Daily Dozen – Forbes

November 19, 2022

Sam Bankman-Fried of FTX.
Crypto exchange FTX’s collapse is causing challenges for nonprofits that Sam Bankman-Fried promised funding to. Foreign government officials spent upward of $750,000 at former President Trump’s Washington hotel in a matter of months while he held office. Plus, Forbes spoke with a veteran engineer at Twitter who Elon Musk abruptly fired via the social media platform.
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Sam Bankman-Fried pledged millions of dollars to nonprofits, but crypto exchange FTX’s collapse is causing headaches for those promised grants from its foundation as some say they never received the money. Its demise also cuts off a key source of financing for a philanthropic movement called Effective Altruism and its University of Oxford boosters.
Facebook has a thriving black market of fraudulent ad accounts, passports and driver’s licenses, per new research by the Tech Transparency Project. Scammers claim their wares enable buyers to run Facebook ads—including political ads in countries other than their own—without complying with the company’s verification requirements.
Forbes surveyed billionaires on their favorite social media apps and found the one that’s their favorite. Hint: It’s not Twitter—and that’s before Elon Musk’s chaotic takeover of the platform. It’s indicative of a larger apathy toward social media among the world’s wealthiest; nearly half of those surveyed revealed they had no social media accounts whatsoever.
Google will pay $391.5 million to settle lawsuits in 40 states over its location tracking practices in what is thought to be the largest consumer privacy settlement ever led by attorneys general. The tech giant was found to have collected users’ location data after leading them to believe they had turned off such tracking. Moving forward, the company will need to display additional information when a location-related account setting is turned on or off.
While former President Donald Trump held office, his Washington hotel racked up more than $750,000 in a matter of months from officials of six foreign governments—including China, Saudi Arabia and United Arab Emirates—as they sought to influence the billionaire’s foreign policy decisions, new documents show. The House Oversight Committee estimates foreign officials spent $3.75 million at the property over three years.
Amazon and Homeland Security Investigations are looking into what feds say is a global narcotics organization shipping meth via the e-commerce giant while obscuring the packages as decorative garden stones. At least five vendor accounts using the company’s services to smuggle the drug have been identified around the world.
‘The Devil In Nerd’s Clothes’: How Sam Bankman-Fried’s Cult Of Genius Fooled Everyone
Crypto insiders paint a picture of a charismatic tech founder who became the darling of high-powered investors, even as he was brazen about his cryptocurrency exchange’s shaky business model and kept the books closed to all but a few confidants.
Following a public back-and-forth on Twitter about the international functionality of the platform’s Android app, Elon Musk fired veteran engineer Eric Frohnhoefer with a single tweet on Monday morning. By the time Forbes spoke with Frohnhoefer in the afternoon, the ousted employee had yet to receive any formal communication from the company about his dismissal, but was locked out of his Twitter-issued laptop.

How America Botched Cannabis Legalization
Extreme taxation, regulation and federal prohibition mean the legal marijuana industry has seen profits go up in smoke. In California alone, even five years after recreational pot was greenlit, the price per pound has cratered by 52%, leaving 95% of licensed cannabis growers operating at a loss in 2021. Forbes Staff Writer Will Yakowicz traveled to Northern California’s Emerald Triangle, the heart of cannabis country, to speak with farmers, entrepreneurs and other key industry players to get to the bottom of “how America bungled the biggest no-brainer in the history of capitalism.”
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