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Toby Bochan 5/8/24 FTX SHOCKINGLY MAY BE ABLE TO REPAY ALMOST EVERYONE The bankrupt cryptocurrency exchange FTX announced they were “in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts,” a move that once seemed impossible. The plan will repay all customers with claims under $50,000 (except governmental creditors) 118% of the funds they had on the exchange — in cash — when it collapsed in November, 2022. There is a caveat to these numbers, however: Creditors will be repaid based on asset values in November, when bitcoin was trading at well under $20,000. Today, it’s trading at over $62,000, and some creditors are recommending rejecting FTX’s plan. FTX PLANS TO PAY BILLIONS MORE TO CREDITORS FOR COMPENSATION There is a caveat to these numbers, however: Creditors will be repaid based on asset values in November, when bitcoin was trading at well under $20,000. Today, it’s trading at over $62,000, and some creditors are recommending rejecting FTX’s plan. ADVERTISEMENT MORE CRYPTO See all Crypto Jack Morse 5/14/24 PETER THIEL’S FOUNDERS FUND MAKES A $45M BET ON CRYPTO-PREDICTION MARKETS Founders Fund, the San Francisco-based venture capital firm led by Peter Thiel, is said to have led a $45M investment round into Polymarket. The self-proclaimed “world’s largest prediction market” lets users bet on all kinds of real-world events ranging from US election outcomes to the number of times Roaring Kitty will tweet this week. Read more POLYMARKET RAISES $45 MILLION FROM PETER THIEL’S FOUNDERS FUND, VITALIK BUTERIN AND OTHERS 5/13/24 FTX CUSTOMERS GET GOOD-BAD NEWS AS THE BANKRUPT EXCHANGE RIDES THE CRYPTO RALLY Jack Morse Read Jack Morse 5/6/24 ROBINHOOD CRYPTO JOINS OTHER MAJOR EXCHANGES AS TARGET OF SEC WELLS NOTICE Earlier today Robinhood Crypto said that it'd received a so-called Wells notice from the Securities and Exchange Commission on May 4, suggesting the regulator may be prepping some sort of enforcement action against the retail trading giant. (Robinhood Markets Inc. is the parent company of Sherwood Media.) The SEC has argued that many cryptocurrencies are securities, and should be regulated as such. Dan Gallagher, Robinhood’s chief legal, compliance, and corporate affairs officer, said in a statement that the company believes the assets listed on its crypto platform are not securities. A Wells notice does not always precede an enforcement action, which Robinhood said in an 8-K could include an injunction, a cease-and desist order, or civil penalties (among other outcomes). The market mostly brushed off the news, with Robinhood Markets, Inc.HOOD $18.54 (0.08%) shares largely recovering after a brief morning slide. Read more SEC WARNS ROBINHOOD THAT ITS CRYPTO BUSINESS FACES LAWSUIT The SEC has argued that many cryptocurrencies are securities, and should be regulated as such. Dan Gallagher, Robinhood’s chief legal, compliance, and corporate affairs officer, said in a statement that the company believes the assets listed on its crypto platform are not securities. A Wells notice does not always precede an enforcement action, which Robinhood said in an 8-K could include an injunction, a cease-and desist order, or civil penalties (among other outcomes). The market mostly brushed off the news, with Robinhood Markets, Inc.HOOD $18.54 (0.08%) shares largely recovering after a brief morning slide. Read more David Crowther & William Coulman 5/1/24 BINANCE FOUNDER CZ’S PRISON SENTENCE HASN’T STOPPED AN UPTICK IN TRADING ON THE EXCHANGE Yesterday, the founder and former chief executive of Binance was finally sentenced to 4 months in prison. The ruling marked the end of a multi-year investigation in which the crypto magnate — Changpeng Zhao, widely known as CZ — pleaded guilty to violating American anti-money laundering requirements. The crux of the investigation was that Binance had failed to report more than 100K suspicious transactions, including some with obvious ties to terrorist groups. Prosecutors had been seeking a sentence of 3 years for the billionaire, who will retain the bulk of his wealth despite paying $100M in criminal and civil fines. Founded in 2017, Binance continues to operate under new leadership with little evidence that the investigation into its founder and former CEO has diminished appetite for traders on the Binance exchange. Data from The Block reveals that 40-50% of monthly crypto exchange volumes go through Binance. BINANCE CRYPTO FOUNDER ZHAO SENTENCED TO FOUR MONTHS IN PRISON The crux of the investigation was that Binance had failed to report more than 100K suspicious transactions, including some with obvious ties to terrorist groups. Prosecutors had been seeking a sentence of 3 years for the billionaire, who will retain the bulk of his wealth despite paying $100M in criminal and civil fines. Founded in 2017, Binance continues to operate under new