By Akriti Sharma and Kanishka Singh (Reuters) – Theranos founder Elizabeth Holmes should spend 15 years in prison and pay $800 million in restitution to investors defrauded in the blood testing start-up, U.S. prosecutors recommended late on Friday. The Department of Justice recommendation, made in a court filing, came as Holmes prepares to be sentenced…
(Reuters) – Collapsed crypto exchange FTX said on Saturday it was moving funds into offline storage following a series of “unauthorized transactions”, with analysts saying millions of dollars worth of assets had been withdrawn from the platform. FTX U.S. general counsel Ryne Miller said in a tweet on Saturday that the exchange was expediting the…
Twitter has been a bit of a mess since billionaire Tesla CEO Elon Musk took the helm, cutting the company’s workforce in half, upending the platform’s verification system, sparring with users over jokes and acknowledging that “ dumb things ” might happen as he reshapes one of the world’s most high-profile information ecosystems. On Thursday,…
By Casey Hall SHANGHAI (Reuters) – Alibaba Group on Friday opted not to disclose the final sales tally of its annual Singles Day shopping festival for the first time since it started the event in 2009, only saying the results were in line with last year. The e-commerce platform’s gross merchandise value (GMV) was widely…
By Summer Zhen and Vidya Ranganathan HONG KONG/SINGAPORE (Reuters) – Further details on the bankruptcy of crypto exchange FTX emerged on Saturday, even as peers and partners distanced themselves from the firm and sources told Reuters at least a billion dollars of customer funds on the exchange had vanished. The saga that has shaken the…
BEIJING (Reuters) – Chinese consumers clutched their wallets tight in this year’s Singles Day and continued seeking relatively economical home brands over pricier expensive labels, as strict COVID-19 curbs and economic uncertainty weighed on the shopping extravaganza. From the evening of Oct. 31 through Thursday, more than 2,000 items generated sales exceeding 10 million yuan…
By Angus Berwick New York (Reuters) – At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large…
By Hannah Lang (Reuters) – Sam Bankman-Fried earned a reputation as savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he co-founded and led until Friday, needed a lifeline, none was forthcoming. Until this week, the 30-year-old American was seen as a darling in digital…
ALBUQUERQUE, N.M. (AP) — The U.S. Interior Department’s plan to withdraw hundreds of square miles in New Mexico from oil and gas production for the next 20 years is expected to result in only a few dozen wells not being drilled on federal land surrounding Chaco Culture National Historical Park, according to an environmental assessment….
By Noel Randewich and Sruthi Shankar (Reuters) – The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would get less aggressive with U.S. interest rate hikes. Amazon jumped 4.3%, with Apple and Microsoft both up more than…
