive Vibes Only (PVO) and Days Like This (DLT) to create fresh and fun events for our dedicated audiences to enjoy in the States.
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume. I feel like it has diluted the purity of music.
What advice would you give to an aspiring entrepreneur in the music industry?
My advice to an aspiring entrepreneur would be to remain true to your purpose and to always be authentic. With discipline and a solid foundation around you, you can reach your desired level of success – even when you meet adversity or when doors continue to close – you must never give up.
Trailblazers is supported by TuneCore. TuneCore provides self-releasing artists with technology and services across distribution, publishing administration, and a range of promotional services.
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6322
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‘AfroFuture’s vision is to bring African art, cuisine, fashion, and music to a global audience.’
If there was one thing you could change about the music industry, what would it be and why?
The one thing I would change about the music industry is to focus on the product rather than the profit. Profit as a metric has lowered the caliber of the content we consume. I feel like it has diluted the purity of music.
What advice would you give to an aspiring entrepreneur in the music industry?
My advice to an aspiring entrepreneur would be to remain true to your purpose and to always be authentic. With discipline and a solid foundation around you, you can reach your desired level of success – even when you meet adversity or when doors continue to close – you must never give up.
Trailblazers is supported by TuneCore. TuneCore provides self-releasing artists with technology and services across distribution, publishing administration, and a range of promotional services. TuneCore is part of Believe.Music Business Worldwide
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6323
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Sam Bankman-Fried was a terrible boyfriend
I’ve got some shitty ex-boyfriends, but none of them made me the CEO of their sin-eater hedge fund while refusing to give me equity and bragging about how there was a 5 percent chance they’d become the president of the United States, you know? Absolutely counting my blessings after Caroline Ellison’s first day on the stand. I wonder how many of the nine women on the jury are doing the same.
Ellison was the head of Alameda Research, the aforementioned hedge fund, during the implosion of it and FTX. She’s already pleaded guilty to criminal charges stemming from one of the worst romantic relationships I’ve ever heard of, and her testimony was widely anticipated before the trial. Today, that took the form of discussing a damning spreadsheet — one she prepared for her ex and boss Sam Bankman-Fried, now the defendant in a criminal fraud trial.
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for seven counts of wire fraud and conspiracy.
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6324
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Sam Bankman-Fried was a terrible boyfriend
Absolutely counting my blessings after Caroline Ellison’s first day on the stand. I wonder how many of the nine women on the jury are doing the same.
Ellison was the head of Alameda Research, the aforementioned hedge fund, during the implosion of it and FTX. She’s already pleaded guilty to criminal charges stemming from one of the worst romantic relationships I’ve ever heard of, and her testimony was widely anticipated before the trial. Today, that took the form of discussing a damning spreadsheet — one she prepared for her ex and boss Sam Bankman-Fried, now the defendant in a criminal fraud trial.
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for seven counts of wire fraud and conspiracy. FTX was a fraud “from the start,” the Securities and Exchange Commission alleges — with a “multi-billion-dollar deficiency caused by his own misappropriation of customer funds.” Follow along for all the latest news and regular updates from the trial.
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6325
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Sam Bankman-Fried was a terrible boyfriend
I wonder how many of the nine women on the jury are doing the same.
Ellison was the head of Alameda Research, the aforementioned hedge fund, during the implosion of it and FTX. She’s already pleaded guilty to criminal charges stemming from one of the worst romantic relationships I’ve ever heard of, and her testimony was widely anticipated before the trial. Today, that took the form of discussing a damning spreadsheet — one she prepared for her ex and boss Sam Bankman-Fried, now the defendant in a criminal fraud trial.
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for seven counts of wire fraud and conspiracy. FTX was a fraud “from the start,” the Securities and Exchange Commission alleges — with a “multi-billion-dollar deficiency caused by his own misappropriation of customer funds.” Follow along for all the latest news and regular updates from the trial.
The day started off promisingly for the defense as it cross-examined Gary Wang, the chief technology officer of FTX and co-owner of both FTX and Alameda.
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6326
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Sam Bankman-Fried was a terrible boyfriend
She’s already pleaded guilty to criminal charges stemming from one of the worst romantic relationships I’ve ever heard of, and her testimony was widely anticipated before the trial. Today, that took the form of discussing a damning spreadsheet — one she prepared for her ex and boss Sam Bankman-Fried, now the defendant in a criminal fraud trial.
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for seven counts of wire fraud and conspiracy. FTX was a fraud “from the start,” the Securities and Exchange Commission alleges — with a “multi-billion-dollar deficiency caused by his own misappropriation of customer funds.” Follow along for all the latest news and regular updates from the trial.
The day started off promisingly for the defense as it cross-examined Gary Wang, the chief technology officer of FTX and co-owner of both FTX and Alameda. Christian Everdell, one of Bankman-Fried’s defense attorneys, couldn’t undo the damage of last week’s code review.
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6327
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Sam Bankman-Fried was a terrible boyfriend
Today, that took the form of discussing a damning spreadsheet — one she prepared for her ex and boss Sam Bankman-Fried, now the defendant in a criminal fraud trial.
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for seven counts of wire fraud and conspiracy. FTX was a fraud “from the start,” the Securities and Exchange Commission alleges — with a “multi-billion-dollar deficiency caused by his own misappropriation of customer funds.” Follow along for all the latest news and regular updates from the trial.
The day started off promisingly for the defense as it cross-examined Gary Wang, the chief technology officer of FTX and co-owner of both FTX and Alameda. Christian Everdell, one of Bankman-Fried’s defense attorneys, couldn’t undo the damage of last week’s code review. But he managed to shake the rust off long enough to make Wang sound less reliable, drowning the jury in confusing technicalities.
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6328
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Sam Bankman-Fried was a terrible boyfriend
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for seven counts of wire fraud and conspiracy. FTX was a fraud “from the start,” the Securities and Exchange Commission alleges — with a “multi-billion-dollar deficiency caused by his own misappropriation of customer funds.” Follow along for all the latest news and regular updates from the trial.
The day started off promisingly for the defense as it cross-examined Gary Wang, the chief technology officer of FTX and co-owner of both FTX and Alameda. Christian Everdell, one of Bankman-Fried’s defense attorneys, couldn’t undo the damage of last week’s code review. But he managed to shake the rust off long enough to make Wang sound less reliable, drowning the jury in confusing technicalities.
Last week, Wang testified that Alameda got access to a special credit line and an option to take its balance into the negative without triggering liquidation — something he alleged other accounts at FTX didn’t get.
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6329
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Sam Bankman-Fried was a terrible boyfriend
FTX was a fraud “from the start,” the Securities and Exchange Commission alleges — with a “multi-billion-dollar deficiency caused by his own misappropriation of customer funds.” Follow along for all the latest news and regular updates from the trial.
The day started off promisingly for the defense as it cross-examined Gary Wang, the chief technology officer of FTX and co-owner of both FTX and Alameda. Christian Everdell, one of Bankman-Fried’s defense attorneys, couldn’t undo the damage of last week’s code review. But he managed to shake the rust off long enough to make Wang sound less reliable, drowning the jury in confusing technicalities.
Last week, Wang testified that Alameda got access to a special credit line and an option to take its balance into the negative without triggering liquidation — something he alleged other accounts at FTX didn’t get. Everdell tried to undermine this claim by talking about the spot margin program, which let users lend each other assets for margin trading.
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6330
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Sam Bankman-Fried was a terrible boyfriend
The day started off promisingly for the defense as it cross-examined Gary Wang, the chief technology officer of FTX and co-owner of both FTX and Alameda. Christian Everdell, one of Bankman-Fried’s defense attorneys, couldn’t undo the damage of last week’s code review. But he managed to shake the rust off long enough to make Wang sound less reliable, drowning the jury in confusing technicalities.
