Category: Cryptocurrency

Memecoin trading at levels last seen before crypto bubble burst

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The memecoin frenzy in the digital-asset market shows no signs of stopping, with trading volumes now at levels last seen just before the burst of the last crypto bubble more than two years ago.

Considered as some of the most speculative and volatile cryptocurrencies, memecoins such as Dogwifhat and Pepe are far outstripping the gains registered by market bellwether Bitcoin that has dominated the headlines. Trading volume for the top memecoins, which often trade for a fraction of a cent, reached nearly $80 billion in the past week, according to data compiled by blockchain data firm Kaiko. That’s the highest since October 2021.

“Historically, a surge in meme tokens has often signaled a market top,” Dessislava Aubert, research analyst at Kaiko, said. “However, it is difficult to predict whether this will continue to be the case now as new capital is entering the crypto markets. We also observe that some of these tokens are increasingly driven by idiosyncratic factors and are less correlated with Bitcoin.”

Pepe, a frog-themed coin, and dogwifhat — a dog pictured wearing a hat — continued racking up fresh highs in the past week, according to tracker CoinGecko. The total market value of the memecoin sector has reached more than $60 billion on Wednesday.

Memecoins have been a long-existing phenomenon in crypto, as small investors and promoters see the microscopic prices of memecoins as an opportunity to quick post huge returns despite the lack of traditional fundamentals.

“It’s not a great reflection of the actual realizable price,” said Thomas Perfumo, head of strategy at Kraken Digital Asset Exchange. “So for example, if you saw a memecoin that supposedly had a market capitalization of a billion dollars, it’s very unlikely that anyone would be able to sell anywhere close to a billion dollars of it without materially impacting the price.”

That’s not stopping fans of the tokens from trying to keep the momentum going. A group of dogwifhat token holders announced last week a public fundraising campaign to put the dogwifhat meme on the Las Vegas Sphere. The group has already reached its target goal of $6,50,000 in the USDC stablecoin, based on the transaction history of the digital wallet for the fundraise. But it’s unclear whether and when the fund will be used to promote the meme in Las Vegas.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Risk appetite in Bitcoin spurs enormous leveraged ETF flows

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Demand for the investment vehicles that offer leveraged exposure to Bitcoin is soaring as the digital asset hits record highs.

Leveraged futures-based exchange-traded funds such as VolatilityShares’ 2x Bitcoin Strategy ETF (BITX) are seeing flows rivaling spot Bitcoin ETFs. The fund raked in $630 million in net monthly inflows, beaten only by BlackRock and Fidelity, according to data compiled by K33 Research.

Futures-based Bitcoin ETFs currently hold an all-time high equivalent exposure of 83,300 tokens and leveraged Bitcoin ETFs represent nearly 25% of the open interest on CME, which is one of the largest marketplaces for crypto derivatives. Futures premiums on the platform have climbed toward 20% amid record-high open interest, K33 said.

“The massive uptick in flows to 2x leveraged BTC ETFs illustrates the huge demand for leveraged long exposure in BTC of late and is consistent with the increased risk appetite witnessed in BTC derivatives,” according to a note on Tuesday. “Enormous inflows” to the fund are the main catalyst for the surge in open interest on CME.

VolatilityShares’ 2x fund currently holds a Bitcoin equivalent exposure of 36,025 tokens after more than doubling the crypto currency under management 11 days into March, K33 data show.

The increasing interest in such funds has prompted a flurry of new offerings. ProShares is expected to launch five leveraged long and short BTC ETFs within the next month to cater to new market demand and Valkyrie recently launched its 2x leveraged product.

The rise of such funds comes as an influx of investors seek a variety of channels to make leveraged bets on the latest bull run in the crypto market. The US-based institutions tend to use regulated offerings such as crypto futures on CME and spot ETFs from traditional asset managers, while offshore entities turn to the options contracts on Deribit and perpetual futures without an expiration date on Binance, which are among the most popular products for crypto traders.

The funding rates for Bitcoin perpetual futures — a key indicator for leverage in crypto — remain elevated across major offshore exchanges, with Deribit, the leading crypto options trading platform, seeing record open interest and a surge in bullish bets on Bitcoin.

“Perps continue to highlight an immense risk appetite in the market, with funding rates staying exorbitant while open interest fluctuates vividly,” the note said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bitcoin tops $72,000 for the first time as rally builds steam

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bitcoin topped $72,000 for the first time, advancing for a sixth straight day and taking gains this year to almost 70% on the back of massive inflows into US exchange-traded funds.

The original cryptocurrency rose as much as 5% to $72,880 on Monday, before paring the increase. Smaller tokens like Ether, Solana and Avalanche also advanced. The crypto gains came even as equities were mixed ahead of a key report on US inflation.

“It’s a full on continuation of last week’s trend,” said Vetle Lunde, a senior analyst at K33 Research. “Traders are clearly in a risk-on mode.”

Investors have poured a net almost $10 billion into a batch of new Bitcoin ETFs since they launched in the US two months ago, igniting a broad surge in crypto markets. Digital assets scored more wins on Monday, as the London Stock Exchange confirmed it will accept applications for admitting Bitcoin and Ether exchange-traded notes and Thailand’s securities regulator said retail investors will be allowed to buy overseas crypto ETFs.

“With new highs being made and signs of continuing institutional support shown by the LSE news, some people might’ve seen that breakout as a perfect opportunity to get even longer BTC,” said Chris Newhouse, a DeFi analyst at Cumberland Labs.

The success of the crop of Bitcoin ETFs add to a range of bullish signals for cryptoassets. Perhaps the most anticipated milestone is the quadrennial “halving” scheduled for April, when Bitcoin’s supply growth will be reduced by half.

Other technical indicators point to growing interest among both institutional and retail investors. Open interest on Chicago-based CME Group’s Bitcoin futures market has jumped 44% from this year’s low, while a rebound in the so-called funding rate signals that traders are increasingly willing to pay a premium for opening leveraged long positions in Bitcoin.

“Perps (perpetual futures) have traded at premiums above $80 since BTC’s breakout at 07:00 (UTC), the premiums spiked towards $350 amidst BTC’s initial breakout alongside growing open interest,” said Lunde.

MicroStrategy Inc., the enterprise software firm that has made buying Bitcoin part of its corporate strategy, said on Monday that it spent $822 million purchasing more tokens from February 26 through March 10.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bitcoin tops $71,000 for the first time as rally builds steam

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bitcoin topped $71,000 for the first time, advancing for a sixth straight day and taking this year’s rally to almost 70% on the back of massive inflows into US exchange-traded funds.

The original cryptocurrency jumped as much as 3.2% to $71,631.45 on Monday. Smaller tokens like Ether, Solana and Avalanche also advanced.

“This rally comes following a weak Asian trading session in which shorts tested the conviction of longs — it appears the longs have given a rather convincing positive answer,” said Richard Galvin, founder of Australia-based crypto-focused investment firm DACM.

Investors have poured a net almost $10 billion into a batch of new Bitcoin ETFs since they launched in the US two months ago, igniting a broad surge in crypto markets. Digital assets scored another win on Monday, as the London Stock Exchange confirmed it will accept applications for admitting Bitcoin and Ether exchange-traded notes.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold steady after surging to record on rate-cut bets, haven bids

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold steadied after surging to a record high in the previous session, boosted by expectations for US rate cuts, geopolitical tensions and the risk of a pullback for equity markets.

Bullion rose to a peak of $2,141.79 an ounce on Tuesday, surpassing the previous high set in early December. The precious metal has climbed almost 5% over the last five sessions.

Gold’s ascent has taken some in the market by surprise, particularly since there hasn’t been any major change in expectations for when the Federal Reserve will lower borrowing costs. Swaps markets show a 62% chance of a cut in June, compared with 58% at the end of February. Lower rates are typically positive for bullion, which doesn’t offer any interest.

“The velocity and the speed was very sudden, very fast,” said James Steel, an analyst at HSBC Holdings Plc. “It didn’t seem to have a smoking gun.”

Beyond rates, other factors have contributed to gold’s strength. Macro funds, which haven’t been active in the market until recently, were a new force of buying. Bullion’s role as a haven asset is also being aided by elevated Middle East tensions and disruptions to global shipping, China’s persistent economic woes and the US presidential election at the end of the year.

The risk of a US stock market correction — flagged by weak manufacturing data on Friday — may have persuaded some investors to move out of equities and into gold, said Ole Hansen, a commodity strategist at Saxo Bank A/S.

Spot gold declined 0.1% to $2,127.03 an ounce as of 9 a.m. in Singapore. The Bloomberg Dollar Spot Index rose 0.1%. Silver edged higher, while platinum and palladium were flat.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bitcoin retreats after record-setting run that topped $69,000

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bitcoin surged to a record for the first time in more than two years, yet the original cryptocurrency didn’t stay at its new all-time high very long as many traders appear to have taken the opportunity to book some profit.

The token jumped as much as 2.5% to $69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a plunge that at one point sent it 14% below the record to $59,317.16.

“Given that nearly everyone who has ever bought Bitcoin is now in profit, there are decent odds we see some amount of profit taking,” said Zaheer Ebtikar, founder of crypto fund Split Capital.