leadership with little evidence that the investigation into its founder and former CEO has diminished appetite for traders on the Binance exchange. Data from The Block reveals that 40-50% of monthly crypto exchange volumes go through Binance. Jack Morse $10B blow 4/19/24 Bitcoin business will lose billions in the halving Investors and miners have spent months prepping for the crypto-shattering event lying in bitcoin’s code. It’s finally arrived. ADVERTISEMENT LATEST STORIES Rani Molla 13s SCIENTISTS CAN’T FIGURE OUT YOUR EMOTIONS AND AI CAN’T EITHER Bad news for the “emotion AI system” tasked with determining how you’re feeling in everything from job interviews to the classroom: Scientists can’t tell what anyone is feeling from their facial expressions either. “In the real world, an emotion like anger or sadness is a broad category full of variety,” a scientist who did a meta-analysis of scientific papers about emotional expression, wrote. “In short, we can’t train AI on stereotypes and expect the results to work in real life, no matter how big the data set or sophisticated the algorithm.” ESSAY | THINK AI CAN PERCEIVE EMOTION? THINK AGAIN. “In short, we can’t train AI on stereotypes and expect the results to work in real life, no matter how big the data set or sophisticated the algorithm.” COMPANIES ARE SO DESPERATE FOR DATA CENTERS THEY'RE LEASING THEM BEFORE THEY’RE EVEN BUILT Rani Molla2h 8h INTEREST RATES ON FEDERAL STUDENT LOANS WILL BE THE HIGHEST IN A DECADE Nia Warfield Read ADVERTISEMENT 8h META’S SHUTTING DOWN ITS TEAMS COMPETITOR, WORKPLACE, AFTER SPREADING ITSELF TOO THIN Jamie Wilde Read Luke Kawa, Matt Phillips 18h US STOCKS HIT RECORD HIGH WITH TECH LEADING THE WAY The S&P 500 topped 5,300 to set new intraday and closing records on Wednesday as slowing inflation and spending increased the likelihood of interest rate cuts from the Federal Reserve. Federal funds futures priced in a full 50 basis points of rate cuts from the US central bank by year-end for the first time since April 9. 10-year US Treasury yields tumbled 10 basis points to 4.34%, their largest daily decline since January 31. All 11 US sector exchange-traded funds finished higher. Technology was the best-performing sector ETF for the third consecutive session, the first time that’s happened since August 2020. Meanwhile, the meme stocks took a turn for the worse. AMCAMC $4.72 (-13.87%) sold more shares and fell 20%; traders closed up some bullish options bets on GamestopGME $30.32 (-23.35%) and the stock dropped 19%. SPY $531,14 0.26% Today XLK $213,65 0.29% Today GME $30,32 -23.35% Today AMC $4,72 -13.87% Today TLT $92,27 0.18% Today Sponsored by Sense and Seasonality: What prospective buyers should know about the US housing market Buying a home is exciting and a major investment piece to your portfolio. Together with Rocket Mortgage, Sherwood explores the new changes to buying a home and long-term trends of the housing market, equipping prospective buyers with actionable insights to take control of their home buying journey. Read more 40M Netlfix now has 40 million subscribers to its ad-supported plan, which costs $6.99 in the US. That’s nearly double what it was in January. Like every other streaming company, Netflix has been pushing people to its more profitable ad plans, partly by raising prices for its ad-free tiers. ADVERTISEMENT Luke Kawa Game Over? 21h The winning GameStop lottery tickets are being cashed in Max Knoblauch 21h FINALLY, YOU CAN WATCH PEACOCK FROM THE COMFORT OF YOUR GARAGE Big news for folks who love streaming originals and find themselves in gridlock. Google’s adding Peacock, Max, and the “Angry Birds” game to cars with Android Auto and Google built-in, increasing the number of locations people can watch Orlando Bloom’s new travel show by untold multiples. Automakers are increasing their software offerings (and the size of car screens) as they try to ramp up monetization, with GM targeting $25 billion in software revenue by the end of the decade. It’s leading to some bizarre offerings (and privacy concerns) as the auto industry figures out what exactly people want to do on their in-car screen. Sony and Honda’s joint EV venture Afeela is reportedly going to feature PS5 remote play. What could go wrong? GOOGLE ADDS MAX, PEACOCK, AND ANGRY BIRDS TO CARS WITH NATIVE ANDROID SOFTWARE Automakers are increasing their software offerings (and the size of car screens) as they try to ramp up monetization, with GM targeting $25 billion in software revenue by the end of the decade. It’s leading to some bizarre offerings (and privacy concerns) as the auto industry figures out what exactly people want to do on their in-car screen. Sony and Honda’s joint EV venture Afeela is reportedly going to feature PS5 remote play. What could go wrong? Matt Phillips 23h LOOK AT HOW CLOSE AMAZON IS TO OVERTAKING WALMART AS AMERICA’S BIGGEST RETAILER Walmart is set to report results tomorrow morning. But the WSJ reports on how rapidly Amazon has closed the sales gap with the Beast of Bentonville over the last few years. The online-retail-and-web-services behemoth is within spitting distance of snatching the title of biggest U.S. company by annual revenue. WALMART’S REIGN AS AMERICA’S BIGGEST RETAILER IS UNDER THREAT YOUR INBOX IS READY SUBSCRIBE AND THRIVE Subscribe Snacks provides fresh takes on the financial news you need to start your day. Chartr provides data visualizations on business, entertainment, and society. