FTX assets worth a fortune have been recovered after the crypto exchange’s collapse

The company tasked with locking down the assets of the failed cryptocurrency exchange FTX said they’ve managed to recover and secure $740 million in assets so far, a fraction of the potential billions of dollars likely missing from the company’s coffers.

The numbers were disclosed on Wednesday in court filings by cryptocurrency custodial company BitGo, which FTX hired in the hours after the company filed for bankruptcy on November 11.

The biggest worry for many of FTX’s customers is they’ll never see their money again. FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used customer assets to make bets in Bankman-Fried’s trading firm, Alameda Research. Bankman-Fried was reportedly looking for upwards of $8 billion from new investors to repair the company’s balance sheet.

The $740 million figure is from Nov. 16, and since then additional assets have been steadily been recovered.

The assets recovered by

Simon & Schuster’s purchase by Penguin Random House is officially over

Simon & Schuster’s corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher, a proposed sale a federal judge already had blocked last month.

Paramount Global also announced Monday that it still plans to sell Simon & Schuster, a nearly century-old company where authors include Stephen King, Colleen Hoover and Bob Woodward. Simon & Schuster has had a strong 2022 so far, thanks in part to bestsellers by Hoover and King, who had opposed the merger and even testified on behalf of the government during last summer’s antitrust trial.

“Simon & Schuster remains a non-core asset to Paramount, as was determined in early 2020 when Paramount conducted a strategic review of its assets,” Paramount announced. “Simon & Schuster is a highly valuable business with a recent record of strong performance, however it is not video-based and therefore does not fit strategically within Paramount’s broader

Nuclear accident fears mount as Ukraine’s Zaporizhzhia plant damaged

Powerful explosions shook the area around Ukraine’s Zaporizhzhia nuclear power plant over the past day, causing damage at the site, the United Nations atomic agency said. 

Damage was seen at several buildings and equipment, though none so far has been critical to nuclear safety and security, the International Atomic Energy Agency said on its website, citing plant management.  

More than a dozen blasts were heard within a short period on Sunday morning. Members of the agency’s monitoring team, on-site at Zaporizhzhia since September, could also see some of the explosions from their windows, the IAEA said.  

Russia and Ukraine have traded blame for sporadic shelling in the vicinity of Europe’s largest atomic plant for months, and did so again on Sunday. 

Nuclear safety risk

“The news from our team yesterday and this morning is extremely disturbing,” said IAEA Director-General Rafael Mariano Grossi. “Whoever is behind this, it must stop

Musk’s ‘chainsaw’ approach to Twitter won’t work: Chris Kelly

Elon Musk is “well outside his depth” at Twitter and a “bullying management culture” won’t work there, says a former Facebook executive.

An early investor in SpaceX, Chris Kelly is “mostly an Elon fan,” but said that strategies that worked at Musk’s other companies won’t translate at Twitter. Kelly made the comments at Big Ideas Live, a Sky News event held Saturday in London

“He’s able to do some pretty amazing things, but has got into an area that’s well outside his depth and thinks a bullying management culture can change it—and that’s not going to work at a company like Twitter,” said Kelly. “I’ve certainly seen some driving management moves from Elon at Tesla and SpaceX before, but I’m surprised this was the approach. He should have taken a much more measured approach when he was taking over.”

Sharing Kelly’s sentiment was Dex Hunter-Torricke, a former SpaceX

Billionaire investor Barry Sternlicht calls the Fed’s rate hikes ‘suicide’

Billionaire investor Barry Sternlicht is doubling down on his criticism of the Federal Reserve’s interest rate hikes that are aimed at lowering inflation. 

“This is self-inflicted suicide,” Sternlicht told CNBC on Thursday. “This is a terrible idea, and it’s not necessary. The economy is slowing on its own.”

He argues that raising interest rates, at this point, will only slow the economy rather than reduce inflation, which is already falling. He wants the Fed to stop raising interest rates, citing as evidence of a slow economy, rising consumer debt, and declining rent.

“Inflation is coming down hard,” Sternlicht said. “And it is coming down a lot faster than I think people thought.” 

In June, U.S. inflation hit a four-decade high at 9.1% year-over-year, before slowing to 7.7% in October. In an effort to control inflation, the Fed has raised interest rates six times this year, lifting the federal funds