Last week, Wang testified that Alameda got access to a special credit line and an option to take its balance into the negative without triggering liquidation — something he alleged other accounts at FTX didn’t get. Everdell tried to undermine this claim by talking about the spot margin program, which let users lend each other assets for margin trading. In those cases, it was possible to have a negative balance in a specific coin. It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance.
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6331
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Sam Bankman-Fried was a terrible boyfriend
Christian Everdell, one of Bankman-Fried’s defense attorneys, couldn’t undo the damage of last week’s code review. But he managed to shake the rust off long enough to make Wang sound less reliable, drowning the jury in confusing technicalities.
Last week, Wang testified that Alameda got access to a special credit line and an option to take its balance into the negative without triggering liquidation — something he alleged other accounts at FTX didn’t get. Everdell tried to undermine this claim by talking about the spot margin program, which let users lend each other assets for margin trading. In those cases, it was possible to have a negative balance in a specific coin. It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance. But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
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6332
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Sam Bankman-Fried was a terrible boyfriend
Christian Everdell, one of Bankman-Fried’s defense attorneys, couldn’t undo the damage of last week’s code review. But he managed to shake the rust off long enough to make Wang sound less reliable, drowning the jury in confusing technicalities.
Last week, Wang testified that Alameda got access to a special credit line and an option to take its balance into the negative without triggering liquidation — something he alleged other accounts at FTX didn’t get. Everdell tried to undermine this claim by talking about the spot margin program, which let users lend each other assets for margin trading. In those cases, it was possible to have a negative balance in a specific coin. It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance. But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either.
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Sam Bankman-Fried was a terrible boyfriend
But he managed to shake the rust off long enough to make Wang sound less reliable, drowning the jury in confusing technicalities.
Last week, Wang testified that Alameda got access to a special credit line and an option to take its balance into the negative without triggering liquidation — something he alleged other accounts at FTX didn’t get. Everdell tried to undermine this claim by talking about the spot margin program, which let users lend each other assets for margin trading. In those cases, it was possible to have a negative balance in a specific coin. It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance. But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either. Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making.
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Sam Bankman-Fried was a terrible boyfriend
Last week, Wang testified that Alameda got access to a special credit line and an option to take its balance into the negative without triggering liquidation — something he alleged other accounts at FTX didn’t get. Everdell tried to undermine this claim by talking about the spot margin program, which let users lend each other assets for margin trading. In those cases, it was possible to have a negative balance in a specific coin. It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance. But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either. Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making. I say “apparently” because Everdell was probably giving him his previous testimony to refresh his recollection, but Wang was insisting he didn’t remember.
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Sam Bankman-Fried was a terrible boyfriend
Everdell tried to undermine this claim by talking about the spot margin program, which let users lend each other assets for margin trading. In those cases, it was possible to have a negative balance in a specific coin. It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance. But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either. Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making. I say “apparently” because Everdell was probably giving him his previous testimony to refresh his recollection, but Wang was insisting he didn’t remember. In any event, whatever Wang was shown wasn’t submitted as evidence or shown to the court.
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Sam Bankman-Fried was a terrible boyfriend
In those cases, it was possible to have a negative balance in a specific coin. It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance. But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either. Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making. I say “apparently” because Everdell was probably giving him his previous testimony to refresh his recollection, but Wang was insisting he didn’t remember. In any event, whatever Wang was shown wasn’t submitted as evidence or shown to the court. I got the gist, though, and I bet the jury did, too — probably the strongest work the defense has done so far.
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Sam Bankman-Fried was a terrible boyfriend
It was not, however, possible for those accounts to avoid liquidation, as Wang testified Alameda could do — or to have an overall negative balance. But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either. Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making. I say “apparently” because Everdell was probably giving him his previous testimony to refresh his recollection, but Wang was insisting he didn’t remember. In any event, whatever Wang was shown wasn’t submitted as evidence or shown to the court. I got the gist, though, and I bet the jury did, too — probably the strongest work the defense has done so far.
But by the end of the day, that all seemed like a sideshow.
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Sam Bankman-Fried was a terrible boyfriend
But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either. Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making. I say “apparently” because Everdell was probably giving him his previous testimony to refresh his recollection, but Wang was insisting he didn’t remember. In any event, whatever Wang was shown wasn’t submitted as evidence or shown to the court. I got the gist, though, and I bet the jury did, too — probably the strongest work the defense has done so far.
But by the end of the day, that all seemed like a sideshow. Bankman-Fried had been vibrating slightly during Wang’s testimony. During Ellison’s testimony, his bouncing became more noticeable.
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Sam Bankman-Fried was a terrible boyfriend
But I’m betting the defense is hoping the jurors will throw up their hands in confusion thinking about this.
“We ultimately took about $14 billion, some of which we were not able to pay back.”
Wang didn’t exactly help himself out, either. Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making. I say “apparently” because Everdell was probably giving him his previous testimony to refresh his recollection, but Wang was insisting he didn’t remember. In any event, whatever Wang was shown wasn’t submitted as evidence or shown to the court. I got the gist, though, and I bet the jury did, too — probably the strongest work the defense has done so far.
But by the end of the day, that all seemed like a sideshow. Bankman-Fried had been vibrating slightly during Wang’s testimony. During Ellison’s testimony, his bouncing became more noticeable.
Ellison was hunched in on herself as she walked into the courtroom, wearing a dusty rose dress with a gray blazer over it, looking less like an executive than like a girl who’s borrowed her boyfriend’s coat because she’s cold.
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Sam Bankman-Fried was a terrible boyfriend
Apparently, what Wang said in court contradicted something he’d said in earlier interviews with the government about market making. I say “apparently” because Everdell was probably giving him his previous testimony to refresh his recollection, but Wang was insisting he didn’t remember. In any event, whatever Wang was shown wasn’t submitted as evidence or shown to the court. I got the gist, though, and I bet the jury did, too — probably the strongest work the defense has done so far.
But by the end of the day, that all seemed like a sideshow. Bankman-Fried had been vibrating slightly during Wang’s testimony. During Ellison’s testimony, his bouncing became more noticeable.
Ellison was hunched in on herself as she walked into the courtroom, wearing a dusty rose dress with a gray blazer over it, looking less like an executive than like a girl who’s borrowed her boyfriend’s coat because she’s cold. When the prosecution asked her to identify Bankman-Fried, she had trouble finding him and gazed around the courtroom for more than 20 seconds — apparently he was incognito with his new haircut.
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Sam Bankman-Fried was a terrible boyfriend
In any event, whatever Wang was shown wasn’t submitted as evidence or shown to the court. I got the gist, though, and I bet the jury did, too — probably the strongest work the defense has done so far.
But by the end of the day, that all seemed like a sideshow. Bankman-Fried had been vibrating slightly during Wang’s testimony. During Ellison’s testimony, his bouncing became more noticeable.
Ellison was hunched in on herself as she walked into the courtroom, wearing a dusty rose dress with a gray blazer over it, looking less like an executive than like a girl who’s borrowed her boyfriend’s coat because she’s cold. When the prosecution asked her to identify Bankman-Fried, she had trouble finding him and gazed around the courtroom for more than 20 seconds — apparently he was incognito with his new haircut. After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit.
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Sam Bankman-Fried was a terrible boyfriend
I got the gist, though, and I bet the jury did, too — probably the strongest work the defense has done so far.
But by the end of the day, that all seemed like a sideshow. Bankman-Fried had been vibrating slightly during Wang’s testimony. During Ellison’s testimony, his bouncing became more noticeable.
