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      FTX Founder Sam Bankman-Fried’s “House of Cards” Teeters

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      Now under arrest, the fallen crypto mogul faces a barrage of charges, including defrauding investors out of billions.Sam Bankman-Fried faces multiple charges, including defrauding investors.Saul Loeb/Agence France-Presse — Getty ImagesS.B.F. in custody The spectacular rise and fall of Sam Bankman-Fried, the founder of the failed crypto exchange FTX, came full circle on Monday, with his arrest in the Bahamas at the request of U.S. authorities, followed by the S.E.C. filing its own charges on Tuesday.The Times reports that federal prosecutors in Manhattan, who are seeking his extradition, will charge Mr. Bankman-Fried with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. A trial could start late next year.“Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” Gary Gensler, the S.E.C.’s chair, said in a statement. His agency has charged S.B.F., as the entrepreneur is known, with defrauding investors in FTX out of $1.8 billion, including $1.1 billion from U.S. entities. A big part of the fraud, it alleges, was keeping backers in the dark about “the undisclosed diversion of FTX customers’ funds” to the exchange’s trading affiliate, Alameda Research.The S.E.C. now asserts that S.B.F. was more involved in Alameda’s operations than he let on. In a major revelation, the agency says he directed $8 billion worth of customer deposits from an Alameda-controlled bank into a separate account, labeled “fiat @ftx.com,” in part to avoid getting charged interest, a move that could suggest intent. From the complaint:“In 2022, FTX began trying to separate Alameda’s portion of the liability in the “fiat @ftx.com” account from the portion that was attributable to FTX (i.e., to separate out customer deposits sent to Alameda-controlled bank accounts from deposits sent to FTX-controlled bank accounts). Alameda’s portion — which amounted to more than $8 billion in FTX customer assets that had been deposited into Alameda-controlled bank accounts — was initially moved to a different account in the FTX database. However, because this change caused FTX’s internal systems to automatically charge Alameda interest on the more than $8 billion liability, Bankman-Fried directed that the Alameda liability be moved to an account that would not be charged interest.”The arrest took many by surprise. S.B.F. had been scheduled to testify on Tuesday before the House Financial Services Committee. The committee’s Democratic chair, Representative Maxine Waters of California, didn’t see this coming: “The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity,” she said. (S.B.F. himself also said he did not expect to be arrested.)“I have never seen a case approaching this scope proceed this quickly,” Renato Mariotti, a partner at Bryan Cave Leighton Paisner and a former federal prosecutor, told DealBook. Given FTX’s scale — with more than 100 companies based around the world — and the lengthy list of creditors, lawyers and extradition experts said the government had moved faster than expected.S.B.F.’s media tour may have played a role: While most executives under criminal investigation clam up, the crypto entrepreneur has spoken out over and over again. That may have pushed prosecutors to act fast, according to Mariotti, to avoid S.B.F. “muddying the waters” of a potential case through repeated assertions that he was misguided and had made mistakes.But has S.B.F. also admitted wrongdoing? On the Unusual Whales podcast on Monday, he initially denied knowing that customer funds had moved from FTX to Alameda without permission, but then professed less certainty: “Like I, like, kind of vaguely knew, kind of, sort of maybe, um, on a qualitative level what was going on.”What could have been: News outlets including Forbes have obtained S.B.F.’s written testimony for Tuesday. It sets the ground for his claim to have simply made mistakes by professing he messed up with a profanity — which he stresses he is using “formally, under oath” — in the first sentence.HERE’S WHAT’S HAPPENING The E.U. plans to tax imports based on carbon emissions. The bloc has reached an agreement meant both to protect European products made using fewer greenhouse-gas emissions and to effectively set an international price for carbon. It would also probably irritate trading partners.China begins a W.T.O. dispute over American chip export controls. Beijing accused the United States of trade protectionism by effectively blocking tech companies from selling advanced chips to China, hampering the Chinese tech industry. At the same time, Japan and the Netherlands are in talks to join the U.S. in tightening export controls on chipmaking machinery. More on Elon Musk’s Twitter TakeoverAn Established Pattern: Firing people. Talking of bankruptcy. Telling workers to be “hard core.” Twitter isn’t the first company that witnessed Elon Musk use those tactics.Rivals Emerge: Sensing an opportunity, new start-ups and other social platforms are racing to dethrone Twitter and capitalize on the chaos of its new ownership under Mr. Musk.The ‘Twitter Files’: Mr. Musk and Matt Taibbi, an independent journalist, set off an intense debate with a release of internal Twitter documents regarding a 2020 decision to restrict posts linking to a report in the New York Post about Hunter Biden.Hard Fork: The Times podcast looks at Mr. Musk’s two-day clash with Apple, which he had accused of trying to sabotage Twitter before saying the “misunderstanding” had been resolved.Congress scrambles to avert a government shutdown. Senator Chuck Schumer of New York, the Senate majority leader, proposed a one-week spending bill to give negotiators more time for a broader government spending deal. Without that, the federal government will begin partially shutting down this weekend.The former C.E.O. of Wirecard moves to suspend his criminal fraud trial. A lawyer for Markus Braun told a Munich court that prosecutors had ignored crucial evidence and relied on an untrustworthy witness. The move is aimed at forestalling one of Germany’s biggest-ever fraud trials; the court is expected to rule on the motion in the coming weeks.U.S. researchers are set to unveil a breakthrough in nuclear fusion. Scientists at the Lawrence Livermore National Laboratory in California are expected to announce on Tuesday that they have successfully used lasers to achieve nuclear fusion whose output exceeded the input from the lasers. It’s a significant step toward making fusion a plausible energy source — someday.What FTX’s new C.E.O. will say about the exchange’s “utter failure” Even with Sam Bankman-Fried in custody, the House Financial Services Committee hearing into the collapse of FTX will go on as scheduled this morning, and its star witness will now be the exchange’s new C.E.O., John Ray III.Though Mr. Ray’s written testimony never calls FTX an outright fraud, the corporate restructuring expert will reiterate that he’s never seen “such an utter failure of corporate controls at every level of an organization.”Mr. Ray will detail eight “unacceptable management practices” that he believes led to the downfall of Bankman-Fried’s crypto empire. They include:Evidence that “customer assets from FTX.com were commingled with assets from the Alameda trading platform.”Alameda, FTX’s trading arm, being able to borrow funds held at the non-U.S. business unit, FTX.com, for its trading and investing “without any effective limits.”Shoddy recordkeeping and lax fiscal controls, including no audits and no documentation for “nearly 500 investments made with FTX Group funds and assets.”Evidence that loans and payments in excess of $1 billion were made to company insiders, and that the company went on a roughly $5 billion spending spree beginning in late 2021.Wall Street will be closely watching today’s inflation number U.S. futures have been edging higher on Tuesday and global stock markets are up ahead of a consequential Consumer Price Index report due out at 8:30 a.m. Eastern.An elevated C.P.I. would probably put the chill back into stock markets. If the inflation measure shows an annual rise above economists’ consensus estimate of a 7.3 percent, that could signal that the Fed’s interest-rate rises aren’t doing enough to slow the pace of inflation — and that more jumbo increases are needed. (Reminder: The Fed’s rate-decision day comes tomorrow.)A tepid C.P.I. could do the opposite. JPMorgan Chase traders have gamed out a few scenarios. They believe a reading of 6.9 percent would lead to a healthy rally in the S&P 500, with the benchmark index jumping 8 to 10 percent. They put the odds of such a low number at about one in 20.Central bankers and Wall Street pros have consistently forecast inflation wrong over the past year. In late 2021, many thought high inflation was a temporary phenomenon. It persisted. But then last month’s reading, which showed prices moderating, surprised many and triggered a rally in risky assets. “The inflation report is arguably the most uncertain of this week’s big macro event risks,” Alvin Tan, a foreign-exchange strategist at Royal Bank of Canada, said in an investor note on Tuesday.“The bet was that free money would last indefinitely, and there doesn’t seem to have been a risk-management game plan.” — Jon Burckett-St. Laurent, a senior portfolio manager at Exencial Wealth Advisors, on the financier Cathie Wood, who shot to prominence by investing heavily in money-losing tech companies. Wood’s flagship fund is trading at a five-year low as investors appear to have lost faith in her strategy.Twitter dissolves its trust and safety council Elon Musk has said that maintaining safety on Twitter is one of his highest priorities, and yet the social network just made a puzzling decision toward that end: On Monday night it disbanded an outside panel of experts that had advised it on matters of hate speech and safety.