Welcome back. It's $4 in NYC.
Today we've got stories on why financial advisors are having trouble $4, how the hedge funds $4, and $4.
But first, the attorneys are here.
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1. Here come the fixers.
Friday marked the end of a chapter in one of the wildest stories in crypto history as FTX, a digital-currency exchange once valued at $32 billion, $4.
The filing includes some 130 entities, painting a picture of just how expansive Sam Bankman-Fried's reach was in crypto, $4.
Where there is a bankruptcy filing, there are sure to be lawyers, and this group of attorneys doesn't disappoint.
The two key lawyers involved — $4 — have quite the track record, including stints working with Enron, Michael Milken, and Elon Musk. (Speaking of lawyers, I'm sure mine would suggest adding I'm not saying these three names have anything in common.)
But it's not just their former clientele that's interesting.
FTX and its subsidiaries were known for not shying away from putting young people in positions of power, $4. Besides SBF, who is 30, Constance Woo, who served as FTX's COO, and Caroline Ellison, who was CEO of Alameda Research, were both 28.
However, as Jack put it to me, it's interesting to see the fate of the company go from "the young disrupters to the grizzled veterans."
Experience only takes you so far with a case like FTX, though. While bankruptcy cases are never simple, FTX could prove to be particularly difficult.
It's not just the size of it — 130 different entities are a lot to sort through — but the fact this all ties back to digital currencies. It's one thing to navigate a bankruptcy in fiat. It's another to have to also consider how to manage a variety of digital currencies and tokens whose valuations swing widely and aren't structured like traditional assets.
$4, that's why this Chapter 11 could quickly evolve into a Chapter 7 liquidation, meaning this goes from "Putting FTX in a position to eventually resume business," to "Sell anything that's not bolted to the ground."
In other news:
2. The surplus of digital tools for financial advisors these days isn't necessarily a good thing. While wealth-management fintechs are streamlining the business, their inability to talk to each other is giving advisors headaches. $4.
3. Hey Twitter employees, come take a peak at what life with Elon Musk is like. A former manager at Tesla shared $4.
4. Inflation has gotten so bad, even the cost of those cringeworthy LinkedIn posts is going up. LinkedIn ghostwriters say they've been able to raise their prices $4.
5. The VCs are dancing on graves. Hedge funds like Tiger Global and Coatue were the talk of the town in venture investing last year, thanks to their aggressive bets and strategy. Now that the markets have soured, and those funds have taken a massive hit, traditional VCs are taking a victory lap. $4.
6. If you're looking for the next great startup founder, here's where you should start. Pitchbook ranked the top 100 colleges for VC-backed startup founders. $4.
7. Tech sales ain't as easy as it looks! Salesforce evaluated employees in a way that actually set up some of its top salespeople to get axed, insiders say. $4.
8. Newark airport might actually be nice? Terminal A at EWR, which got a $2.7 billion facelift, is expected to open before the end of the year. $4.
9. It seems like it's going to come crashing down, so here's what to do about your job. From whether it's a good idea to switch jobs to the best way to ask for a raise, we've got you covered. $4.
10. "You can take the girl off Wall Street, but you can't take the banker out of the whore." That's the tagline for Mia Lee, a forensic-accountant-turned-high-end-escort. Read more about Lee's career change and $4.
Keep updated with the latest business news throughout your day by checking out $4, a dynamic audio news brief. $4
Edited by Jeffrey Cane (tweet @jeffrey_cane>$4) in New York and Hallam Bullock (tweet @hallam_bullock>$4) in London.