World News
FTX’s Founder / CEO talks about the current state of the crypto market on CNN
FTX founder/CEO Sam Bankman-Fried (SBF) recently appeared in an exclusive interview with CNN to talk about the current situation of the market and FTX’s own expansion plans. The host Julia Chatterley even jokingly asked whether SBF was going to acquire Coinbase.
SBF was recently interviewed on CNN’s First Move, a program devoted to global business, economics and finance. The topics discussed in this interview include the current situation of the crypto market, market rumors of FTX acquisition, why we should assist troubled crypto institutions, and expansion plans.
Julia Chatterley started by asking about the current state of the crypto market:
I think while it’s painful and challenging for the crypto industry right now, isn’t it also seeing some level of “health”?
SBF believes that the crypto market is moving towards a healthy situation. Some institutions and capital have been overdeveloped in the past two years, and now the market is liquidating these excessive leverage and weeding out companies with questionable capital adequacy.
After a certain point, you start to see even well-capitalized players having problems, and I don’t think the market is unhealthy anymore.
Now the market is liquidating these excess leverage, washing out some players with questionable balance sheets, and I think in a way that’s healthy for the market.
Read Also: FTX and SALT Announce Crypto Bahamas 2023
SBF in an interview with Reuters also expressed a similar view
He pointed out that the market liquidation of excessive leverage can cause a liquidity crunch, and the worst of the liquidity crunch is over, and the current market price stabilization seems to prove this. However, this does not mean that the bear market is over, and the future trend still depends on the impact of the overall economy.
What are the criteria for financial aid to crypto companies?
Lending platform BlockFi recently secured a $250 million revolving credit line from FTX, and SBF has previously expressed his willingness to lend money to other companies, setting a stop-loss line for this liquidation crisis.
In this regard, Julia Chatterley asked:
I dare say that every day now there are people knocking on your door and shouting, “Hey, are you going to invest in us?”.
So you have to pick out the poor, unprofitable, or even insolvent companies from these companies, right?
SBF said that lending to these businesses is not charitable and must be assessed carefully. And FTX’s standard is to look for companies that “do well in business.” These companies are just having a temporary liquidity problem, so as long as some loans are provided, users of these companies can be protected and a systemic crisis can be prevented in advance.
What you said is to the point, this (selecting companies) is indeed what we are doing, that is to say, lending money to these companies is not just bailouts. Some of the companies we studied were destined to go bankrupt, and it was right for them to declare bankruptcy.
The key to our selection of companies are those with good business performance. Because these loans are just a way to provide their liquidity in the short and medium term.
At the same time, SBF also clarified some market rumors. He said that in addition to the company’s good health, the most important thing is to protect the users of these good companies, so the mining machine/mining industry is not being actively considered by FTX.
Read Also: BlockFi Secures $250 Million Line of Credit From FTX
Rumors that FTX will bail out miners have been hot recently, which is understandable as this is one of the major industries in the crypto space.
But what I want to say is that we have no interest in the field of mining machines. There are no users in this area that need to be protected, because everyone can buy mining machines to fill up the computing power, this is not an area with systemic risk.
Will you buy other companies while you’re at a low point? Like Coinbase?
According to SEC official documents , SBF purchased 56 million Robinhood shares last (May), making it the company’s third-largest shareholder. Although SBF denies that FTX has acquisition intentions, it can not help but lead to imagination.
SBF clarifies that this is a pure investment. He has great respect for Robinhood founder Vlad Tenev and the entire team, and has not had any active discussions about the acquisition, but doesn’t deny that there are other opportunities.
Julia Chatterley thinks it makes sense to buy a stake at the low point and asks:
People are very interested in your investment in Robinhood, do you have other people you want to invest in?
Maybe we can also put (invest) Coinbase into the discussion?
SBF immediately denied buying Coinbase with a smile.
He pointed out that FTX is currently operating very well, so whether it is Robinhood or other companies, there is no need to rashly acquire them and put themselves in an unfamiliar operating environment. But he also said that he is happy to cooperate with different companies.
Answering this question runs the risk of rumors stoking, so I’m not going to open this thread.
But I would say that we have the possibility to cooperate with any company.
Has FTX made money this season?
Coinbase reported Q1 earnings last month, with a net loss of $430 million after revenue halved and expenses increased.
Julia Chatterley:
Is FTX’s trading business profitable during this turbulent market?
Because I think it is also a time when profitability can be used to distinguish good companies, ordinary companies, and bad companies.
Read Also: FTX will not freeze hiring amid layoffs at other crypto firms, CEO states
The answer is yes. SBF said that FTX has been profitable for several consecutive seasons, including the last few seasons. He believes that the key is “stable expansion.”
Yes, we did, and we’ve been profitable for some time, including in recent quarters.
I think the key to sustainable profitability is to grow steadily. Of course, I’m not saying that expansion is wrong, especially when it’s the right time and place, but expansion is undoubtedly a risky decision, and it puts oneself in a passive and vulnerable situation. So unless we see a great opportunity and invest in a way we like, I’m not going to expand easily.
SBF specifically mentioned the expansion of personnel. He has previously stated that although expansion in a bull market is reasonable, he found after research that when a company expands at a high speed, it will make it difficult to coordinate between departments, and it will also lower employment standards. The consequence is that among colleagues Communication becomes bad, and in the end no one wants to communicate, even if there is a reward system.
World News
Napoléon by Abel Gance (1st period) opening Cannes Classics at the 77th Festival de Cannes
A legend known to cinephiles the world over, a major work of the silent era, one of the most monumental restorations in the history of filmmaking will be unveiled on May 14 as a world premiere: Napoléon by Abel Gance (1st period), in a version resulting from a colossal, passionate effort by the Cinémathèque française, with the support of the CNC.
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Buzz
Davido Inks Partnership with UnitedMasters For His Nine+ Records Venture
Making yet another major power move, three-time GRAMMY® Award-nominated Nigerian global superstar and Afrobeats pioneer Davido has inked a deal with UnitedMasters for his recently launched label Nine+ Records.
In this groundbreaking collaboration, Davido will spearhead artist development, A&R, and behind-the-scenes curation, nurturing a pioneering lineup of artists across the continent under Nine+ Records. United by a shared vision, the teams will work together to introduce and foster talent, amplifying Davido’s influence and extending his reach even further. This partnership marks a pivotal moment in shaping the future of African and world music.
Together, the teams will collaborate closely in order to not only introduce, but cultivate career talent. It only expands Davido’s influence and reach.
Read Also: Davido gifts fan $50k to payoff student loans
Of today’s announcement Davido said, “I couldn’t be more proud to partner with Steve and the team at United Masters, this announcement represents an exciting new chapter for developing and established artists around the world.”
Steve Stoute, Founder and CEO of UnitedMasters states, “Over the last 2 years, we’ve proven our commitment to Africa investing in artists, education, and technology. Today, we are doubling down. With this new venture with Davido & the launch of Nine Plus Records, we reinforce our mission in becoming a bridge for artists on the continent. Together we’ll identify & develop new artists while supporting them with brand and synch opportunities.”
Nine+ Records will be announcing more artists and partners in the future.
Last night, Davido just sold out one of the most iconic venues in the world, headlining Madison Square Garden in New York City. He ignited the stage with what will be remembered as a historic set, bringing Afrobeats to the Big Apple in the biggest way possible. In advance of the show, he extensively spoke to Billboard who praised how “Performing in New York has also become a special ritual” for him.
This news also arrives on the heels of various major company announcements for UnitedMasters. The company locked down a high-profile alliance with SymphonyOS and Groover. Plus, it hosted its annual “A Celebration of Independence” GRAMMY® Concert at the Palladium in Hollywood, CA. The show boasted an all-star lineup, including headliner Davido, Uncle Waffles, Tokischa, Donavan’s Yard, and NLE Choppa. Of the latter, The Source wrote, “This marked the first time UnitedMasters featured international acts, solidifying its impact and representation within the global independent artist movement.”
Stay tuned for a whole lot more soon
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World News
Baloji and Emmanuelle Béart will co-preside over the Caméra d’or Jury of the 77th Festival de Cannes
The 77th Festival de Cannes will feature an unprecedented yet self-evident pairing at the head of the Caméra d’or Jury. As rich dialogue and inspiring gaze arise from encounters, the Festival de Cannes is eager to bring together Emmanuelle Béart and Baloji to co-preside over the Jury that will honor one of the first films presented in the Festival’s Official Selection or its parallel sections.
An unprecedented pairing since French actress Emmanuelle Béart and director and songwriter Baloji, who evolves in Belgium and the Democratic Republic of Congo, have never met. She has worked with some of the world’s greatest filmmakers, dazzling both screen and stage with her incandescent performance. He is a bold, visionary creator, who made two short films before receiving the New Voice Prize at Un Certain Regard in 2023 for his acclaimed debut feature Omen.
An obvious pairing as both are free spirits with no limits, who rely on their art to achieve creative freedom. Through her impressive filmography and her humanitarian commitment, Emmanuelle Béart is forever supporting a filmmaking to be shared, to emancipate, transcend borders and help us live together. Baloji, in his first feature film with impressive aesthetic mastery, delivers a chronicle that transcends otherness through the prism of magical realism.