“Thank you,” began an email sent to members of the council — made up of civil rights groups, academics and others, formed in 2016 — an hour before they were to meet on Monday. The message said the group wasn’t “the best structure” to advise on product and policy any longer; it was signed “Twitter.”The dissolution of the board may have been inevitable, as three members had already quit last week over changes to Twitter’s content moderation. But it suggests Musk may ultimately centralize content policy in the interest of, as the email put it, “moving faster and more aggressively than ever before.”The move adds to critics’ worries that Twitter is becoming less safe. The advisers who quit last week cited the company relying more on automated content moderation: “It is clear from research evidence that, contrary to claims by Elon Musk, the safety and wellbeing of Twitter’s users are on the decline,” they wrote in their resignation statement.Meanwhile, Twitter’s former head of trust and safety, Yoel Roth, and his family reportedly went into hiding after Mr. Musk misrepresented his academic thesis about gay social networks online to falsely imply that it supported sexualizing children. (Professors who reviewed Mr. Roth’s thesis also received online abuse.)In other Elon Musk news:The Twitter account that shows the movements of Mr. Musk’s private jet has been “shadowbanned,” according to its owner.The $5.7 billion worth of Tesla shares that Mr. Musk donated to charity last year went to his personal charitable foundation.Mr. Musk has lost his crown as the world’s richest person, at least by one measure, to Bernard Arnault of LVMH.THE SPEED READ DealsThe private equity firm Thoma Bravo agreed to buy Coupa Software, which makes software to manage corporate expenses, for $8 billion, as it seeks to capitalize on declining valuations of tech companies. (FT)Speaking of which, Checkout.com, one of Europe’s biggest privately held tech companies, recently slashed its internal valuation by 72 percent, to $11 billion. (FT)Goldman Sachs reportedly plans to cut hundreds of retail banking jobs. (Bloomberg)Investors’ rush to withdraw from a big Blackstone real-estate fund may have broader fallout. (WSJ)PolicyThe Supreme Court rejected a bid by British American Tobacco to halt California’s ban on flavored tobacco products. (Bloomberg)Chinese authorities arrested 63 people whom they accused of laundering $1.7 billion with the crypto token Tether. (Insider)Hong Kong has lifted more of its bar and restaurant Covid restrictions, as China continues easing pandemic rules. (FT)Best of the restThe Wall Street Journal named Emma Tucker, the editor of London’s Sunday Times, to lead its newsroom, the first woman to hold that role. (NYT)“How Sexism Influenced Corporate Governance” (NYT)Amazon has delayed hiring college graduates to help cut costs. (FT)The back story on Taylor Swift choosing Searchlight, the art-house movie studio, over major streaming services for her debut as a feature-film director. (Puck)The hedge-fund mogul Ray Dalio and the director James Cameron are teaming up to make submarines for the ultrawealthy. (FT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      What Are the Politics of Elon Musk? It’s Complicated.

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      Elon Musk has tweeted about political topics regularly since taking over Twitter, often belittling some liberal causes. But what he stands for remains largely unclear.He has called himself an independent and a centrist, yet “economically right of center, maybe.” He has said he was until recently a supporter of only Democrats and voted for President Biden. He’s encouraged people to vote Republican, which he said he did for the first time this year. Last year, he once even declared himself indifferent about politics, saying he’d rather stay out of it altogether.Elon Musk, ever a bundle of contradictions and inconsistencies, has long made his politics tricky to pin down. To many of his critics, though, his relentless flurry of tweets in the six weeks since he took over Twitter has exposed his true conservative bent, and intensified their fears that he would make the social network more susceptible to right-wing misinformation.And at times, he’s made it hard to argue with that. He has said he’d welcome former President Donald J. Trump back on Twitter; suggested that Speaker Nancy Pelosi’s husband was lying about the attack at their home that left him hospitalized; and reinstated accounts that have trafficked in offensive ethnic stereotypes and bigotry, including for the artist formerly known as Kanye West. (Mr. Musk later suspended Mr. West’s account again after the rapper-entrepreneur posted an image of a swastika.)His copious tweeting has generated huge amounts of attention. In a 24-hour period late this week, he tweeted more than 40 times, often with little rhyme or reason. He criticized the Biden administration’s deal with Russia that freed Brittney Griner, the Women’s National Basketball Association star. He asked Elton John to clarify his complaint about misinformation