A Hard Fork in the Road: FTX’s Unraveling and Elon’s Loyalty Oath

<p>The balance sheet contains an apology, the in-house coach is concerned that company executives are “undersexed” and billions in customer funds remain in jeopardy. The wreckage at FTX goes from bad to worse.</p><p>Plus: Elon’s “extremely hardcore” plan for Twitter 2.0.</p><p><br /><strong>Additional Resources:</strong></p><ul><li>George K. Lerner, <a href="https://www.nytimes.com/2022/11/15/technology/ftx-sam-bankman-fried-psychiatrist.html" target="_blank">FTX’s in-house performance coach</a>, said he was shocked by the collapse of FTX.</li><li>In an interview with Matt Levine, a Bloomberg columnist, Sam Bankman-Fried described his strategy to <a href="https://www.youtube.com/watch?v=BMGr4yyE1uc" target="_blank">restore faith in the crypto ecosystem</a>.</li><li>Bankman-Fried reflected on his actions as chief executive of FTX in a <a href="https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy" target="_blank">series of Twitter messages</a> with Kelsey Piper, a Vox reporter.</li><li>Elon Musk told Twitter employees in an email that the company would become an “<a href="https://www.washingtonpost.com/technology/2022/11/16/musk-twitter-email-ultimatum-termination/" target="_blank">extremely hardcore</a>” operation. Employees were asked to click yes to be part of the new Twitter or take severance.</li><li><a href="https://www.nytimes.com/2022/10/11/style/elon-musk-social-calendar.html" target="_blank">Musk’s social calendar</a> includes courting comedians and hopping on yachts.</li></ul><p>We want to hear from you. <i>Email us at hardfork@nytimes.com. Follow “Hard Fork” on TikTok: @</i><a href="https://www.tiktok.com/@hardfork?lang=en" target="_blank"><i>hardfork</i></a></p>