Delighted to be paired at the head of the Caméra d’or Jury, Baloji and Emmanuelle Béart will combine their voices to welcome the first features of filmmakers who look at the world with inspiration, tell us about it with emotion and invite us to discuss it with the conviction of beginnings. “Being a self-taught filmmaker and a filmmaker from the Congolese diaspora,” confides Baloji, “it’s a great honour to be able to witness the vitality of first-time directors, to discover their strong singularities and their inaugural work, which will have a lasting impact on the identity of their filmography.” Emmanuelle Béart declares: “A first film is about the impossibility of doing anything other than delving into the depths of one’s being to find out what we can’t keep quiet about. A deeply moving and terribly free birth: no one is waiting for you yet. We will honor our duty with wonder and respect.”
The Caméra d’or Jury has been co-chaired three times before: by actress Françoise Fabian and director Daniel Schmid in 1996, by Marthe Keller and Géraldine Chaplin in 2002, and by brothers Luc and Jean-Pierre Dardenne in 2006.
In 2023, the Caméra d’Or was awarded to Pham Thien An for Inside the Yellow Cocoon Shell by the Jury presided over by French actress Anaïs Demoustier
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World News
25th Annual Latin GRAMMY Awards Returns to Miami
The Latin Recording Academy® announced today that the 25th Annual Latin GRAMMY Awards® will be held in Miami at Kaseya Center on Thursday, Nov. 14, 2024, in partnership with Miami-Dade County and the Greater Miami Convention & Visitors Bureau (GMCVB).
“Since our first awards presentation in the year 2000, the Latin GRAMMYs have provided an international spotlight for Latin music second to none and provided iconic performances that have become part of global music and pop culture history. We are thrilled to celebrate our 25th anniversary in Miami” said Manuel Abud, CEO, The Latin Recording Academy. “Miami has evolved to become the epicenter of Latin entertainment and we are grateful for the community support and enthusiasm we have received.”
In celebration of the 25th anniversary of The Latin GRAMMYs the show returns to the place it calls home, where The Latin Academy’s journey commenced, and its headquarters remain. This is the third time that the Latin GRAMMYs will be held in Miami, the first time in 2003 and the second time in 2020 when the show was closed to the public due to the COVID-19 pandemic.
“Welcome home, Latin GRAMMYs! As the cultural capital for Latinos in the United States, there’s no better place than Miami-Dade to host the best of Latin music and entertainment,” said Miami-Dade County Mayor Daniella Levine Cava. “It’s a true honor to host this incredible event once again and welcome people from all over the world to enjoy the vibrant and diverse cultural hub we call home. This event celebrates the very best in music, and we are proud to showcase Miami’s unique energy, where music and culture collide in the most spectacular way.”
The three-hour telecast will be produced by TelevisaUnivision, the leading Spanish language media and content company in the world, and will air live on Univision, Galavisión and ViX, beginning at 8 p.m. ET/PT (7 p.m. Central), preceded by a one-hour pre-show starting at 7 p.m. ET/PT.
“We are excited to bring to life the landmark 25-year celebration of the Latin GRAMMYs from the city we call home – the city where Hispanic culture has flourished as a driving force of influence and impact globally,” said Ignacio Meyer, President of Univision Television Networks Group at TelevisaUnivision. “As the Home of Latin Music, we’re excited to deliver yet another unforgettable night of excellence in music, grounded in our passion and unwavering commitment to shining a bright light on the most culture-defining moments for Spanish-speaking audiences worldwide.”
In addition, Latin GRAMMY® Week events will take place throughout Miami-Dade County including Leading Ladies of Entertainment, the Best New Artist Showcase, Special Awards Presentation, Nominee Reception, Person of the Year and the Premiere Ceremony, preceding the telecast. More details on the week of events will be distributed in the coming months.
“This announcement underscores Greater Miami’s status as a global hub at the intersection of multicultural music, entertainment, events and tourism,” said David Whitaker, president and CEO of The Greater Miami Convention & Visitors Bureau. “On behalf of the travel and hospitality industry of Greater Miami, we are absolutely thrilled by the news that the 25th Latin GRAMMYs is returning home to Miami – bringing with it an influx of visitors eager to experience the excitement and energy of this iconic destination.”
The Latin GRAMMY Awards® are the preeminent international honor and the only peer-selected award celebrating excellence in Latin music worldwide.
Additional key dates in preparation to The Biggest Night in Latin Music® include:
July 24, 2024-Aug. 5,2024: First Round of Voting
Sept. 17, 2024: Nominations Announcement
Sept. 27, 2024–Oct. 10, 2024: Final Round of Voting
For more information regarding the current awards season visit: https://www.latingrammy.com/
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