flourishing unchecked on Twitter. At times, Mr. Musk was acting like Twitter’s in-house customer service representative, boasting about new features and improved functions.And maybe that is a big part of the point — improving the image of his new $44 billion property, which he has said repeatedly is in dire financial straits.Yet Mr. Musk, who did not respond to a request for comment, continues to defy easy political categorization. His views have been described as libertarian, though these days his politics seem more contrarian than anything else. He is more clear about what he is against than what he is for.It’s true Mr. Musk certainly sounds a lot like a Republican — and, sometimes, a lot like Mr. Trump — with his missives on Twitter against “woke” politics and Covid restrictions, his attacks on “elite” media and his efforts to draw attention to allegations that Hunter Biden profited from his father’s political clout.More on Elon Musk’s Twitter TakeoverAn Established Pattern: Firing people. Talking of bankruptcy. Telling workers to be “hard core.” Twitter isn’t the first company that witnessed Elon Musk use those tactics.Rivals Emerge: Sensing an opportunity, new start-ups and other social platforms are racing to dethrone Twitter and capitalize on the chaos of its new ownership under Mr. Musk.The ‘Twitter Files’: Mr. Musk and Matt Taibbi, an independent journalist, set off an intense debate with a release of internal Twitter documents regarding a 2020 decision to restrict posts linking to a report in the New York Post about Hunter Biden.Hard Fork: The Times podcast looks at Mr. Musk’s two-day clash with Apple, which he had accused of trying to sabotage Twitter before saying the “misunderstanding” had been resolved.But where Mr. Musk has seemed most in line with the G.O.P. of Mr. Trump is in the tenor of his political commentary, which if anything seems more spiritedly anti-left than ideologically pro-right. While he has not been shy about sharing his disdain for many Democrats, his enthusiasm for Republicans has been more muted. He has stressed repeatedly that his problems are with extremists on both ends of the political spectrum.“To be clear, my historical party affiliation has been Independent, with an actual voting history of entirely Democrat until this year,” he wrote on Twitter the day before the midterm election. “And I’m open to the idea of voting Democrat again in the future.”As with many people who describe themselves as politically independent now, the hostility Mr. Musk harbors toward Democrats appears to have drawn him closer to the Republican Party over the last few years. He considers himself as part of the “center 80% of people, who wish to learn, laugh & engage in reasoned debate.”He has eagerly encouraged his followers to weigh in with their views on the country’s culture wars and traded tweets with some of the right’s favorite punching bags, like Representative Alexandria Ocasio-Cortez of New York. When she criticized his plan to charge Twitter users $8 a month to have a verified account with one of the social media service’s signature blue check marks — “Lmao at a billionaire earnestly trying to sell people on the idea that ‘free speech’ is actually a $8/mo subscription plan,” she wrote — he dismissed her.“Your feedback is appreciated, now pay $8,” Mr. Musk shot back.Many of his recent tweets have had that kind of “own the libs” tone, the shorthand on the right for when conservatives think they’ve deftly, often sarcastically, swatted down a liberal. A couple of weeks ago, he posted video on Twitter of a closet full of T-shirts with the slogan “#stay woke” that he said he had found at the social media company’s headquarters. Then he followed up with a tweet that linked to a Justice Department report that undercut one of the central narratives of the mass protests against police brutality: that Michael Brown, a Black teenager killed by the police in Ferguson, Mo., had his hands raised when a white officer shot him.On occasion, his remarks have raised concerns that he has planted himself firmly among right-wing conspiracy theorists. When he tweeted about the attack on Ms. Pelosi’s husband, he shared the unfounded claim that there was “a tiny possibility there might be more to this story than meets the eye.” He later deleted the tweet, which linked to an article from a fringe website.He also said he would support Gov. Ron DeSantis of Florida for president in 2024, though his endorsement was not especially resounding. He merely replied “Yes” when someone on Twitter asked him. Mr. DeSantis, a hard-line conservative, would be an odd choice for someone who professes to want centrist governance in Washington.Mr. Musk has always claimed his concerns with Twitter’s previous management were about the ability of a small group of the company’s employees whom he described as “far left” to censor content. And over the past week, he has cheered on tweets about internal communications before he took over. The communications, which were given to two writers