The collapse of FTX continues as a stunning list of allegations against the company’s former leadership has surfaced.  John J. Ray III, the group’s new chief executive officer, said in a sworn declaration submitted in bankruptcy court, 'Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.' He slammed non-existent oversight and the misuse of client funds as advisors struggle to locate billions of dollars in missing assets.

In today's episode of The Higher Standard, Chris and Saied dig into the FTX implosion, described as a free-wheeling crypto enterprise devoid of virtually every policy and practice that would be the norm for almost all other corporations.

They look at the continuing drama of Elon Musk's purchase of Twitter as even more staff exit the company following his reorganization and ultimatum.

Chris and Saied discuss why Elon Musk's 'Twitter 2.0' will likely be bad for the brand, the platform and the users in the long run.

They also discuss a recent article describing the debut of a new cannabis infused edible called 'Holy Ears,' created by legendary boxers Mike Tyson and Evander Holyfield. The edibles are named after a notorious moment in 1997 when Tyson bit off part of Holyfield's ear during a bout.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• What happened to cause the implosion of FTX, and why the financial mismanagement involved is reminiscent of the Enron debacle.
• Why advisors have located only a fraction of digital assets that they hope to recover during FTX's Chapter 11 bankruptcy.
• Why Jeff Bezos doesn't seem to care about company morale in the traditional sense.
• Chris' thoughts of the future of public journalism in the wake of Elon Musk's purchase of Twitter.
• And so much more...

Resources:

Irma Lomidze Instagram

"FTX’s New Boss Reveals Chaos Left Behind by Bankman-Fried" (article from Bloomberg Law)

"New wave of resignations hits Twitter after Musk ultimatum" (article from CNBC)

"Mike Tyson and Evander Holyfield Team Up for “Holy Ears” Edibles" (article from Now This News)