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FTX bankruptcy judge allows media companies to defend disclosure of client names by Reuters

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© Reuters. FILE PHOTO: Representations of cryptocurrencies are seen in front of the displayed FTX logo and decreasing stock graph in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo/File Photo/File Photo

By Dietrich Knauth

(Reuters) – A US judge overseeing the FTX bankruptcy said on Friday that it will allow media companies to make their case that the collapsing cryptocurrency exchange must publicly disclose the names of its clients. The Times, Dow Jones, Bloomberg and Financial Times can present their arguments for requiring FTX to disclose the names of clients at a hearing on January 11th.

The media companies argued in a lawsuit that keeping the names of up to one million customers secret could turn bankruptcy proceedings into a “farce” if creditors began to fight anonymously over how much money they should receive.

FTX argued that the US bankruptcy practice of revealing details about creditors, including customers, could expose them to fraud, violate privacy laws and allow competitors to cheat them, undermining FTX’s value while it looks for buyers.

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FTX said on Friday that it plans to sell LedgerX, Embed, FTX Japan and FTX Europe during its bankruptcy case. The four companies are relatively independent from the broader FTX group, and each have separate client accounts and separate management teams, according to an FTX court filing.

FTX has no commitment to selling any of the companies, but it has already received dozens of unsolicited offers. FTX expects to place additional bids by scheduling auctions in February and March.

Other bankrupt crypto firms, such as crypto lenders Voyager Digital and Celsius Network, have struggled to auction off their assets. Voyager had planned to sell its assets to FTX before FTX’s collapse, and Celsius said in a lawsuit Thursday that it had delayed an auction of its business in an effort to improve the bids it received.

FTX attorneys also said at the hearing Friday that they have made “significant progress” in recovering the assets and are working to resolve a dispute with Bahamian securities regulators and the lawyers overseeing the divestiture of Bahamas-based FTX Digital Markets.

FTX prevented the Bahamas bankruptcy from moving forward by cutting off access to the data and questioning the actions of the Bahamas government, said Jason Zakia, attorney for the Bahamas liquidators. Dorsey will address the dispute over data access on Jan. 6 if the two sides fail to reach an agreement.

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Friday’s bankruptcy hearing comes at the end of an exciting week for cryptocurrency exchanges. Founder Sam Bankman-Fred was arrested on fraud charges Monday, FTX CEO John Ray testified before the US Congress on Tuesday, and FTX opposed a Bahamian liquidator’s request for access to its systems and records on Wednesday.

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Your 401(k) Isn’t Enough: Investing for Retirement, Building Friendships, and Hobbies

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Don’t wait for retirement to start cultivating relationships and activities that will support you in your post-work years

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Tesla isn’t alone: ​​18 (and a half) other big stocks are headed for their worst year ever

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In the worst year for stocks since the Great Recession, many big names are heading into their worst year ever with only one trading day left in 2022.

S&P 500 index
SPX

and Dow Jones Industrial
DJIA

Both are heading for their worst year since 2008, with declines of 20.6% and 9.5%, respectively, through Thursday. But at least 19 of the big stocks — and half of the others — are headed for an even worse 2022 headline, according to Dow Jones market data: worst year on record.

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Tesla Inc
TSLA

It’s having the worst year among an S&P 1500 component group with a market capitalization of $30 billion or higher that’s heading for record annual percentage declines. Tesla shares are down 65.4% so far this year, which would easily be the worst year ever for the popular stock, which has only had one negative year since going public in 2010, down 11% in 2016.

Tesla may not be the worst on the list by 2023, however, another Silicon Valley company is right on its heels. Meta Platforms Inc.
metaAnd the

Facebook’s parent company, it’s down 64.2% so far this year, as CEO Mark Zuckerberg stuck to spending billions developing a “metaverse” even as the online advertising industry that provides the bulk of its revenue stagnated. This would also be only the second year in Facebook’s history that the stock has fallen, after a 25.7% drop in 2018, even though the stock ended Facebook’s 2012 IPO year 30% below its original IPO price.

Just one stock could counter record lows for Tesla and the Meta this year, and Tesla CEO Elon Musk has some familiarity with that company, too. PayPal Holdings Inc.
PYPLAnd the

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Where Musk first found fame during the dotcom boom, it’s down 63.2% so far this year as executives refocus the company on attracting and retaining high-value users rather than trying to get as many users as possible on the payments platform. This will be the second year in a row that PayPal, which has not seen this before 2021 since its spin-off from eBay Inc., has declined in value.
ebay

in 2015.

None of the other companies are headed for their worst year, but they won’t lose more than half their value this year, though Charter Communications Inc.
CHTR

a relative. The telecommunications company’s stock has fallen 48.2% so far Investors are worried about big spending plans in 2023 Trying to get around the rejection numbers of Internet subscribers.

In addition to the list below, shares of Alphabet Inc. Class C
The Google

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It posted its worst year ever with a decline of 38.4%. MarketWatch is not included in the list, however, as are Alphabet’s Class A shares.
The Google

decreased by 55.5% in 2008; A separate class of non-voting shares It was created in 2012 to allow the company — then still called Google — to continue issuing stock to employees without weakening the control of co-founders Sergey Brin and Larry Page.

Aside from this segment of Alphabet stock, there are 19 big stocks that are heading for their worst year ever, based on Thursday’s closing prices.

company Percentage decrease in 2022
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Tesla Inc
TSLA

65.4%

Meta Platforms Inc.
meta

64.2%

PayPal Holdings Inc.
PYPL

62.6%

Charter Communications Inc

48.0%

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Edwards Lifesciences Corp.
EW

41.9%

ServiceNow Inc.
right Now

39.9%

Zoetis Inc.
ZTS

39.3%

Fidelity National Information Services Inc.
The Islamic Salvation Front

37.8%

Accenture plc
ACN

35.3%

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Fortinet Corporation
FTNT

31.5%

Estee Lauder Cos. Inc.
EL

32.5%

Moderna company
mRNA

29.6%

Iqvia Holdings Inc.
IQV

26.3%

Carrier Global Corp.
kar

22.8%

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Hilton Worldwide Holdings
HLT

19.2%

Broadcom Inc.
AVGO

16.2%

Arista Networks Inc.
network

15.2%

Dow company
daw

10.7%

Otis Worldwide Corp.
OTIS

9.2%

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Morgan Stanley reiterates the overweight rating on Fu Shuyuan International Group

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Morgan Stanley reiterates the overweight rating on Fu Shuyuan International Group

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