who have posted their findings on Twitter, calling them the Twitter Files, showed how the company went about deciding what information got suppressed.It’s been a mixed bag of revelations. Some showed how Twitter employees made it harder to see tweets from a Stanford University professor who warned about how Covid lockdowns could harm children — a view many public health experts have come around to accept well after the fact. Other documents show how more conventional, conspiracy-theory-embracing conservatives were shut down, like Dan Bongino, the radio host who was one of the biggest amplifiers of lies about the 2020 election.Mr. Musk has not professed to have any profound attachment to Republican policies, though, which is consistent with his posture before taking over Twitter.He has been highly critical of climate change deniers and said he’s proud of how Tesla forced the rest of the automobile industry to embrace electric vehicles. In 2020, he revealed that he’d spoken to Mr. Trump numerous times about the importance of developing sustainable energy, which the former president dismissed in favor of traditional fossil fuel-based sources. And Mr. Musk quit Mr. Trump’s business councils after the administration pulled out of the Paris climate accord.In an interview with The New York Times in 2020, he described his politics as “middle-of-the-road.” “I’m socially very liberal. And then economically right of center, maybe, or center. I don’t know. I’m obviously not a communist.”His political giving supports that claim. According to the Federal Election Commission, which reports spending in federal but not state races, he has donated just shy of $1 million since 2003 to candidates as conservative as former President George W. Bush and as liberal as Senator Dianne Feinstein, a California Democrat. More recently, in 2020, he donated to senators of both political parties — including Chris Coons and Gary Peters, both Democrats, and Susan Collins and John Cornyn, both Republicans.Often, it seems, his posts are motivated by personal pique, not political philosophy. He’s criticized the Biden administration, for instance, as “not the friendliest” and for excluding Tesla, the world’s largest electric vehicle maker, from a White House summit on zero-emission vehicles in August 2021. His speculation on the reason for the exclusion: General Motors and the other car companies invited are union companies; Tesla is not. “Seems to be controlled by unions,” he complained at the time.Many of the views he has espoused on Twitter over the last two years have become popular in today’s Republican Party but are hardly exclusive to card-carrying Republicans. His criticism of progressives he views as overly censorious and sanctimonious is a sentiment many on the left have expressed. And his public condemnation of strict Covid containment measures in 2020 channeled what would become a growing skepticism of widespread public health restrictions. Though he was more exercised about them than most. “Fascist,” he once declared.Often, his tweets can seem to imply he leans in one direction when it’s just as likely that he is trying to court controversy. How to interpret, for instance, a post last week of what he said was an image of his bedside table? It had a revolver on it and a musket in a wooden case decorated with an image of George Washington crossing the Delaware River during the Revolutionary War.“Greetings, I’m Musket, Elon Musket,” he wrote.A few days later, he sounded pleased with himself as he remarked on the way Twitter had changed since his purchase was completed in October. “So many interesting posts on Twitter these days!” More

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      Oil Prices Rise as the West Imposes a Cap on Russian Crude

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      Energy traders pushed crude prices higher on Monday following Europe’s embargo of seaborne Russian crude and a price cap by Group of 7 nations went into effect.Will Russia find buyers for its crude?Sergei Karpukhin/ReutersOil prices climb despite efforts to cap Russian exports Crude oil prices rose this morning after a whirlwind of events that could drastically alter the supply and pricing of energy this winter.An E.U. embargo on Russia’s seaborne oil imports went into effect on Monday, following a decision on Sunday by OPEC producers and Russia to keep production quotas unchanged. Those developments, together with an agreement on Friday by Group of 7 nations to impose a $60 price cap on Russian crude and the emergence of more signs that China is easing its Covid restrictions, set off a modest buying spree among energy traders.By 6 a.m. Eastern, Brent crude, the global benchmark, climbed 2.7 percent, topping $87 per barrel, and West Texas Intermediate was above $82 a barrel.Crude prices have whipsawed since Russia’s invasion of Ukraine in February, rocketing above $100 per barrel in the spring, only to fall over the summer on fears of a global recession. A slowdown in China in