The volatile price swings on Tuesday were the latest example of the boom-or-bust nature of Bitcoin. Its recent gains had been amplified by bullish bets made in the derivatives market, where investors in the past could get leverage of as much as 100 times the size of their positions in products such as perpetual futures. With Bitcoin reversing its early gains, more than $800 million worth of bullish positions were quickly liquidated in the perpetual futures market, according to crypto data tracker Coinglass.

Bitcoin has experienced a breathtaking rebound this year amid strong demand from new US exchange-traded funds and a looming reduction in growth of the token’s supply. At its high on Tuesday, Bitcoin was up about 63% so far in 2024, outperforming global stocks and spreading optimism across the digital-asset market. ”

In an ironic twist, Bitcoin owes much of its resurgence to a regulator long-viewed as hostile to crypto: the US Securities and Exchange Commission. The SEC approved spot-Bitcoin exchange-traded funds in early January after suffering a legal defeat last year in its attempt to reject them. The move has widened the mass-market accessibility of Bitcoin, helping the crypto sector to turn the page following a bear market in 2022 and a string of subsequent bankruptcies, including the implosion of Sam Bankman-Fried’s FTX exchange.

A steady tide of money has poured into the ETFs issued by investment heavyweights including BlackRock Inc. and Fidelity Investments. The net inflow of almost $8 billion in less than two months is colliding with a looming reduction in Bitcoin’s supply growth — known as the halving — that is also stoking bullish sentiment.

“Breaking all-time highs, with the current momentum in spot ETFs as well as the upcoming halving narrative, would likely awaken true FOMO — fear of missing out — among participants currently watching markets from the sidelines,” said Stefan von Haenisch, head of trading at OSL SG Pte.

The comeback in Bitcoin that started in early 2023 has lifted the overall market value of digital assets to about $2.6 trillion. Its revival from a low in November 2022 caps a bust-to-boom cycle that left the industry it spawned irrevocably changed.

Bitcoin hit its previous peak of $68,991.85 on Nov. 10, 2021, according to data compiled by Bloomberg, powered by the monetary and fiscal stimulus that governments around the world deployed to tackle the impact of Covid-19. The rally was driven partly by crypto purists known for their mantra of “HODL,” the result of a misspelling of “hold” that’s been adopted as an acronym for “hold on for dear life.”

Reckoning in 2022

What was hailed by some as crypto’s ultimate coming-of-age moment back then instead turned out to be the start of a brutal reckoning.

Soon after touching its high in 2021, Bitcoin — and wider crypto markets — began a precipitous descent as central banks turned hawkish to fight runaway inflation. By the end of 2021, Bitcoin’s price had tumbled by almost a third from its peak.

The bear market exposed widespread fraud and reckless risk-taking among many of crypto’s key players, embodied by the implosion of the TerraUSD stablecoin and the collapse of Bankman-Fried’s FTX exchange and related companies. Binance, the largest digital-asset exchange, and its founder Changpeng “CZ” Zhao also came under increased regulatory scrutiny.

Bankman-Fried and Zhao are now awaiting sentencing in the US on criminal charges. TerraUSD creator Do Kwon, who was imprisoned in Montenegro last year for traveling with a fake passport, is fighting extradition to the US, where he’s wanted on fraud charges.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bitcoin breaches $64,000 briefly as ETF demand lures traders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bitcoin rose for the second straight day and marched closer to its all-time high, driven by expectations of exchange-traded funds’ robust demand at the week’s start.

The most liquid cryptocurrency rose to as much as $64,279 – its first move above $64,000 since November 2021 — before trimming back to $63,622 as of 9:20 AM in Singapore.

At the heart of this frenzy lies seemingly insatiable demand for the largest crypto token from the US-listed Bitcoin ETFs, which began trading on January 11. Bitcoin has jumped about 186% in the last 12 months.

“Given the low liquidity over the weekend, markets are moving north in anticipation that tonight’s ETF inflows will continue and prices will continue to rally,” said Hayden Hughes, co-founder of social-trading platform Alpha Impact.

Net inflows of $7.35 billion have been invested since the debut of the US Bitcoin ETFs, offered by a batch of funds including BlackRock Inc. and Fidelity Investments.

Traders are betting on the price to soon cross the record of almost $69,000, reached during the Covid pandemic, given the ETFs’ strong demand and concern of missing out ahead of Bitcoin halving, which is expected later this year. After halving — when the reward for mining is cut in half — the supply growth of the coin could come down, adding to the demand squeeze.

