11.23.2022

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Good morning. It's Wednesday, Nov. 23, and we're covering a mass shooting at a Walmart, the first bankruptcy hearing for a collapsed cryptocurrency firm, and much more. First time reading? Sign up here.

 

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Editor's note: The 1440 team will be off Thursday and Friday, spending time with friends and family. Have a great holiday and be safe—we'll see you again Saturday!

Need To Know
 

Breaking news: Multiple people were killed and injured in a mass shooting at a Walmart in Chesapeake, Virginia, last night. The gunman was among those killed. This is a developing story; see updates here.

FTX Bankruptcy Hearing

Bankrupt cryptocurrency exchange FTX is missing a substantial amount of assets, according to its lawyers who appeared yesterday in federal court for the firm's Chapter 11 (see 101) proceedings. FTX and its affiliates have about $1.24B in cash balances but owe $3.1B to its largest 50 creditors, court filings show. It is unclear how FTX will raise the cash it needs to repay creditors. 

 

FTX, once valued at $32B, filed for bankruptcy this month after a tumultuous week following a report that it had lent and lost billions in customer deposits to its sister investor trading firm, Alameda Research. FTX invested in mostly cryptocurrency and technology ventures, but almost $300M had also been invested in real estate in the Bahamas, lawyers said.

 

Both firms were owned by 30-year-old Sam Bankman-Fried, who resigned as CEO and was accused of corporate negligence and mismanagement by John Ray, the group's new head. Ray is set to appear before Congress next month. See a timeline of the FTX collapse here.

 

China Locks Down (Again)

China confirmed its first deaths from COVID-19 in six months, announcing new restrictions in its captial Beijing and locking down the southern city of Guangzhou. China reported just over 26,000 cases Monday, nearing its April peak, and has shut down many parks, businesses, and schools in hard-hit districts.

 

The wave of infections has prompted the country to reinstate some targeted zero-COVID policies after softening restrictions earlier this month. China is the only major country still trying to halt transmission through mass testing and lockdown measures. The adjustments come amid rare protests over the country’s COVID-19 policies.

 

The news brings China’s official COVID-19 death count to 5,231, though the actual number is likely much higher. Meanwhile, cases in the US are averaging around 42,000 per day (see data), with hospitalizations sitting just above 27,000 total patients.

 

World Cup Upset

Argentina lost an upset to Saudi Arabia 2-1 yesterday, ending Argentina's near-record undefeated streak at 36. Argentina, who entered the tournament as a top favorite to win, succumbed to the second-lowest FIFA-ranked team of all 32 contenders. Both Group C teams will now face counterparts Mexico and Poland to complete the group stage (how it works).

 

Despite dominating with 15 shots on goal to Saudi Arabia's three, Argentina scored only once and saw three of its goals negated by offside calls (see rule). Argentine superstar Lionel Messi, one of the sport's greatest players, recently announced this would be his last chance to secure a World Cup trophy. Argentina's national team has not won the World Cup since 1986, having lost in the final twice to Germany—most recently in 2014. See tournament standings here

 

Saudi Arabia's King Mohammed bin Salman declared today a holiday in the country after the historic upset. Watch a condensed two-minute replay of the match here.

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In The Know
 

Sports, Entertainment, & Culture

In partnership with CARIUMA

> Todd and Julie Chrisley, stars of popular reality show "Chrisley Knows Best," sentenced to a combined 19 years in prison for bank fraud and tax evasion (More)

> Pablo Milanés, Latin Grammy-winning Cuban singer-songwriter, dies at 79 (More) | UK's "Vigil" wins Best Drama Series at International Emmy Awards (More)

> Soccer legend Cristiano Ronaldo departs Manchester United after just over a year with the English club (More) | EA Sports' college football video game series to return in summer of 2024 after decade-long hiatus (More)

From our partners: One shoe, 77,000-person waitlist. Back now. CARIUMA's OCA Low Suede shoes have amassed over 20,000 five-star customer reviews (several of which have come from the 1440 team) thanks to their incredible broken-in fit for comfort, and vast range of colors fit for the airport, mall, skate park, or beach. Wear these durable low top kicks beloved by celebrities and featured in Vogue, Rolling Stone, and GQ—they’re never on sale (not even for Black Friday) but 1440 readers can take 20% off with code 144020.

 

Science & Technology

> Scientists find first evidence that drug-resistant bacteria can travel from the gut to the lung; study suggests increased risk of potentially fatal respiratory infections in hospitalized patients (More)

> Meta (Facebook) says its AI platform can beat human players in the board game Diplomacy, which involves verbal language, negotiating skills, and deceptive tactics (More)

> Researchers demonstrate assembler robots capable of coordinating independently to build large structures and devices, including other robots (More, w/video)

 

Business & Markets

> US stock markets close higher (S&P 500 +1.4%, Dow +1.2%, Nasdaq +1.4%) on strong corporate earnings (More)

> Best Buy beats expectations as consumers buy more electronics, shares up double digits in after-hours trading (More)

> Technology giant HP to eliminate up to 6,000 jobs by 2025 as part of restructuring (More)

 

Politics & World Affairs

> Death toll in Indonesia rises to at least 268, with more than 1,000 others injured, following a Monday earthquake that struck south of Jakarta (More) | See previous write-up (More)

> Rep. David Valadao (R, CA-21) wins reelection; becomes one of two House Republicans who voted to impeach former President Donald Trump to win another term (More) | Republicans lead in two remaining House races out of three, on track for 222-213 majority (More

> Supreme Court allows access by House Democrats to former President Donald Trump's tax records after three-year legal battle; Trump lawyers argue request is politically motivated and no justice publicly dissented (More

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Etcetera
 

How to carve a turkey like a pro

 

... and why frozen turkeys explode when deep-fried.

 

Tips and tricks for your Thanksgiving spread.

 

... and Google reveals each state's most popular stuffing recipe.

 

An interactive world map of Indigenous lands.

 

The weird history of Thanksgiving traditions

 

Dinosaurs and marshmallows: Take the Thanksgiving science quiz.

 

Fun facts about the iconic Macy's Thanksgiving Day Parade.

 

Clickbait: You can now book a stay in DJ Khaled's shoe closet (w/photos). 

 

Historybook: First issue of Life magazine published (1936); First episode of "Doctor Who" airs on BBC (1963); Children’s book author Roald Dahl dies (1990); Hockey great Wayne Gretzky scores his 600th goal (1988); Miley Cyrus born (1992).

"You miss 100% of the shots you don't take."

- Wayne Gretzky

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