🚨Axios PM: Bankman-Fried rebrand

Plus: Moon-chitecture | Wednesday, November 30, 2022

Open in app View in browser   Presented By Instagram   Axios PM By Mike Allen · Nov 30, 2022 Good afternoon: Today's PM — edited by Justin Green — is 494 words, a 2-minute read.     1 big thing: Bankman-Fried rebrand Illustration: Brendan Lynch/Axios   FTX founder Sam Bankman-Fried is on a media tour against the advice of his lawyers and despite facing civil suits and potential criminal investigation into the downfall of his crypto empire. Bankman-Fried admitted in an interview with Axios Pro Fintech Deals co-author Lucinda Shen that FTX's multitude of licenses were "corporate bullshit," but swears his effective altruism quest was genuine. Why it matters: The FTX founder and former CEO crafted an image as a rumpled, slightly mad wunderkind, napping on office beanbags and wearing shorts to meetings. But that image was ripped to shreds after FTX fell apart and was blitzed into a pulp after a Twitter DM conversation with Vox reporter Kelsey Piper in which Bankman-Fried appeared to throw cold water on the virtue of being ethical. Now he appears to be trying to create a new image as a founder who genuinely cared about his customers but was incompetent rather than one who had intentionally committed fraud. The big picture: Bankman-Fried, among the world's richest people earlier this year, now says he has just $100,000 to his name. "Basically everything I had was just tied up in the company," he told Axios. He says FTX went too far with some of the licenses it acquired —licenses that created the image of being a highly regulated exchange. Bankman-Fried wishes he had put in place a third party between his trading firm, Alameda Research, and FTX. And he isn't sure what happened with the Alameda Research-controlled stake in Twitter. What's next: Bankman-Fried is a headliner for today's N.Y. Times DealBook summit, helmed by Andrew Ross Sorkin. Sign up for Axios Pro Fintech Deals.     2. Jeffries makes history Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images Rep. Hakeem Jeffries (D-N.Y.) became the first Black leader of a party in Congress today when he was elected by his colleagues to serve as House minority leader. Go deeper.     A message from Instagram Explore 30+ Instagram tools helping teens have positive experiences     Instagram's tools can help parents keep their teens safe on social media, help teens see less sensitive content and help them spend less time on our platform. Because teens' experiences on Instagram should be positive and supportive. Explore our tools and set them up today.     3. Catch up quick Data: NOAA; Chart: Thomas Oide/Axios The Mauna Loa eruption may create a rare data gap in the famous Keeling Curve that's pictured above, which shows the buildup of carbon dioxide in the atmosphere since 1958. Go deeper. The House passed legislation to avert a nationwide rail strike. Go deeper. Layoffs at CNN are underway. Go deeper. 🥖 The baguette is now on UNESCO's Intangible Cultural Heritage list. Traditional tea-making practices of China and cold noodles from North Korea were also added. Go deeper.     🌕 4. Building with Moon dust Rendering courtesy of ICON A Texas construction firm is partnering with NASA to figure out ways to build on the moon as soon as 2026, Axios Austin co-author Asher Price reports. ICON engineers will use lunar dust and broken rocks with simulated lunar gravity to determine their mechanical behavior. Why it matters: "The final deliverable of this contract will be humanity's first construction on another world," ICON CEO Jason Ballard told Axios. Company officials say the findings will inform future lunar construction for critical infrastructure, like landing pads, blast shields and roads. Share this story.     A message from Instagram Set up supervision on Instagram to help keep your teen safe online     Parents have support when it comes to keeping their teens safe on Instagram. They can see who their teen follows, who follows them and any reports their teen shares once supervision on Family Center is set up. Explore Family Center and set it up today.   Thanks to Sheryl Miller for copy editing today's PM. Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: