The FTX founder said he intended “to do right by customers,” including by trying to raise money to make customers whole. (The Wall Street Journal notes that he hasn’t yet been successful, and that, besides, raising money would require negotiating with creditors and the federal bankruptcy court.)
His tweets are under a lot of scrutiny, with online sleuths tracking deletions. Over 100 have disappeared from his timeline over the past week, including retweeted messages from people like Tom Brady who are now looking to distance themselves from FTX. Other notable deletions include one from before FTX’s implosion in which S.B.F. wrote that the firm had enough assets “to cover all client holdings” and that “we don’t invest client assets.”
More on the fallout from FTX:
BlockFi, a crypto lender that FTX bailed out in July, is preparing for a potential bankruptcy filing of its own.
Others in the crypto industry are calling for more regulation: Circle, the issuer of a so-called stablecoin, wrote to Congress yesterday urging it to “act now.”
FTX’s in-house coach and psychiatrist spoke with The Times’s Kevin Roose, saying he hadn’t seen any signs of wrongdoing, and offered an inside look at the firm’s “tame” and “undersexed” workplace.
Estée Lauder buys into high fashion
Estée Lauder said yesterday that it would buy the Tom Ford fashion label for $2.8 billion, the biggest luxury sector deal this year. The acquisition marks the beauty giant’s first foray into clothing and makes Tom Ford’s eponymous owner — the designer, movie director, art collector and more — a billionaire.
The deal was born out of their existing partnership. Estée Lauder already has a licensing agreement to sell Tom Ford beauty products, including its popular high-end perfumes like Black Orchid and Tobacco Leather that sell for over $100. The fragrance business has been a winner during the pandemic for Estée Lauder, whose brands include Clinique and Jo Malone. “It represented a self-pampering opportunity for people,” Tracey Thomas Travis, the company’s C.F.O., said in June.
The deal also points to luxury brands’ efforts to find growth outside of China, given geopolitical tensions and the country’s pandemic lockdowns. Estée Lauder this month cut its full-year forecasts and partly blamed Covid curbs in China, saying 2023 net sales would fall 6 to 8 percent, compared to forecasts of 3 to 5 percent growth.
But Estée Lauder doesn’t have apparel experience, which set it apart from other bidders such as Kering, the luxury conglomerate that owns Gucci (Mr. Ford’s former employer), YSL and Balenciaga. As part of the deal, Estée Lauder will give Ermenegildo Zegna, the brand that has produced Tom Ford clothing since 2006, the sole apparel license, making it responsible for fashion shows and stores. Marcolin, which has made Tom Ford eyewear since 2006, will stay on as well.