Ellison was hunched in on herself as she walked into the courtroom, wearing a dusty rose dress with a gray blazer over it, looking less like an executive than like a girl who’s borrowed her boyfriend’s coat because she’s cold. When the prosecution asked her to identify Bankman-Fried, she had trouble finding him and gazed around the courtroom for more than 20 seconds — apparently he was incognito with his new haircut. After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit. This got chuckles from the rest of the defense table, also all in suits.
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Sam Bankman-Fried was a terrible boyfriend
But by the end of the day, that all seemed like a sideshow. Bankman-Fried had been vibrating slightly during Wang’s testimony. During Ellison’s testimony, his bouncing became more noticeable.
Ellison was hunched in on herself as she walked into the courtroom, wearing a dusty rose dress with a gray blazer over it, looking less like an executive than like a girl who’s borrowed her boyfriend’s coat because she’s cold. When the prosecution asked her to identify Bankman-Fried, she had trouble finding him and gazed around the courtroom for more than 20 seconds — apparently he was incognito with his new haircut. After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit. This got chuckles from the rest of the defense table, also all in suits.
She listed off the crimes she’d already pleaded guilty to and added that Bankman-Fried “directed me to commit these crimes,” Ellison said.
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Sam Bankman-Fried was a terrible boyfriend
Bankman-Fried had been vibrating slightly during Wang’s testimony. During Ellison’s testimony, his bouncing became more noticeable.
Ellison was hunched in on herself as she walked into the courtroom, wearing a dusty rose dress with a gray blazer over it, looking less like an executive than like a girl who’s borrowed her boyfriend’s coat because she’s cold. When the prosecution asked her to identify Bankman-Fried, she had trouble finding him and gazed around the courtroom for more than 20 seconds — apparently he was incognito with his new haircut. After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit. This got chuckles from the rest of the defense table, also all in suits.
She listed off the crimes she’d already pleaded guilty to and added that Bankman-Fried “directed me to commit these crimes,” Ellison said. (Fraud, conspiracy to commit fraud, and money laundering, in case you were wondering.)
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Sam Bankman-Fried was a terrible boyfriend
During Ellison’s testimony, his bouncing became more noticeable.
Ellison was hunched in on herself as she walked into the courtroom, wearing a dusty rose dress with a gray blazer over it, looking less like an executive than like a girl who’s borrowed her boyfriend’s coat because she’s cold. When the prosecution asked her to identify Bankman-Fried, she had trouble finding him and gazed around the courtroom for more than 20 seconds — apparently he was incognito with his new haircut. After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit. This got chuckles from the rest of the defense table, also all in suits.
She listed off the crimes she’d already pleaded guilty to and added that Bankman-Fried “directed me to commit these crimes,” Ellison said. (Fraud, conspiracy to commit fraud, and money laundering, in case you were wondering.) “We ultimately took about $14 billion, some of which we were not able to pay back.” She tilted her head down to answer the questions, then lifted her head when she’d finished her answer.
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Sam Bankman-Fried was a terrible boyfriend
When the prosecution asked her to identify Bankman-Fried, she had trouble finding him and gazed around the courtroom for more than 20 seconds — apparently he was incognito with his new haircut. After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit. This got chuckles from the rest of the defense table, also all in suits.
She listed off the crimes she’d already pleaded guilty to and added that Bankman-Fried “directed me to commit these crimes,” Ellison said. (Fraud, conspiracy to commit fraud, and money laundering, in case you were wondering.) “We ultimately took about $14 billion, some of which we were not able to pay back.” She tilted her head down to answer the questions, then lifted her head when she’d finished her answer.
Bankman-Fried called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict
In Ellison’s telling, Alameda was troubled from her earliest time there in 2018.
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Sam Bankman-Fried was a terrible boyfriend
After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit. This got chuckles from the rest of the defense table, also all in suits.
She listed off the crimes she’d already pleaded guilty to and added that Bankman-Fried “directed me to commit these crimes,” Ellison said. (Fraud, conspiracy to commit fraud, and money laundering, in case you were wondering.) “We ultimately took about $14 billion, some of which we were not able to pay back.” She tilted her head down to answer the questions, then lifted her head when she’d finished her answer.
Bankman-Fried called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict
In Ellison’s telling, Alameda was troubled from her earliest time there in 2018. “Shortly after I started, I learned the company was in worse shape than I realized,” Ellison said.
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Sam Bankman-Fried was a terrible boyfriend
After she did spot him, she was asked to identify him, which she did by identifying him as wearing a suit. This got chuckles from the rest of the defense table, also all in suits.
She listed off the crimes she’d already pleaded guilty to and added that Bankman-Fried “directed me to commit these crimes,” Ellison said. (Fraud, conspiracy to commit fraud, and money laundering, in case you were wondering.) “We ultimately took about $14 billion, some of which we were not able to pay back.” She tilted her head down to answer the questions, then lifted her head when she’d finished her answer.
Bankman-Fried called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict
In Ellison’s telling, Alameda was troubled from her earliest time there in 2018. “Shortly after I started, I learned the company was in worse shape than I realized,” Ellison said. Alameda had initially been funded with loans “from acquaintances,” she said, and those loans were recalled a few weeks after she arrived.
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Sam Bankman-Fried was a terrible boyfriend
She listed off the crimes she’d already pleaded guilty to and added that Bankman-Fried “directed me to commit these crimes,” Ellison said. (Fraud, conspiracy to commit fraud, and money laundering, in case you were wondering.) “We ultimately took about $14 billion, some of which we were not able to pay back.” She tilted her head down to answer the questions, then lifted her head when she’d finished her answer.
Bankman-Fried called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict
In Ellison’s telling, Alameda was troubled from her earliest time there in 2018. “Shortly after I started, I learned the company was in worse shape than I realized,” Ellison said. Alameda had initially been funded with loans “from acquaintances,” she said, and those loans were recalled a few weeks after she arrived. (There was a staff revolt within Alameda Research over lost millions and general financial chaos, according to Michael Lewis’ Going Infinite.)
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Sam Bankman-Fried was a terrible boyfriend
(Fraud, conspiracy to commit fraud, and money laundering, in case you were wondering.) “We ultimately took about $14 billion, some of which we were not able to pay back.” She tilted her head down to answer the questions, then lifted her head when she’d finished her answer.
Bankman-Fried called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict
In Ellison’s telling, Alameda was troubled from her earliest time there in 2018. “Shortly after I started, I learned the company was in worse shape than I realized,” Ellison said. Alameda had initially been funded with loans “from acquaintances,” she said, and those loans were recalled a few weeks after she arrived. (There was a staff revolt within Alameda Research over lost millions and general financial chaos, according to Michael Lewis’ Going Infinite.) Ellison asked Bankman-Fried why he hadn’t shared the company’s shaky circumstances in the job offer. “He hadn’t known how to tell me,” she said.
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Sam Bankman-Fried was a terrible boyfriend
“We ultimately took about $14 billion, some of which we were not able to pay back.” She tilted her head down to answer the questions, then lifted her head when she’d finished her answer.
Bankman-Fried called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict
In Ellison’s telling, Alameda was troubled from her earliest time there in 2018. “Shortly after I started, I learned the company was in worse shape than I realized,” Ellison said. Alameda had initially been funded with loans “from acquaintances,” she said, and those loans were recalled a few weeks after she arrived. (There was a staff revolt within Alameda Research over lost millions and general financial chaos, according to Michael Lewis’ Going Infinite.) Ellison asked Bankman-Fried why he hadn’t shared the company’s shaky circumstances in the job offer. “He hadn’t known how to tell me,” she said.
Ellison was also, of course, in a more personal relationship with Bankman-Fried.