particular had capped demand, but prices have remained volatile.Analysts have been scrutinizing fallout from the oil price cap, a move designed to punish Russia for the war in Ukraine — but also meant to avoid significant distortions in the energy markets that would force consumers and businesses to pay even higher prices for fuel.Unsurprisingly, Moscow said this weekend that it wouldn’t accept the Western price cap, and that it would cut sales to countries that participate in the arrangement. How much of an effect that will have is unclear: Even before Monday, European countries have systematically reduced their Russian crude purchases since the start of the war in Ukraine — only for China to step in and buy more oil, often at a discount. But in recent weeks, China has paused some purchases as it waited for details of the price cap to be announced.Helima Croft, the head of global commodity strategy at RBC Capital Markets, warned in an investor note this weekend that prices could be even more volatile in the weeks ahead as traders watch for signs that Russia could fully cut off oil exports to former trading partners in retaliation for the price cap.HERE’S WHAT’S HAPPENING Chinese cities ease zero-Covid restrictions. Shenzhen and Shanghai were the latest big cities to scrap requirements like testing before traveling on public transport, following widespread protests against Beijing’s tough pandemic rules. Shares in Hong Kong and Shanghai jumped amid investor hopes of a broader easing of Chinese Covid restrictions, though analysts warned such a move would take time.Lachlan Murdoch is set to testify in a Fox News lawsuit on Monday. The C.E.O. of Fox will be deposed as part of a lawsuit against the network by Dominion Voting Systems. He is the highest-ranking executive to be ensnared in the lawsuit, in which Dominion argues it was defamed by Fox News anchors repeatedly amplifying false claims about the company’s voting machines in the 2020 election.Wall Street banks weigh cutting bonuses. Bank of America, Citigroup and JPMorgan Chase may cut bonus pools for investment bankers by as much as 30 percent, Bloomberg reports, amid a steep drop in M.& A. activity. That follows plans by Goldman Sachs to cut bonuses for its traders, even though their division posted strong results.Credit Suisse’s investment bank spinoff reportedly draws big new backers. Crown Prince Mohammed bin Salman of Saudi Arabia and a merchant bank run by the former Barclays C.E.O. Bob Diamond may invest in CS First Boston, which is set to be spun off from Credit Suisse, The Wall Street Journal reports. The spinoff is a key part of the Swiss bank’s planned revamp.Delta reaches a nearly $8 billion pay-raise deal with pilots. The agreement in principle would raise pilots’ pay by 31 percent over four years, as well as include a one-time payout. If finalized, the agreement will set a baseline for other airlines in their negotiations with pilots.Crypto’s false calm If this is the crypto apocalypse, investors see a buying opportunity. The price of Bitcoin is up nearly 7 percent, or almost $1,200, in the past week, to just under $17,400.But that market calm does not mean the crypto contagion is contained. The fallout from the collapse last month of Sam Bankman-Fried’s crypto exchange, FTX, has spread to other firms, setting off a wave of layoffs, lawsuits and investigations. Shareholders of Silvergate, the U.S. bank that processed payments and money transfers for FTX, sued the bank for negligence, calling the exchange a Ponzi scheme.Meanwhile, customers of Gemini, the crypto exchange owned by the Winklevoss twins, are owed as much as $900 million from Genesis, the crypto lender that has faced severe financial distress since FTX’s collapse, according to The Financial Times. And ByBit, a major crypto exchange, announced this weekend that it would cut 30 percent of its staff, the latest firm to cut its head count as digital asset prices sink.Here’s what else is happening in crypto:Mr. Bankman-Fried said on Sunday that he would be willing to testify before the House Financial Services Committee. The catch: S.B.F., as he is known, probably won’t be ready to speak with lawmakers in time for Dec. 13 hearings into the implosion of FTX.Mr. Bankman-Fried’s media tour shows no signs of slowing down. He told The Financial Times that he regretted giving Alameda Research, the trading affiliate of FTX, favorable borrowing limits.S.B.F.’s father, the Stanford law professor Joseph Bankman, has canceled a class he was set to teach next year. Bankman did work for FTX’s philanthropic efforts and is helping with his son’s legal defense.FTX’s bankruptcy has international regulators, including those in Cyprus, Turkey and the Bahamas, squabbling over the company’s assets, potentially complicating which customers get repaid and how much.Andrew Vara, the U.S. bankruptcy trustee for FTX’s case, called on the Delaware court to appoint an independent examiner into the exchange’s sudden collapse, saying there is substantial evidence to