“Crossing the psychological threshold of Bitcoin’s previous all-time high may take time, but it should only be considered a matter of time until we cross that level given the halving and positive sentiment,” Hughes said.

Other relatively small tokens, including Ether and Solana, also were up Monday 0.15% and 1.82% respectively.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bitcoin surpasses $60,000 as demand from ETFs triggers bull run

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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At the heart of the rally that is pushing Bitcoin toward a record high is a simple tenet of economics: Supply and demand.

The surge in demand for the cryptocurrency that’s resulting from new exchange-traded funds is vastly outstripping the amount of Bitcoin that long-time holders are willing to sell. That’s what lit the match that has set the crypto market on fire, with fuel being added from traders chasing the upward momentum, covering short positions and loading up on leveraged bets that the bull run will continue.

It all culminated in a wild session for the cryptocurrency market on Wednesday, with Bitcoin jumping as much as 13% to $63,968 — its first trip above $60,000 since November 2021 — before it pared gains as a surge in traffic triggered trading outages and displays of $0 balances for users of Coinbase, the largest US digital-asset exchange.

Bitcoin has jumped about 40% already this year, triggered mostly by the successful launch of US exchange-traded funds holding the coins which have attracted more than $6 billion since they began trading on January 11. Bitcoin last traded at $60,000 in November 2021, after reaching an all-time high of almost $69,000 earlier that same month.

“It’s pretty nuts,” said Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX.

At the heart of the rally that is pushing Bitcoin toward a record high is a simple tenet of economics: Supply and demand.
The surge in demand for the cryptocurrency that’s resulting from new exchange-traded funds is vastly outstripping the amount of Bitcoin that long-time holders are willing to sell. That’s what lit the match that has set the crypto market on fire, with fuel being added from traders chasing the upward momentum, covering short positions and loading up on leveraged bets that the bull run will continue.

It all culminated in a wild session for the cryptocurrency market on Wednesday, with Bitcoin jumping as much as 13% to $63,968 — its first trip above $60,000 since November 2021 — before it pared gains as a surge in traffic triggered trading outages and displays of $0 balances for users of Coinbase, the largest US digital-asset exchange.

Bitcoin has jumped about 40% already this year, triggered mostly by the successful launch of US exchange-traded funds holding the coins which have attracted more than $6 billion since they began trading Jan. 11. Bitcoin last traded at $60,000 in November 2021, after reaching an all-time high of almost $69,000 earlier that same month.

“It’s pretty nuts,” said Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX.

“We are starting to see a pretty clear FOMO kind of rally,” said Zaheer Ebtikar, founder of crypto fund Split Capital. “More and more people are just convinced to buy.”

Bitcoin’s trading volume surged to more than $79 billion, or by almost 60% in the past 24 hours, according to data from CoinMarketCap.com. As the original cryptocurrency went higher and higher, Coinbase Global Inc. began experiencing what CEO Brian Armstrong referred to on the social-media platform X as a “LARGE surge of traffic.” The exchange reported that some users were experiencing errors when attempting to buy or sell and that some may see a zero balance in their accounts. “Your assets are safe,” Coinbase said on its website, later adding that activity had begun to normalize.

The intense rally has Bitcoin on pace for its biggest monthly gain since December 2020, when the digital token jumped 50% to around $9,600.

Bitcoin has more than tripled in value since the start of last year, climbing back from a 64% plunge in 2022, in a remarkable comeback from a series of crypto-industry scandals and bankruptcies that had raised questions about the viability of digital assets.

Digital tokens are jumping even though investors have pared back expectations for looser monetary policy this year, evidenced by a rise in US Treasury yields. Bitcoin has outperformed traditional assets like stocks and gold in 2024.

“This reversal is all the more impressive in the light of central banks signaling they intend to keep rates high a while longer, eroding the theory that the next crypto bull would be driven by dropping interest rates,” said Michael Safai, co-founder at quantitative trading firm Dexterity Capital.

The massive inflows into Bitcoin ETFs have prompted some industry watchers to warn of a looming supply squeeze as new coins from miners can’t keep up with demand. Some 80% of Bitcoin’s supply hasn’t changed hands in the past six months, potentially exacerbating the squeeze and adding to the upward price pressure, analysts have said.

The nine new spot ETFs have more than 300,000 Bitcoin, or seven times the amount of new coins mined since Jan. 11. After the halving, expected in late April, the number of new coins mined daily will decline to 450 from 900 currently. If this demand stays constant, with supply of new coins cut in half, advocates are predicting that the price has room to rally.

“All of this combined makes for a supply and demand imbalance,” said Dan Slavin, founder of Chainview Capital, a crypto hedge fund. “More demand than supply means price higher, and with BTC price volatility, price higher doesn’t mean 10%, it means a whole lot more.”