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Sam Bankman-Fried was a terrible boyfriend
Bankman-Fried called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict
In Ellison’s telling, Alameda was troubled from her earliest time there in 2018. “Shortly after I started, I learned the company was in worse shape than I realized,” Ellison said. Alameda had initially been funded with loans “from acquaintances,” she said, and those loans were recalled a few weeks after she arrived. (There was a staff revolt within Alameda Research over lost millions and general financial chaos, according to Michael Lewis’ Going Infinite.) Ellison asked Bankman-Fried why he hadn’t shared the company’s shaky circumstances in the job offer. “He hadn’t known how to tell me,” she said.
Ellison was also, of course, in a more personal relationship with Bankman-Fried. (A juror who’d been asleep for a discussion of the FTT token woke up when she started discussing it.)
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Sam Bankman-Fried was a terrible boyfriend
“Shortly after I started, I learned the company was in worse shape than I realized,” Ellison said. Alameda had initially been funded with loans “from acquaintances,” she said, and those loans were recalled a few weeks after she arrived. (There was a staff revolt within Alameda Research over lost millions and general financial chaos, according to Michael Lewis’ Going Infinite.) Ellison asked Bankman-Fried why he hadn’t shared the company’s shaky circumstances in the job offer. “He hadn’t known how to tell me,” she said.
Ellison was also, of course, in a more personal relationship with Bankman-Fried. (A juror who’d been asleep for a discussion of the FTT token woke up when she started discussing it.) The two started sleeping together in the fall of 2018, on and off. At the time, she was a trader and Bankman-Fried was the CEO. They didn’t date until later — twice.
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Sam Bankman-Fried was a terrible boyfriend
Alameda had initially been funded with loans “from acquaintances,” she said, and those loans were recalled a few weeks after she arrived. (There was a staff revolt within Alameda Research over lost millions and general financial chaos, according to Michael Lewis’ Going Infinite.) Ellison asked Bankman-Fried why he hadn’t shared the company’s shaky circumstances in the job offer. “He hadn’t known how to tell me,” she said.
Ellison was also, of course, in a more personal relationship with Bankman-Fried. (A juror who’d been asleep for a discussion of the FTT token woke up when she started discussing it.) The two started sleeping together in the fall of 2018, on and off. At the time, she was a trader and Bankman-Fried was the CEO. They didn’t date until later — twice. Their first relationship stretched from the summer of 2020 through the summer of 2021; they agreed to keep it secret.
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Sam Bankman-Fried was a terrible boyfriend
(There was a staff revolt within Alameda Research over lost millions and general financial chaos, according to Michael Lewis’ Going Infinite.) Ellison asked Bankman-Fried why he hadn’t shared the company’s shaky circumstances in the job offer. “He hadn’t known how to tell me,” she said.
Ellison was also, of course, in a more personal relationship with Bankman-Fried. (A juror who’d been asleep for a discussion of the FTT token woke up when she started discussing it.) The two started sleeping together in the fall of 2018, on and off. At the time, she was a trader and Bankman-Fried was the CEO. They didn’t date until later — twice. Their first relationship stretched from the summer of 2020 through the summer of 2021; they agreed to keep it secret. (Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
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Sam Bankman-Fried was a terrible boyfriend
Ellison asked Bankman-Fried why he hadn’t shared the company’s shaky circumstances in the job offer. “He hadn’t known how to tell me,” she said.
Ellison was also, of course, in a more personal relationship with Bankman-Fried. (A juror who’d been asleep for a discussion of the FTT token woke up when she started discussing it.) The two started sleeping together in the fall of 2018, on and off. At the time, she was a trader and Bankman-Fried was the CEO. They didn’t date until later — twice. Their first relationship stretched from the summer of 2020 through the summer of 2021; they agreed to keep it secret. (Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
That gave Ellison an unusual view of his character. “He was very ambitious,” she said.
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Sam Bankman-Fried was a terrible boyfriend
“He hadn’t known how to tell me,” she said.
Ellison was also, of course, in a more personal relationship with Bankman-Fried. (A juror who’d been asleep for a discussion of the FTT token woke up when she started discussing it.) The two started sleeping together in the fall of 2018, on and off. At the time, she was a trader and Bankman-Fried was the CEO. They didn’t date until later — twice. Their first relationship stretched from the summer of 2020 through the summer of 2021; they agreed to keep it secret. (Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
That gave Ellison an unusual view of his character. “He was very ambitious,” she said. Besides telling her about his presidential chances, he also told her that if there was a coin flip where tails destroyed the world and heads made the world twice as good, he’d flip the coin.
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Sam Bankman-Fried was a terrible boyfriend
(A juror who’d been asleep for a discussion of the FTT token woke up when she started discussing it.) The two started sleeping together in the fall of 2018, on and off. At the time, she was a trader and Bankman-Fried was the CEO. They didn’t date until later — twice. Their first relationship stretched from the summer of 2020 through the summer of 2021; they agreed to keep it secret. (Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
That gave Ellison an unusual view of his character. “He was very ambitious,” she said. Besides telling her about his presidential chances, he also told her that if there was a coin flip where tails destroyed the world and heads made the world twice as good, he’d flip the coin. He called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict.
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Sam Bankman-Fried was a terrible boyfriend
The two started sleeping together in the fall of 2018, on and off. At the time, she was a trader and Bankman-Fried was the CEO. They didn’t date until later — twice. Their first relationship stretched from the summer of 2020 through the summer of 2021; they agreed to keep it secret. (Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
That gave Ellison an unusual view of his character. “He was very ambitious,” she said. Besides telling her about his presidential chances, he also told her that if there was a coin flip where tails destroyed the world and heads made the world twice as good, he’d flip the coin. He called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict.
She was named co-CEO of Alameda with Sam Trabucco in 2021, while she and Bankman-Fried were broken up, and CEO in 2022.
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Sam Bankman-Fried was a terrible boyfriend
They didn’t date until later — twice. Their first relationship stretched from the summer of 2020 through the summer of 2021; they agreed to keep it secret. (Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
That gave Ellison an unusual view of his character. “He was very ambitious,” she said. Besides telling her about his presidential chances, he also told her that if there was a coin flip where tails destroyed the world and heads made the world twice as good, he’d flip the coin. He called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict.
She was named co-CEO of Alameda with Sam Trabucco in 2021, while she and Bankman-Fried were broken up, and CEO in 2022. The goal, Bankman-Fried told her, was to “optically” separate Alameda Research and FTX.
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Sam Bankman-Fried was a terrible boyfriend
(Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
That gave Ellison an unusual view of his character. “He was very ambitious,” she said. Besides telling her about his presidential chances, he also told her that if there was a coin flip where tails destroyed the world and heads made the world twice as good, he’d flip the coin. He called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict.
She was named co-CEO of Alameda with Sam Trabucco in 2021, while she and Bankman-Fried were broken up, and CEO in 2022. The goal, Bankman-Fried told her, was to “optically” separate Alameda Research and FTX. “The whole time we were dating, he was my boss at work,” she said.
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Sam Bankman-Fried was a terrible boyfriend
(Some people found out, as they usually do.) The second time, from the fall of 2021 until the spring of 2022, they lived together.
That gave Ellison an unusual view of his character. “He was very ambitious,” she said. Besides telling her about his presidential chances, he also told her that if there was a coin flip where tails destroyed the world and heads made the world twice as good, he’d flip the coin. He called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict.
She was named co-CEO of Alameda with Sam Trabucco in 2021, while she and Bankman-Fried were broken up, and CEO in 2022. The goal, Bankman-Fried told her, was to “optically” separate Alameda Research and FTX. “The whole time we were dating, he was my boss at work,” she said. They broke up because she wanted more from the relationship; Bankman-Fried was distant and not paying enough attention to her.
