Happy And Succeeding In The Future Of Work
The Sudden Demise Of FTX Is A Cautionary Tale For Job Seekers And Crypto Professionals
The epic rise and sudden implosion of FTX—a top cryptocurrency exchange until this weekend—looks like an old-fashioned Bernie Madoff Ponzi scheme. It's alleged that the now-former CEO, Sam Bankman-Fried, along with others, engaged in reckless trading activities, in an effort to stave off an imminent demise. Through the firm’s affiliated hedge fund, Alameda Research, Bankman-Fried and other employees at the Bahamas-based headquarters were accused of tapping into their customers' funds and digital assets. Without authorization, in a failed effort to keep the company afloat, he secretly transferred $10 billion of clients’ assets that were used to trade FTX’s way out of impending doom.
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U.S. Authorities Probe FTX Collapse, Executives’ Involvement
U.S. prosecutors in New York are probing FTX’s collapse, a source with knowledge of the investigations said, after the crypto exchange filed for bankruptcy protection last week following a rush of customer withdrawals. The Justice Department, Securities and Exchange Commission and Commodity Futures Trading Commission are now all investigating how FTX handled customer funds as Alameda Research, the proprietary trading firm of FTX Chief Executive Sam Bankman-Fried, unraveled, the source said. FTX had been confronted with an apparent liquidity crunch after using customer funds to prop up Alameda.
Amazon To Lay Off 10K Employees
Amazon plans to lay off approximately 10,000 corporate and technology workers possibly as soon as this week, according to a report by the New York Times, making it the latest tech giant to see mass employee cuts. The report, which was based on anonymous sources “with knowledge of the matter,” stated that the cuts will be focused in the devices organization (which is responsible for Alexa), the retail division and human resources. The reduction would represent 3% of Amazon’s corporate workforce but less than 1% of its 1.5 million worldwide workforce.
Morgan Stanley To Start Layoffs In Coming Weeks As Dealmaking Slows
Wall Street major Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, three people with knowledge of the plan said, as dealmaking business takes a hit due to rising inflation and an economic downturn.
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These 10 Billionaires Have Lost The Most Money In 2022
$1.4 trillion: that’s how much the 500 wealthiest people in the world cumulatively lost in 2022 alone, Bloomberg has reported. To put that into perspective, that’s about as much as Spain’s GDP last year, which was US$1.43 trillion in 2021, according to The World Bank. With the global economy in a downturn – the United Nations Department of Economic and Social Affairs called the economic outlook “bleak”– not even the world’s wealthiest have been spared from financial woes.
Layoff Spree In Silicon Valley Spells End Of An Era For Big Tech
Over the past week, Silicon Valley companies have laid off 20,000 employees, a swift ramp-up of the job cuts and hiring freezes that have been ricocheting through the tech industry for months. Twitter, Facebook parent Meta, payment platform Stripe, software service firm Salesforce, ride-hailing company Lyft and a growing list of smaller companies all laid off double-digit percentages of their workers. That means tens of thousands of engineers, salespeople and support staff in one of the country’s most important and highest-paying industries are out of a job.
SEC Commissioner Hester Peirce: FTX’s Collapse Could Finally Be ‘Catalyst’ For Regulation
The crumbling of crypto exchange FTX and its subsequent bankruptcy filing has brought much negative attention for the crypto industry. However, that may be just the wake-up call U.S. lawmakers need, said Hester M. Peirce, a commissioner at the Securities and Exchange Commission (SEC).
Google AI Now Helps You Practice A Job Interview
The tool, initially announced in October 2022 at the second Google for Africa Event, was designed to help Google Career Certificates learners prepare for job interviews, but it is available for everyone to use. An average job listing in Africa attracts over 2 400 applicants showing that the chances of landing a job can be very difficult. Interviewing in a new field can also be hard especially when a job seeker does not have access to friends, family, or mentors in the field who can help them practice and prepare.
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About Jack Kelly
Jack Kelly is the CEO, founder, and executive recruiter at one of the oldest and largest global search firms in his area of expertise. He has personally placed thousands of professionals with top-tier companies over the last 20-plus years. Jack is passionate about advocating for job seekers. In doing so, he founded a start-up company, WeCruitr, at the beginning of the Covid-19 pandemic. The mission of WeCruitr is to help people in need and make the job search more humane and enjoyable. As a proponent of career growth, Jack shares his insider interviewing tips and career advancement secrets as a Senior Contributor for Forbes. He also covers timely topics related to corporations, high-profile people, Wall Street, politics and other important matters. The pieces offer insight into the news and how it may impact your career. Jack is the author of Happy and Succeeding in Your Job Search, as well as the host of Happy And Succeeding In The Future Of Work and cohost of the Blind Ambition podcast.