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. ADVERTISEMENT THE ATHLETIC HAS BECOME A BIGGER PART OF THE NEW YORK TIMES Tom Jones23h NEW ZEALAND’S SHEEP-TO-PEOPLE RATIO FELL AGAIN IN 2023 Millie Giles, David Crowther23h Rebecca Moretti 5/15/24 GOOGLE’S AI PLANS ARE A SHOT ACROSS THE BOW OF THE TRAVEL-PLANNING INDUSTRY GoogleGOOGL $174.83 (1.34%) and OpenAI both showed off what appear to be impressive AI voice assistants during rival events this week, but Google may have a leg up when it comes to managing your life given how well it knows you already. Google claimed its Gemini model can plan your entire vacation in seconds. Read more GOOGLE’S GEMINI CAN BUILD AN ENTIRE VACATION ITINERARY “IN A MATTER OF SECONDS” ADVERTISEMENT Jack Raines 5/15/24 US STOCKS HIT ALL-TIME HIGHS AS CORE INFLATION SLOWS The S&P 500 opened at an all-time high as core CPI inflation rose 0.3% month-on-month in April, allaying fears that the sharp re-acceleration in price pressures seen during the first quarter of the year would persist. On an annual basis, core inflation rose 3.6%, down from 3.8% in March. This reading was in line with economists’ expectations. Retail sales figures released in tandem with the inflation data, however, showed spending unexpectedly flatlined in April. These data help bolster the case for the Federal Reserve to begin reducing interest rates at some point this year. 10-year Treasury yields fell as much as 10 basis points following this morning’s economic releases. US CONSUMER PRICES RISE LESS THAN EXPECTED IN APRIL; CORE CPI SLOWS 10-year Treasury yields fell as much as 10 basis points following this morning’s economic releases. Platformer GOOGLE’S BROKEN LINKS BYCASEYNEWTON WEDMAY 152024 Rani Molla 5/15/24 RETURN TO THE LIVING ROOM First came the pandemic when most office workers worked from home. Then came the post-pandemic when companies tried to muscle people back into the office. Now it seems workers are breaking out of the office once again — with their bosses’ permission. Just 31% of companies require office workers to come in full-time, down from 49% last year, while 69% offer a degree of location flexibility, according to new data from the Flex Index, which surveys US companies of varying sizes on their work policies. At the beginning of 2023, companies were hesitant to formalize flexible work policies because they were trying to see if they could get a full return to office, Rob Sadow, cofounder and CEO of Scoop, which puts out the index, said. “Through 2023, it started to become clear in datasets like ours and Kastle that return to office levels weren't moving,” Sadow said. “As a result, thousands of large companies came off the sidelines and set a policy, and that was policy was overwhelmingly hybrid.” A report from Flex Index last week showed that even office hardliners have given up on getting people in on Fridays. At the beginning of 2023, companies were hesitant to formalize flexible work policies because they were trying to see if they could get a full return to office, Rob Sadow, cofounder and CEO of Scoop, which puts out the index, said. “Through 2023, it started to become clear in datasets like ours and Kastle that return to office levels weren't moving,” Sadow said. “As a result, thousands of large companies came off the sidelines and set a policy, and that was policy was overwhelmingly hybrid.” A report from Flex Index last week showed that even office hardliners have given up on getting people in on Fridays. ADVERTISEMENT Luke Kawa Coming attractions 5/15/24 AMC turns memes into debt jubilee GAMESTOP’S TRADING VOLUMES ARE RIDICULOUS David Crowther5/15/24 Google A/I 5/15/24 AI on display at Google I/O GOOG $176,1 1.28% Today * Google is incorporating AI into everything Google I/O * All the announcements The Verge * Big Search overhaul yields AI answers Yahoo News * Google plays to its s(earch)trengths The Wall Street Journal * Impressive AI assistant demos Sherwood * But demos are not reality Axios * Google text search for Old Heads TechCrunch * Will someone please think of the web economy? Bloomberg ADVERTISEMENT 5/14/24 SQUARESPACE IS TAKEN PRIVATE IN A $6.9B DEAL, AS PRIVATE EQUITY CLOSES THE PUBLIC TAB Jamie Wilde Read 5/14/24 GOOGLE AND OPENAI SHOW OFF IMPRESSIVE AI VOICE ASSISTANTS AT RIVAL EVENTS Rebecca Moretti Read