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Sam Bankman-Fried was a terrible boyfriend
That gave Ellison an unusual view of his character. “He was very ambitious,” she said. Besides telling her about his presidential chances, he also told her that if there was a coin flip where tails destroyed the world and heads made the world twice as good, he’d flip the coin. He called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict.
She was named co-CEO of Alameda with Sam Trabucco in 2021, while she and Bankman-Fried were broken up, and CEO in 2022. The goal, Bankman-Fried told her, was to “optically” separate Alameda Research and FTX. “The whole time we were dating, he was my boss at work,” she said. They broke up because she wanted more from the relationship; Bankman-Fried was distant and not paying enough attention to her.
Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise”
Bankman-Fried didn’t grant Ellison equity, even though she asked; he told her it would be too complicated.
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Sam Bankman-Fried was a terrible boyfriend
He called this being “risk-neutral,” which seems like a fancy way of saying he was a gambling addict.
She was named co-CEO of Alameda with Sam Trabucco in 2021, while she and Bankman-Fried were broken up, and CEO in 2022. The goal, Bankman-Fried told her, was to “optically” separate Alameda Research and FTX. “The whole time we were dating, he was my boss at work,” she said. They broke up because she wanted more from the relationship; Bankman-Fried was distant and not paying enough attention to her.
Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise”
Bankman-Fried didn’t grant Ellison equity, even though she asked; he told her it would be too complicated. Instead, she got a $200,000 salary, even as CEO, and bonuses twice a year, which ranged from $100,000 to $20 million.
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Sam Bankman-Fried was a terrible boyfriend
She was named co-CEO of Alameda with Sam Trabucco in 2021, while she and Bankman-Fried were broken up, and CEO in 2022. The goal, Bankman-Fried told her, was to “optically” separate Alameda Research and FTX. “The whole time we were dating, he was my boss at work,” she said. They broke up because she wanted more from the relationship; Bankman-Fried was distant and not paying enough attention to her.
Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise”
Bankman-Fried didn’t grant Ellison equity, even though she asked; he told her it would be too complicated. Instead, she got a $200,000 salary, even as CEO, and bonuses twice a year, which ranged from $100,000 to $20 million.
Initially, Alameda and FTX were “very integrated,” Ellison said. They were run by the same team, from the same office.
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Sam Bankman-Fried was a terrible boyfriend
The goal, Bankman-Fried told her, was to “optically” separate Alameda Research and FTX. “The whole time we were dating, he was my boss at work,” she said. They broke up because she wanted more from the relationship; Bankman-Fried was distant and not paying enough attention to her.
Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise”
Bankman-Fried didn’t grant Ellison equity, even though she asked; he told her it would be too complicated. Instead, she got a $200,000 salary, even as CEO, and bonuses twice a year, which ranged from $100,000 to $20 million.
Initially, Alameda and FTX were “very integrated,” Ellison said. They were run by the same team, from the same office. And when Alameda was scrounging for funds, Bankman-Fried told Ellison that FTX would be a good source of capital.
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Sam Bankman-Fried was a terrible boyfriend
“The whole time we were dating, he was my boss at work,” she said. They broke up because she wanted more from the relationship; Bankman-Fried was distant and not paying enough attention to her.
Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise”
Bankman-Fried didn’t grant Ellison equity, even though she asked; he told her it would be too complicated. Instead, she got a $200,000 salary, even as CEO, and bonuses twice a year, which ranged from $100,000 to $20 million.
Initially, Alameda and FTX were “very integrated,” Ellison said. They were run by the same team, from the same office. And when Alameda was scrounging for funds, Bankman-Fried told Ellison that FTX would be a good source of capital. The $65 billion line of credit Alameda Research had meant that it did not have to post collateral. There was no contract and no written terms, she testified.
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Sam Bankman-Fried was a terrible boyfriend
They broke up because she wanted more from the relationship; Bankman-Fried was distant and not paying enough attention to her.
Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise”
Bankman-Fried didn’t grant Ellison equity, even though she asked; he told her it would be too complicated. Instead, she got a $200,000 salary, even as CEO, and bonuses twice a year, which ranged from $100,000 to $20 million.
Initially, Alameda and FTX were “very integrated,” Ellison said. They were run by the same team, from the same office. And when Alameda was scrounging for funds, Bankman-Fried told Ellison that FTX would be a good source of capital. The $65 billion line of credit Alameda Research had meant that it did not have to post collateral. There was no contract and no written terms, she testified. It also wasn’t visible to FTX’s auditors — she’d raised the question with Bankman-Fried, and he told her not to worry about it.
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Sam Bankman-Fried was a terrible boyfriend
Instead, she got a $200,000 salary, even as CEO, and bonuses twice a year, which ranged from $100,000 to $20 million.
Initially, Alameda and FTX were “very integrated,” Ellison said. They were run by the same team, from the same office. And when Alameda was scrounging for funds, Bankman-Fried told Ellison that FTX would be a good source of capital. The $65 billion line of credit Alameda Research had meant that it did not have to post collateral. There was no contract and no written terms, she testified. It also wasn’t visible to FTX’s auditors — she’d raised the question with Bankman-Fried, and he told her not to worry about it.
Alameda’s credit line — which was taken in increments of $100,000 to $10 million at a time — was used for trading. Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise,” Ellison testified.
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Sam Bankman-Fried was a terrible boyfriend
Initially, Alameda and FTX were “very integrated,” Ellison said. They were run by the same team, from the same office. And when Alameda was scrounging for funds, Bankman-Fried told Ellison that FTX would be a good source of capital. The $65 billion line of credit Alameda Research had meant that it did not have to post collateral. There was no contract and no written terms, she testified. It also wasn’t visible to FTX’s auditors — she’d raised the question with Bankman-Fried, and he told her not to worry about it.
Alameda’s credit line — which was taken in increments of $100,000 to $10 million at a time — was used for trading. Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise,” Ellison testified.
Customer funds were also used when Bankman-Fried bought back FTX shares from Binance, an early investor, in the summer of 2021.
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Sam Bankman-Fried was a terrible boyfriend
They were run by the same team, from the same office. And when Alameda was scrounging for funds, Bankman-Fried told Ellison that FTX would be a good source of capital. The $65 billion line of credit Alameda Research had meant that it did not have to post collateral. There was no contract and no written terms, she testified. It also wasn’t visible to FTX’s auditors — she’d raised the question with Bankman-Fried, and he told her not to worry about it.
Alameda’s credit line — which was taken in increments of $100,000 to $10 million at a time — was used for trading. Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise,” Ellison testified.
Customer funds were also used when Bankman-Fried bought back FTX shares from Binance, an early investor, in the summer of 2021. Bankman-Fried told Ellison it was “really important,” otherwise “Binance would do things to mess with FTX.” Ellison says she told him Alameda didn’t have the money.
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Sam Bankman-Fried was a terrible boyfriend
The $65 billion line of credit Alameda Research had meant that it did not have to post collateral. There was no contract and no written terms, she testified. It also wasn’t visible to FTX’s auditors — she’d raised the question with Bankman-Fried, and he told her not to worry about it.
Alameda’s credit line — which was taken in increments of $100,000 to $10 million at a time — was used for trading. Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise,” Ellison testified.
Customer funds were also used when Bankman-Fried bought back FTX shares from Binance, an early investor, in the summer of 2021. Bankman-Fried told Ellison it was “really important,” otherwise “Binance would do things to mess with FTX.” Ellison says she told him Alameda didn’t have the money. So Bankman-Fried took $1 billion of FTX customer funds to buy out Binance, the first time Ellison recalled an amount that large.