suggest that misconduct and fraud were involved.Even though calls for investigations are intensifying, that doesn’t mean Bankman-Fried’s arrest is imminent.On the light side: S.B.F., an eager player of the League of Legends video game, has been getting shade from the likes of Elon Musk and Representative Alexandria Ocasio-Cortez for being a mediocre player.Have normal times returned to Twitter? Elon Musk is still running Twitter, so naturally, there is still plenty of drama around the social network — notably in the billionaire owner’s decision to actively promote the release of internal documents about executives’ 2020 decision to restrict tweets linking to a news report about Hunter Biden.Despite that, it appears that some major advertisers are slowly returning to Twitter’s platform, after many hit pause following Musk’s promise to revamp how the site moderates user content.Amazon plans to resume buying ads on Twitter, to the tune of $100 million a year, according to Zoë Schiffer of Platformer. Although the e-commerce giant, unlike others, had not quit its ad spending altogether since Musk’s takeover, it had paused some of its campaigns.Meanwhile, Mr. Musk said in a live audio event on Twitter over the weekend that Apple had “fully resumed” ad spending on the social network. The iPhone maker has long been one of the biggest ad purchasers on Twitter. Last week, Mr. Musk said that he had resolved a feud with Apple, chalking up the disagreements to a misunderstanding.That’s a rare bit of welcome news for Twitter’s business. The Times reported last week that the company had rapidly cut revenue projections, as U.S. ad sales continued to come in well below internal expectations. Advertisers have been alarmed by Mr. Musk’s pledges to lessen restrictions on user content, as well as a botched rollout of revamped verification badges that briefly let paying subscribers impersonate brands. Automakers like G.M. have also been concerned that Twitter could share their ad data with the Musk-owned Tesla, a key rival.Mr. Musk introduced a new bit of drama into Twitter over the weekend, when he touted the release of the so-called Twitter Files. The independent journalist Matt Taibbi — who famously called Goldman Sachs a “vampire squid” — published internal documents showing executives’ deliberations about how to handle dissemination of a New York Post story based on files from a laptop stolen from Hunter Biden.The move rankled some former Twitter executives, including the company’s former head of trust and safety, Yoel Roth, who said publicizing unredacted documents was “fundamentally unacceptable.” (Musk later conceded, “I think we should have excluded some email addresses.”)“It’s like a cake that was dropped on the table and it looks more or less fine, but inside it’s all blown up.” — Vladislav Inozemtsev, the Washington-based director of the Center for Post-Industrial Studies, a Russian research group, on the state of the Russian economy following sanctions and an exodus of Western firms.The week ahead Politics, inflation data and a trickle of earnings reports will be in focus this week. Here’s what to look for:Tomorrow: A key Senate seat is up for grabs in the Georgia runoff election. Early-voting tallies have smashed state records.Wednesday: New data on the health of the world’s two largest economies will be published, with U.S. consumer credit and China trade data scheduled for release.Thursday: Costco and Broadcom release quarterly results.Friday: The University of Michigan Consumer Sentiment Index and Producer Price Index data are set to come out. China will also release a fresh batch of inflation data.THE SPEED READ DealsOne of the Democratic commissioners at the F.T.C. reportedly favors a less-confrontational approach to Microsoft’s $69 billion takeover of Activision Blizzard, potentially undercutting efforts to block the deal. (New York Post)The private equity firm CVC is said to be weighing options, including a sale, of the computer accessories maker Razer, less than a year after buying the business. (Bloomberg)Assa Abloy will sell its Emtek and Yale security brands to Fortune Brands Home & Security for $800 million. (Reuters)PolicyMeta faces a trio of E.U. privacy fines that could exceed $2 billion, a record. (Politico)The European Commission’s president, Ursula von der Leyen, said that Europe needed to overhaul its public investment rules so its firms could better compete against American counterparts who receive Inflation Reduction Act funding. (FT)New Zealand plans to force Meta’s Facebook and Google to pay news publishers for the content hosted on their platforms, taking a cue from Australia and Canada. (WSJ)Best of the restIt’s not just Big Tech: Big media companies are cutting jobs, too. (WSJ)“Goblin mode,” an Elon Musk favorite, was named Oxford Languages’ 2022 word of the year. (NYT)Activision Blizzard game testers unanimously voted to form a union. (Reuters)“The 4-day week: does it actually work?” (FT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More