Dozen daily | Forbes: the favorite social media of billionaires; Facebook’s political black market; Google Privacy Sanction

The collapse of the cryptocurrency exchange FTX is causing challenges for the nonprofits that Sam Bankman-Fried has promised to fund. Foreign government officials spent up to $ 750,000 at former President Trump’s Washington hotel over a few months while he was in office. More, Forbes spoke to a veteran engineer on Twitter that Elon Musk abruptly fired via the social media platform.

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In today’s news

  • Amazon founder Jeff Bezos, the fourth richest person in the world, says he plans to do so donate the majority of his $ 124 billion fortune to philanthropic ventures throughout his life. It’s the first time he’s committed to doing this, coming after years of criticism that his donations pales in comparison to many other members of the three-point club, including his ex-wife Mackenzie Scott, who just announced that she’s donated $ 2 billion in the ‘last seven months alone.
  • President Joe Biden’s student loan amnesty plan remains stalled for now, after a federal appeals court decided Monday to continue blocking the administration from distributing aid to millions of borrowers, siding with the Republican-led states they are suing to stop the initiative.

The best take-aways

Sam Bankman-Fried has pledged millions of dollars to nonprofits, but to the cryptocurrency exchange The collapse of FTX is causing headaches for promised grants since its foundation as some say they have never received the money. His disappearance also disrupts a key source of funding for a philanthropic movement called Effective Altruism and its supporters at the University of Oxford.

Facebook has a thriving black market in fraudulent advertising accounts, passports and driver’s licenses, according to new research from the Tech Transparency Project. The scammers claim that their products allow shoppers to post ads on Facebook, including political ads in countries other than their own, without meeting the company’s verification requirements.

Forbes billionaires surveyed on their favorite social media apps and I found the one that is their favorite. Hint: It’s not Twitter, and this is before Elon Musk’s chaotic takeover of the platform. It is indicative of a greater apathy towards social media among the richest in the world; nearly half of the respondents revealed that they have no social media accounts.

Google will pay $ 391.5 million to resolve lawsuits in 40 states on its localization practices in what is thought to be the largest consumer privacy agreement ever conducted by the attorneys general. It was found that the tech giant has collected data on the location of users after tricking them into believing that it has disabled such tracking. Moving forward, the company will need to see additional information when a location-related account setting is turned on or off.

While former President Donald Trump was in office, his Washington hotel built up more than $ 750,000 in months from officials of six foreign governments– including China, Saudi Arabia and the United Arab Emirates – as they sought to influence the billionaire’s foreign policy decisions, new documents show. The House Oversight Committee estimates that foreign officials spent $ 3.75 million on the property over three years.

Amazon and Homeland Security Investigations are looking into what the feds are saying a global narcotics organization that ships methamphetamines via the e-commerce giant while obscuring packages like decorative garden stones. At least five accounts of suppliers using the company’s services to smuggle the drug have been identified around the world.

Unmissable today

‘The devil disguised as a nerd’: how Sam Bankman-Fried’s cult of genius fooled everyone

Crypto insiders paint the picture of a charismatic tech founder who became the darling of high-powered investors, even though he was cheeky about his cryptocurrency exchange’s shaky business model and kept his books closed to all but few confidants.

In case you missed it

Following a back-and-forth audience on Twitter about the international capabilities of the platform’s Android app, Elon Musk fired veteran engineer Eric Frohnhoefer with just one tweet on Monday morning. When Forbes spoke to Frohnhoefer in the afternoon, the ousted employee had not yet received any formal communication from the company about his dismissal, but was locked out of his Twitter-released laptop.

Tips you can trust

  • With President Joe Biden’s sweeping student loan amnesty stuck in federal court, pressure on administration is mounting extend the pause on loan repayments once again which currently expires at the end of the year. Here’s what it might look like, plus a dip in some of the lingering questions that remain about student loan cancellation.
  • Chaos has enveloped Elon Musk’s Twitter acquisition from the start, and the billionaire has largely added fuel to the fire by fueling uncertainty about the platform’s future, punching integral employees, and opting for a mocking tone and bombast about transparency and calm. From not effectively justifying the radical changes he made to the company to not communicating well with workers, that’s it how Musk is only contributing to the company’s crisis.

Video not to be missed

How America Failed to Legalize Cannabis

Extreme taxation, regulation, and a federal ban mean that the legal marijuana industry has seen profits go up in smoke. In California alone, even five years after the green light for recreational weed, the price per pound plummeted by 52%, leaving 95% of cannabis growers allowed to operate at a loss in 2021. Forbes Staff writer Will Yakowicz traveled to Northern California’s Emerald Triangle, the heart of the cannabis country, to speak with farmers, entrepreneurs and other key industry players to get to the bottom of “how America has messed the most. great child’s play in the history of capitalism “.

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