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Sam Bankman-Fried was a terrible boyfriend
There was no contract and no written terms, she testified. It also wasn’t visible to FTX’s auditors — she’d raised the question with Bankman-Fried, and he told her not to worry about it.
Alameda’s credit line — which was taken in increments of $100,000 to $10 million at a time — was used for trading. Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise,” Ellison testified.
Customer funds were also used when Bankman-Fried bought back FTX shares from Binance, an early investor, in the summer of 2021. Bankman-Fried told Ellison it was “really important,” otherwise “Binance would do things to mess with FTX.” Ellison says she told him Alameda didn’t have the money. So Bankman-Fried took $1 billion of FTX customer funds to buy out Binance, the first time Ellison recalled an amount that large. It was Bankman-Fried’s decision, she said, as he was the CEO of FTX.
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Sam Bankman-Fried was a terrible boyfriend
Alameda’s credit line — which was taken in increments of $100,000 to $10 million at a time — was used for trading. Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise,” Ellison testified.
Customer funds were also used when Bankman-Fried bought back FTX shares from Binance, an early investor, in the summer of 2021. Bankman-Fried told Ellison it was “really important,” otherwise “Binance would do things to mess with FTX.” Ellison says she told him Alameda didn’t have the money. So Bankman-Fried took $1 billion of FTX customer funds to buy out Binance, the first time Ellison recalled an amount that large. It was Bankman-Fried’s decision, she said, as he was the CEO of FTX.
FTT was one of several “Sam coins”
There was also the FTT token, which was created by Bankman-Fried and Wang.
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Sam Bankman-Fried was a terrible boyfriend
Using the effectively unlimited funds “allowed us to make profitable trades we couldn’t have made otherwise,” Ellison testified.
Customer funds were also used when Bankman-Fried bought back FTX shares from Binance, an early investor, in the summer of 2021. Bankman-Fried told Ellison it was “really important,” otherwise “Binance would do things to mess with FTX.” Ellison says she told him Alameda didn’t have the money. So Bankman-Fried took $1 billion of FTX customer funds to buy out Binance, the first time Ellison recalled an amount that large. It was Bankman-Fried’s decision, she said, as he was the CEO of FTX.
FTT was one of several “Sam coins”
There was also the FTT token, which was created by Bankman-Fried and Wang. Alameda got its war chest — 60 percent to 70 percent of the initial supply — for free, while seed investors got FTT at 10 cents a coin, and FTT first listed at $1 a coin.
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Sam Bankman-Fried was a terrible boyfriend
Customer funds were also used when Bankman-Fried bought back FTX shares from Binance, an early investor, in the summer of 2021. Bankman-Fried told Ellison it was “really important,” otherwise “Binance would do things to mess with FTX.” Ellison says she told him Alameda didn’t have the money. So Bankman-Fried took $1 billion of FTX customer funds to buy out Binance, the first time Ellison recalled an amount that large. It was Bankman-Fried’s decision, she said, as he was the CEO of FTX.
FTT was one of several “Sam coins”
There was also the FTT token, which was created by Bankman-Fried and Wang. Alameda got its war chest — 60 percent to 70 percent of the initial supply — for free, while seed investors got FTT at 10 cents a coin, and FTT first listed at $1 a coin. Bankman-Fried felt that $1 per coin was psychologically important, Ellison said, and he directed her to buy up FTT using Alameda if its price fell below a dollar.
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Sam Bankman-Fried was a terrible boyfriend
So Bankman-Fried took $1 billion of FTX customer funds to buy out Binance, the first time Ellison recalled an amount that large. It was Bankman-Fried’s decision, she said, as he was the CEO of FTX.
FTT was one of several “Sam coins”
There was also the FTT token, which was created by Bankman-Fried and Wang. Alameda got its war chest — 60 percent to 70 percent of the initial supply — for free, while seed investors got FTT at 10 cents a coin, and FTT first listed at $1 a coin. Bankman-Fried felt that $1 per coin was psychologically important, Ellison said, and he directed her to buy up FTT using Alameda if its price fell below a dollar.
FTT was one of several “Sam coins,” a nickname for tokens that Bankman-Fried was heavily involved in and owned a lot of, either personally or through Alameda.
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Sam Bankman-Fried was a terrible boyfriend
It was Bankman-Fried’s decision, she said, as he was the CEO of FTX.
FTT was one of several “Sam coins”
There was also the FTT token, which was created by Bankman-Fried and Wang. Alameda got its war chest — 60 percent to 70 percent of the initial supply — for free, while seed investors got FTT at 10 cents a coin, and FTT first listed at $1 a coin. Bankman-Fried felt that $1 per coin was psychologically important, Ellison said, and he directed her to buy up FTT using Alameda if its price fell below a dollar.
FTT was one of several “Sam coins,” a nickname for tokens that Bankman-Fried was heavily involved in and owned a lot of, either personally or through Alameda. Those coins were almost certainly worth less than the value displayed on the balance sheet because trying to sell them all at once would crater the prices.
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Sam Bankman-Fried was a terrible boyfriend
FTT was one of several “Sam coins”
There was also the FTT token, which was created by Bankman-Fried and Wang. Alameda got its war chest — 60 percent to 70 percent of the initial supply — for free, while seed investors got FTT at 10 cents a coin, and FTT first listed at $1 a coin. Bankman-Fried felt that $1 per coin was psychologically important, Ellison said, and he directed her to buy up FTT using Alameda if its price fell below a dollar.
FTT was one of several “Sam coins,” a nickname for tokens that Bankman-Fried was heavily involved in and owned a lot of, either personally or through Alameda. Those coins were almost certainly worth less than the value displayed on the balance sheet because trying to sell them all at once would crater the prices. Bankman-Fried directed her to put those coins on the balance sheets Alameda showed to lenders, even though she felt it was “somewhat misleading.”
Alameda was also getting loans from outside lenders, such as Genesis, because when FTX started, there weren’t a lot of customer funds to borrow, Ellison testified.
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Sam Bankman-Fried was a terrible boyfriend
Bankman-Fried felt that $1 per coin was psychologically important, Ellison said, and he directed her to buy up FTT using Alameda if its price fell below a dollar.
FTT was one of several “Sam coins,” a nickname for tokens that Bankman-Fried was heavily involved in and owned a lot of, either personally or through Alameda. Those coins were almost certainly worth less than the value displayed on the balance sheet because trying to sell them all at once would crater the prices. Bankman-Fried directed her to put those coins on the balance sheets Alameda showed to lenders, even though she felt it was “somewhat misleading.”
Alameda was also getting loans from outside lenders, such as Genesis, because when FTX started, there weren’t a lot of customer funds to borrow, Ellison testified. That was the basis of the worst of her testimony — and the spreadsheet from hell.
Ellison said she’d prepared the spreadsheet at Bankman-Fried’s request in the fall of 2021 and shared it with him.
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Sam Bankman-Fried was a terrible boyfriend
FTT was one of several “Sam coins,” a nickname for tokens that Bankman-Fried was heavily involved in and owned a lot of, either personally or through Alameda. Those coins were almost certainly worth less than the value displayed on the balance sheet because trying to sell them all at once would crater the prices. Bankman-Fried directed her to put those coins on the balance sheets Alameda showed to lenders, even though she felt it was “somewhat misleading.”
Alameda was also getting loans from outside lenders, such as Genesis, because when FTX started, there weren’t a lot of customer funds to borrow, Ellison testified. That was the basis of the worst of her testimony — and the spreadsheet from hell.
Ellison said she’d prepared the spreadsheet at Bankman-Fried’s request in the fall of 2021 and shared it with him. The point was risk analysis around paying back Alameda’s loans if they were abruptly recalled by Genesis, their lender.
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Sam Bankman-Fried was a terrible boyfriend
Those coins were almost certainly worth less than the value displayed on the balance sheet because trying to sell them all at once would crater the prices. Bankman-Fried directed her to put those coins on the balance sheets Alameda showed to lenders, even though she felt it was “somewhat misleading.”
Alameda was also getting loans from outside lenders, such as Genesis, because when FTX started, there weren’t a lot of customer funds to borrow, Ellison testified. That was the basis of the worst of her testimony — and the spreadsheet from hell.
Ellison said she’d prepared the spreadsheet at Bankman-Fried’s request in the fall of 2021 and shared it with him. The point was risk analysis around paying back Alameda’s loans if they were abruptly recalled by Genesis, their lender. Bankman-Fried wanted to use $3 billion for venture investments, so Ellison was ballparking what that would do to Alameda’s risk.
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Sam Bankman-Fried was a terrible boyfriend
Those coins were almost certainly worth less than the value displayed on the balance sheet because trying to sell them all at once would crater the prices. Bankman-Fried directed her to put those coins on the balance sheets Alameda showed to lenders, even though she felt it was “somewhat misleading.”
Alameda was also getting loans from outside lenders, such as Genesis, because when FTX started, there weren’t a lot of customer funds to borrow, Ellison testified. That was the basis of the worst of her testimony — and the spreadsheet from hell.
Ellison said she’d prepared the spreadsheet at Bankman-Fried’s request in the fall of 2021 and shared it with him. The point was risk analysis around paying back Alameda’s loans if they were abruptly recalled by Genesis, their lender. Bankman-Fried wanted to use $3 billion for venture investments, so Ellison was ballparking what that would do to Alameda’s risk. In the as-is scenario, if things went south, she figured there was a 30 percent chance they wouldn’t be able to meet the loan recalls.
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Sam Bankman-Fried was a terrible boyfriend
Bankman-Fried directed her to put those coins on the balance sheets Alameda showed to lenders, even though she felt it was “somewhat misleading.”
Alameda was also getting loans from outside lenders, such as Genesis, because when FTX started, there weren’t a lot of customer funds to borrow, Ellison testified. That was the basis of the worst of her testimony — and the spreadsheet from hell.
Ellison said she’d prepared the spreadsheet at Bankman-Fried’s request in the fall of 2021 and shared it with him. The point was risk analysis around paying back Alameda’s loans if they were abruptly recalled by Genesis, their lender. Bankman-Fried wanted to use $3 billion for venture investments, so Ellison was ballparking what that would do to Alameda’s risk. In the as-is scenario, if things went south, she figured there was a 30 percent chance they wouldn’t be able to meet the loan recalls. If Bankman-Fried used $3 billion to make investments, there was a 100 percent chance they couldn’t meet the recalls, even with FTX customer funds.
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Sam Bankman-Fried was a terrible boyfriend
That was the basis of the worst of her testimony — and the spreadsheet from hell.
Ellison said she’d prepared the spreadsheet at Bankman-Fried’s request in the fall of 2021 and shared it with him. The point was risk analysis around paying back Alameda’s loans if they were abruptly recalled by Genesis, their lender. Bankman-Fried wanted to use $3 billion for venture investments, so Ellison was ballparking what that would do to Alameda’s risk. In the as-is scenario, if things went south, she figured there was a 30 percent chance they wouldn’t be able to meet the loan recalls. If Bankman-Fried used $3 billion to make investments, there was a 100 percent chance they couldn’t meet the recalls, even with FTX customer funds.
Echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length
The problem here wasn’t really the math, which seemed pretty arbitrary.
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Sam Bankman-Fried was a terrible boyfriend
Ellison said she’d prepared the spreadsheet at Bankman-Fried’s request in the fall of 2021 and shared it with him. The point was risk analysis around paying back Alameda’s loans if they were abruptly recalled by Genesis, their lender. Bankman-Fried wanted to use $3 billion for venture investments, so Ellison was ballparking what that would do to Alameda’s risk. In the as-is scenario, if things went south, she figured there was a 30 percent chance they wouldn’t be able to meet the loan recalls. If Bankman-Fried used $3 billion to make investments, there was a 100 percent chance they couldn’t meet the recalls, even with FTX customer funds.
Echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length
The problem here wasn’t really the math, which seemed pretty arbitrary. It was that Ellison’s calculations assumed Alameda could borrow $1.8 billion in normal dollars and $1.5 billion in crypto from FTX.
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Sam Bankman-Fried was a terrible boyfriend
The point was risk analysis around paying back Alameda’s loans if they were abruptly recalled by Genesis, their lender. Bankman-Fried wanted to use $3 billion for venture investments, so Ellison was ballparking what that would do to Alameda’s risk. In the as-is scenario, if things went south, she figured there was a 30 percent chance they wouldn’t be able to meet the loan recalls. If Bankman-Fried used $3 billion to make investments, there was a 100 percent chance they couldn’t meet the recalls, even with FTX customer funds.
Echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length
The problem here wasn’t really the math, which seemed pretty arbitrary. It was that Ellison’s calculations assumed Alameda could borrow $1.8 billion in normal dollars and $1.5 billion in crypto from FTX. The spreadsheet makes this clear with a row labeled “FTX borrows,” which Ellison said were customer funds.
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Sam Bankman-Fried was a terrible boyfriend
Bankman-Fried wanted to use $3 billion for venture investments, so Ellison was ballparking what that would do to Alameda’s risk. In the as-is scenario, if things went south, she figured there was a 30 percent chance they wouldn’t be able to meet the loan recalls. If Bankman-Fried used $3 billion to make investments, there was a 100 percent chance they couldn’t meet the recalls, even with FTX customer funds.
Echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length
The problem here wasn’t really the math, which seemed pretty arbitrary. It was that Ellison’s calculations assumed Alameda could borrow $1.8 billion in normal dollars and $1.5 billion in crypto from FTX. The spreadsheet makes this clear with a row labeled “FTX borrows,” which Ellison said were customer funds.
Meanwhile, echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length.
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Sam Bankman-Fried was a terrible boyfriend
In the as-is scenario, if things went south, she figured there was a 30 percent chance they wouldn’t be able to meet the loan recalls. If Bankman-Fried used $3 billion to make investments, there was a 100 percent chance they couldn’t meet the recalls, even with FTX customer funds.
Echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length
The problem here wasn’t really the math, which seemed pretty arbitrary. It was that Ellison’s calculations assumed Alameda could borrow $1.8 billion in normal dollars and $1.5 billion in crypto from FTX. The spreadsheet makes this clear with a row labeled “FTX borrows,” which Ellison said were customer funds.
Meanwhile, echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length. On January 14th, 2022, Bankman-Fried tweeted, “We’re launching a $2b venture fund: FTX Ventures!” Those funds came from Alameda, Ellison testified.
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Sam Bankman-Fried was a terrible boyfriend
Echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length
The problem here wasn’t really the math, which seemed pretty arbitrary. It was that Ellison’s calculations assumed Alameda could borrow $1.8 billion in normal dollars and $1.5 billion in crypto from FTX. The spreadsheet makes this clear with a row labeled “FTX borrows,” which Ellison said were customer funds.
Meanwhile, echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length. On January 14th, 2022, Bankman-Fried tweeted, “We’re launching a $2b venture fund: FTX Ventures!” Those funds came from Alameda, Ellison testified. But Bankman-Fried didn’t want to go public with the source of the funds. He said he thought Alameda’s brand was less good, and he didn’t want his name associated with it.
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Sam Bankman-Fried was a terrible boyfriend
It was that Ellison’s calculations assumed Alameda could borrow $1.8 billion in normal dollars and $1.5 billion in crypto from FTX. The spreadsheet makes this clear with a row labeled “FTX borrows,” which Ellison said were customer funds.
Meanwhile, echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length. On January 14th, 2022, Bankman-Fried tweeted, “We’re launching a $2b venture fund: FTX Ventures!” Those funds came from Alameda, Ellison testified. But Bankman-Fried didn’t want to go public with the source of the funds. He said he thought Alameda’s brand was less good, and he didn’t want his name associated with it. Alameda also bought Robinhood shares for Bankman-Fried, who moved them to a vehicle called “Emergent Fidelity Technologies” to avoid association with Alameda.
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Sam Bankman-Fried was a terrible boyfriend
The spreadsheet makes this clear with a row labeled “FTX borrows,” which Ellison said were customer funds.
Meanwhile, echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length. On January 14th, 2022, Bankman-Fried tweeted, “We’re launching a $2b venture fund: FTX Ventures!” Those funds came from Alameda, Ellison testified. But Bankman-Fried didn’t want to go public with the source of the funds. He said he thought Alameda’s brand was less good, and he didn’t want his name associated with it. Alameda also bought Robinhood shares for Bankman-Fried, who moved them to a vehicle called “Emergent Fidelity Technologies” to avoid association with Alameda.
The day ended with a document that had been shared between Ellison and Bankman-Fried — with his comments appearing in bubbles along the main text.
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Sam Bankman-Fried was a terrible boyfriend
Meanwhile, echoing Bankman-Fried and Ellison’s romantic relationship, FTX was keeping cozy private ties with Alameda yet publicly holding it at arm’s length. On January 14th, 2022, Bankman-Fried tweeted, “We’re launching a $2b venture fund: FTX Ventures!” Those funds came from Alameda, Ellison testified. But Bankman-Fried didn’t want to go public with the source of the funds. He said he thought Alameda’s brand was less good, and he didn’t want his name associated with it. Alameda also bought Robinhood shares for Bankman-Fried, who moved them to a vehicle called “Emergent Fidelity Technologies” to avoid association with Alameda.
The day ended with a document that had been shared between Ellison and Bankman-Fried — with his comments appearing in bubbles along the main text. Ellison wrote she was worried about “both actual leverage and presenting on our balance sheet.” Bankman-Fried responded with a note: “Yup, and could also get worse.”
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ASX set to open lower as Wall Street closes September with more losses
Treasury Wine Estates (down 1.9 per cent) and Woolworths (down 1.2 per cent) dragged the consumer staples sector (down 1.1 per cent) lower. Pilbara Minerals (down 2.1 per cent) and Qantas (down 1.5 per cent) were also among the biggest large-cap decliners. The lowdown Stronger iron ore prices helped to bolster the local bourse on Monday but not enough to offset the prospect of higher-for-longer interest rates ahead of the Reserve Bank’s meeting on Tuesday. Iron ore heavyweights advanced after the iron ore price increased 1.4 per cent overnight with lithium miner Liontown resisting the downward momentum of lithium prices, which dropped to the lowest level in two years.
Most sectors traded lower but interest-rate sensitive sectors including healthcare and consumer companies were among the weakest amid expectations that the RBA will keep rates on hold in October.
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ASX set to open lower as Wall Street closes September with more losses
Treasury Wine Estates (down 1.9 per cent) and Woolworths (down 1.2 per cent) dragged the consumer staples sector (down 1.1 per cent) lower. Pilbara Minerals (down 2.1 per cent) and Qantas (down 1.5 per cent) were also among the biggest large-cap decliners. The lowdown Stronger iron ore prices helped to bolster the local bourse on Monday but not enough to offset the prospect of higher-for-longer interest rates ahead of the Reserve Bank’s meeting on Tuesday. Iron ore heavyweights advanced after the iron ore price increased 1.4 per cent overnight with lithium miner Liontown resisting the downward momentum of lithium prices, which dropped to the lowest level in two years.
Most sectors traded lower but interest-rate sensitive sectors including healthcare and consumer companies were among the weakest amid expectations that the RBA will keep rates on hold in October. The National Australia Bank has forecast another rate hike to 4.35 per cent in November.
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ASX set to open lower as Wall Street closes September with more losses
Pilbara Minerals (down 2.1 per cent) and Qantas (down 1.5 per cent) were also among the biggest large-cap decliners. The lowdown Stronger iron ore prices helped to bolster the local bourse on Monday but not enough to offset the prospect of higher-for-longer interest rates ahead of the Reserve Bank’s meeting on Tuesday. Iron ore heavyweights advanced after the iron ore price increased 1.4 per cent overnight with lithium miner Liontown resisting the downward momentum of lithium prices, which dropped to the lowest level in two years.
Most sectors traded lower but interest-rate sensitive sectors including healthcare and consumer companies were among the weakest amid expectations that the RBA will keep rates on hold in October. The National Australia Bank has forecast another rate hike to 4.35 per cent in November. Elsewhere, Wall Street closed out its worst month and quarter of the year with more losses on Friday.
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ASX set to open lower as Wall Street closes September with more losses
Pilbara Minerals (down 2.1 per cent) and Qantas (down 1.5 per cent) were also among the biggest large-cap decliners. The lowdown Stronger iron ore prices helped to bolster the local bourse on Monday but not enough to offset the prospect of higher-for-longer interest rates ahead of the Reserve Bank’s meeting on Tuesday. Iron ore heavyweights advanced after the iron ore price increased 1.4 per cent overnight with lithium miner Liontown resisting the downward momentum of lithium prices, which dropped to the lowest level in two years.
Most sectors traded lower but interest-rate sensitive sectors including healthcare and consumer companies were among the weakest amid expectations that the RBA will keep rates on hold in October. The National Australia Bank has forecast another rate hike to 4.35 per cent in November. Elsewhere, Wall Street closed out its worst month and quarter of the year with more losses on Friday. The S&P 500 slipped 0.3 per cent and the majority of stocks within the index sank.
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6398
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ASX set to open lower as Wall Street closes September with more losses
The lowdown Stronger iron ore prices helped to bolster the local bourse on Monday but not enough to offset the prospect of higher-for-longer interest rates ahead of the Reserve Bank’s meeting on Tuesday. Iron ore heavyweights advanced after the iron ore price increased 1.4 per cent overnight with lithium miner Liontown resisting the downward momentum of lithium prices, which dropped to the lowest level in two years.
Most sectors traded lower but interest-rate sensitive sectors including healthcare and consumer companies were among the weakest amid expectations that the RBA will keep rates on hold in October. The National Australia Bank has forecast another rate hike to 4.35 per cent in November. Elsewhere, Wall Street closed out its worst month and quarter of the year with more losses on Friday. The S&P 500 slipped 0.3 per cent and the majority of stocks within the index sank. The Dow Jones fell 0.5 per cent and the Nasdaq composite edged 0.1 per cent higher.
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6399
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ASX set to open lower as Wall Street closes September with more losses
Iron ore heavyweights advanced after the iron ore price increased 1.4 per cent overnight with lithium miner Liontown resisting the downward momentum of lithium prices, which dropped to the lowest level in two years.
Most sectors traded lower but interest-rate sensitive sectors including healthcare and consumer companies were among the weakest amid expectations that the RBA will keep rates on hold in October. The National Australia Bank has forecast another rate hike to 4.35 per cent in November. Elsewhere, Wall Street closed out its worst month and quarter of the year with more losses on Friday. The S&P 500 slipped 0.3 per cent and the majority of stocks within the index sank. The Dow Jones fell 0.5 per cent and the Nasdaq composite edged 0.1 per cent higher. The Australian sharemarket is set to retreat, with futures pointing to a fall of 38 points, or 0.5 per cent, at the open.
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