The speed of the rally has some observers warning that it leaves investors susceptible to the boom and bust cycles that have become emblematic of crypto.

“This move has been very sharp, leverage is very high at the moment, as implied by derivatives basis and funding rates, so I would not be surprised by a sharp correction” or 20% or more, said Jaime Baeza, founder at crypto hedge fund AnB Investments. “Nonetheless I would not be shorting into this rally while it continues to move at this pace.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FTX founder Sam Bankman-Fried suggests sentence of 63 to 78 months in $8 billion fraud

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sam Bankman-Fried’s lawyer urged a judge on Tuesday to impose a lenient sentence for the FTX founder’s conviction for stealing $8 billion from customers of the now-bankrupt cryptocurrency exchange, arguing clients would get most of their funds back.

In a sentencing submission, Bankman-Fried‘s lawyer Marc Mukasey told US District Judge Lewis Kaplan that a guidelines range between 5-1/4 and 6-1/2 years would be an appropriate prison term.

That is far less than the maximum sentence of 110 years he faces after a jury found him guilty in November on seven counts of fraud and conspiracy, in what prosecutors have called one of the biggest financial frauds in American history.

Bankman-Fried pleaded not guilty and is expected to appeal his conviction and sentence. He acknowledged making mistakes running FTX, but testified at trial that he never intended to steal customer funds.

Kaplan is set to sentence the former billionaire, who turns 32 next week, on March 28.

The lawyer’s submission was accompanied by letters of support from Bankman-Fried’s parents, psychiatrist, and others.

His parents, the Stanford law professors Joseph Bankman and Barbara Fried, said their son was uninterested in material wealth and worked hard to make customers whole in the month between Bahamas-based FTX’s November 2022 collapse and his arrest on fraud charges a month later.

“Barbara and I…witnessed firsthand his single-minded focus on getting money back to depositors, long after there was any possibility he would be able to save any of his equity or wealth,” Bankman wrote.

Mukasey called a 100-year guidelines range calculated by probation officers “barbaric”, saying it was based partly on a faulty assertion that FTX’s customers lost billions.

He pointed to the bankrupt company’s recent assertion that it expected to repay all customers in full to back up the argument that Bankman-Fried did not set out to steal.

“The conviction does not address whether Sam intended to pay the money back. He did,” Mukasey wrote.

The probation officers’ calculation is not binding on Kaplan. The US Attorney’s office in Manhattan is expected to make its own sentencing recommendation by March 15.

Elizabeth Holmes or Michael Milken?

A graduate of the Massachusetts Institute of Technology, Bankman-Fried rode a boom in the values of digital assets such as bitcoin to a net worth Forbes magazine once estimated at $26 billion. His fortune evaporated in November 2022, when FTX declared bankruptcy after a wave of customer withdrawals.

At his month-long trial in Manhattan federal court, three former close associates testified that Bankman-Fried directed them to help loot FTX customer funds to plug losses at his Alameda Research hedge fund, even while presenting himself publicly as a responsible steward in the volatile cryptocurrency market.

Prosecutors said Bankman-Fried also used customer funds to buy luxury real estate in the Bahamas and to donate to US politicians who might support cryptocurrency-friendly regulations.

Bankman-Fried testified that he did not realize how much Alameda owed to FTX until shortly before both failed.

Mukasey acknowledged Bankman-Fried’s case bore some similarities to that of Elizabeth Holmes, another young entrepreneur who was sentenced to 11 years in prison in 2022 for defrauding investors in her now-defunct blood-testing startup Theranos.

But he said Holmes put patients at risk, and suggested Bankman-Fried had more in common with Michael Milken – a Wall Street financier in the 1980s known as the “junk bond king” who was released from prison after serving just two years of an initial 10-year sentence on fraud charges.

“Given the same chance, Sam would dedicate his post-prison life to charitable works,” Mukasey wrote.

Mother says she would change places

Bankman-Fried has been jailed at Brooklyn’s Metropolitan Detention Center since August, when Kaplan revoked his bail after finding that he likely tampered with witnesses.

In a letter to Kaplan, Bankman-Fried’s psychiatrist George Lerner wrote that he is on the autism spectrum. Mukasey wrote that Bankman-Fried struggles to make eye contact and communicate with others, which could leave him vulnerable in a prison setting.

Bankman-Fried’s mother wrote that her son had taken responsibility for the errors that led to FTX’s collapse and was remorseful, but said she feared for his life in prison.

“His father and I face the very real possibility that we will not live long enough to see him freed,” Fried wrote. “I would gladly change places with him if I could.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow