Access your favorite topics in a personalized feed while you're on the go. Architect Morris Adjmi. He said that around 100 Silicon Valley workers had relocated to Nassau, the country's capital, to work for FTX. [10] Journalist Matthew Kassel says that Bankman-Fried had often donated to politicians who cultivate good IsraelUnited States relations but concluded "it is unclear if his backing of pro-Israel candidates was coincidental or motivated by any personal interest in Middle East policy. [39] Bankman-Fried invested more than $500 million in venture capital firms, including $200 million in Sequoia Capital. The deeds show these properties, bought by a unit of FTX, were to be used as 'residence for key personnel' of the company, according to Reuters. I'm senior reporter Phil Rosen. Another fascinating tidbit: This entire FTX fiasco kicked off on November 2 after a CoinDesk report revealed troubling details of Alameda's balance sheet remember? Bankman-Fried and his associates own at least 19 properties in the island chain with an estimated value of nearly $121 million, Reuters reported, citing property records. The condominiums cost between $950,000 and $2 million and were bought by Nishad Singh, the former head of engineering at FTX, Gary Wang, an FTX co-founder, and Bankman-Fried for residential use, according to Reuters. As of Thursday, Sam Bankman-Fried is not only a fallen billionaire accused of orchestrating a years-long fraud to the tune of billions, but he's also Substack's latest celebrity newsletter writer. Expectations for the Fed to ease its pace of monetary tightening have soared. [22][23][24], Bankman-Fried attended Canada/USA Mathcamp, a summer program for mathematically talented high-school students. We, Yahoo, are part of the Yahoo family of brands. Travis Miller, a tech consultant, expressed disappointment that it would set back the crypto industry, especially in the Bahamas. I don't know how that was papered in. It's unclear whether the vacation home was paid for by Bankman-Fried's parents in cash, with a mortgage or by a third party such as FTX. [41][42], Bankman-Fried publicly supported effective altruism and contended that he was pursuing earning to give as an altruistic career. [46][47] Future Fund had committed $160 million in charitable grants and investments by September 1, 2022. The lavish penthouse flew in the face of Bankman-Fried's public image as a humble minimalist. ", "Collapse of crypto exchange FTX endangers founder's philanthropic gifts", "Sam Bankman-Fried's terrible, horrible, no good, very bad week", "Paid Notice: Deaths BLOCK, ADRIENNE FRIED", "Tech titans want the richest Californians to pay for pandemic preparedness", "A crypto-funded super PAC poured more than $24 million into this year's Democratic primaries and became a top outside spender. Much of it went to making life ever more lavish for the FTX founder and his employees. $16 million: The entrance to Old Fort Bay, the exclusive gated community where records show Bankman-Fried's parents owned a 'vacation home', Sam Bankman-Fried's parents, law professors Barbara Frieds and Joseph Bankman, said they had been trying to return the property to FTX since before the company entered bankruptcy. People in the U.S. were transfixed by Bankman-Fried, the scraggly man who would beam into meetings with the worlds most powerful people with unkempt hair, playing League of Legends in the background and promising to forgo his wealth. By the way: Today at 11:30 a.m. The 600-acre property, located on the Bahamian island of New Providence, attracted the likes of Tiger Woods and Justin Timberlake for its grand opening in 2010, and The 600-acre property, located on the Bahamian island of New Providence, attracted the likes of Tiger Woods and Justin Timberlake for its grand opening in 2010, and homes sell for tens of millions of dollars. FTX COLLAPSE: STORM LOOMS OVER SAM BANKMAN-FRIED'S CRYPTO BAHAMAS CONFERENCE AS A-LIST PALS GO DARK, General view of the statue of Fearless Girl at the the Albany Resort in, Nassau, Bahamas Friday, November 19, 2022. Jan. 17, 2023. Records show that FTX also spent $4.5 million on a parcel of land at Bayside Executive Park (above) on Nassau's famed Bay Street, where the company planned to spend $60 million building a massive headquarters complex, Bankman-Fried tweeted a photo from the site on April 25, showing shovels lined in a row for the official groundbreaking. After the service, I asked him about FTX as he was shaking hands with party members. Across the Bahamas, his millions of dollars in donations to local charities and the islands' government prompted local media to report his "tentacles stretched far" across the archipelago. Wealthy residents can gaze at a perfect replica of Arturo Di Modicas Charging Bull statue and send their children to a boarding and day school spread across two campuses. The Albany Bahamas mansion is said to be owned by former FTX CEO Sam Bankman-Fried (SBF). After a lively presentation on crypto risk management by a local bank employee (When you take a snapshot of this year, I can see why this debacle happened, he said), everyone mingled, chatting about the causes of FTXs demise and clearly tickled by the presence of three journalists at their normally informal affair. All rights reserved. There are also pools tennis courts, a gym and spa, in addition to a small private theater and CrossFit training center. He laid out the key investments to make right now. A spokesperson for Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, told Reuters this week the couple was looking "to return the deed" to a nearby Old Fort Bay property to FTX following the bankruptcy. Sam Bankman-Fried says a multi-million-dollar house reportedly bought in his parents' name in the Bahamas was actually meant to be company property. Sam Bankman-Fried's implosion took down Democrats' second-biggest donor with it as the party gears up to regulate crypto", "Ahead Of His Crypto Firm's Cash Crunch, Billionaire Sam Bankman-Fried Spent Tens Of Millions On Politics", "FTX's Sam Bankman-Fried backs down from 'dumb quote' about giving $1 billion to political races", "2022 Top Donors to Outside Spending Groups", "A Crypto Emperor's Vision: No Pants, His Rules", "Analysis | FTX's Sudden Unraveling May Allow DeFi to Grow", "Sam Bankman-Fried was the face of crypto in D.C. What would FTX's acquisition mean for regulation? It's unclear whether the condos were purchased by the executives using personal funds or company funds. Bankman-Fried had touted himself as abeliever in effective altruism, saying he was building up his fortune with the plan to give almost all of it away. FTX founder Sam Bankman-Fried, center, is escorted from a Corrections Department van as he arrives for a court hearing in Nassau, Bahamas, on Wednesday. [104], Bankman-Fried and his younger brother, Gabe, made large contributions toward pandemic prevention initiatives, according to an investigative report by The Washington Post. After the collapse of FTX, the entire team resigned. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Sam Bankman-Fried says a Bahamian house in his parents' name was meant to be for FTX staff. [10] For the 2020 U.S. elections, he contributed $5.2 million to two super PACs that supported the Joe Biden 2020 presidential campaign. A spokesperson for Bankman and Fried said they plan to return the property. Let them eat cake! And indeed, during my visit I felt like the stranger in a detective show who arrives in a cloistered small town where everyone is guarding a sinister secret. There wasnt a lot of connection, he told me over drinks. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. 6. Quotes displayed in real-time or delayed by at least 15 minutes. "I know it was not intended to be their long-term property. (Fox News Digital / Fox News). [70] FTX and related entities filed for bankruptcy in Delaware on the same day. Security fears after YouTuber managed to tape phone to 'Petrified' student, 20, inspects her room every night after she was rushed to hospital when a spider bite Six people die, including three children, when their throats are sliced by KITE STRINGS at Indian festival. Green spaces include seven trails, for pedestrians, equestrians and cyclists, in addition to golf cart lanes, private roads and rows of multimillion-dollar housing. Click Manage settings for more information and to manage your choices. Citing a great risk of flight, the Bahamian justice remanded Bankman-Fried back to jail until his next scheduled hearing on Feb. 8, 2023. Meanwhile, contrary to Bankman-Frieds self-constructed image as an ascetic monk, the FTX cash did not go simply to charity and currying favors. Sam Bankman-Frieds fortune plummeted from USD16b to near zero in just a few days. If this was forwarded to you, sign up here. Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. The finances of FTX and Bankman-Fried are under immense scrutiny as the platform navigates complicated bankruptcy proceedings. He told Ross Sorkin on Wednesday that he no longer lives in a luxury Bahamas penthouse said to be worth $40 million. FAQ - New Privacy Policy. Published: 12:42 GMT, 13 December 2022 | Updated: 13:33 GMT, 13 December 2022. Authorities in the Bahamas arrested Bankman-Fried the following month and extradited him to the US. As the Wall Street Journal reported, the struggling crypto lender BlockFi held hundreds of millions of dollars worth of FTXs token as collateral for loansmeaning those tokens would have crashed at the time if FTX had not stepped in to prop up the smaller company. At least $1 billion in customer funds has vanished, the people said. [citation needed], The arrest took place the day before Bankman-Fried was scheduled to appear before the U.S. House Committee on Financial Services. [16], Bankman-Fried was born on March 6, 1992,[17] on the campus of Stanford University,[17] into a Jewish family. Sign up for notifications from Insider! It's golf cart parking only outside Sam Bankman-Fried's $40 million penthouse in the exclusive Albany Resort on New Providence Island in the Bahamas. [24][94][95] Bankman-Fried said in February 2022 that his political contributions were not aimed at influencing his policy goals for the cryptocurrency ecosystem; however, FTX was circulating a list of suggestions to policymakers at the time. As a local power player told me, everyone has a conflict of interest with everyone, which results in most people not being willing to talk about anything. I have not lived there for most of the time.. He laid out the key investments to make right now. A key to the collapse, he explained, was 2022's crypto bear market that left just about every token worth dramatically less than the year prior. Inside Sam Bankman-Fried's gilded Bahamas. It's right in line with his not guilty plea from January 3 in the Justice Department's criminal case, and represents his most recent denial of regulators' allegations that he defrauded investors and used customers' cash for vague, illicit things like buying real estate in The Bahamas. Curated by Phil Rosen in Los Angeles. This material may not be published, broadcast, rewritten, or redistributed. Bankman-Fried told Sorkin on Wednesday that there were "a lot of property purchases in the Bahamas.". [18][19] He is the son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School. Powered and implemented byFactSet Digital Solutions. Bankman-Fried said Wednesday that he had "close to nothing" left. FTX Ventures head Amy Wu described it as Crypto Sun Valley, where everyone from FTX investors Tom Brady and Gisele Bndchen to Bill Clinton and Tony Blair came to mingle among slot machines and talk about the future of money. Property records described the house as a vacation home, according to Reuters, which was the first to report the news. It's Mr (coffee) Bean! The filing also described a chaotic system in which FTX supervisors often used emojis to approve expense requests. FTX filed for bankruptcy protection on November 11 after it was revealed that there were significant irregularities in their sister hedge fund Alameda Reacher's balance sheets. Vanguard's global head of portfolio construction breaks down why the 60/40 portfolio still offers the best bet at long-term success. By clicking Sign up, you agree to receive marketing emails from Insider Bank of America strategists picked out 15 great names that investors can pile into ahead of a downturn see the list here. However, court filings indicate that FTX owes some $3 billion to its many creditors. [75][12][76], Bankman-Fried faces a maximum of 115 years in prison if convicted on all eight counts and sentenced to serve each charge consecutively. Philip Davis, the Prime Minister of the Bahamas, commented on the arrest that "the Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law while the United States is pursuing criminal charges against SBF individually, the Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX". What is your view on cryptocurrency investments this year, after last year's sell-off and in light of the FTX drama? Well, Bankman-Fried yesterday outlined two versions of the hedge fund's balance sheet, one from each of the past two years. In 2021, FTX paid $135 million to sponsor the NBA team's stadium, but both sides have been trying to cancel the deal since Bankman-Fried's empire collapsed. Stay up to date with what you want to know. Sam Bankman-Fried, the disgraced co-founder of digital-asset exchange FTX, was arrested in the Bahamas after the US government filed a criminal indictment, following weeks of speculation that client funds were misused before his empires collapse.. Bankman-Fried is being held in custody pending an extradition process, the island nations attorney general, Presumably writing from his parents' $4 million property in Palo Alto, California near Stanford, Sam The company reported having $1.24 billion cash on hand, more than its liquidators had expected. Cold, hard facts about how freezing winter weather can harm your health. 2023 NYP Holdings, Inc. All Rights Reserved, FTX says $415M in crypto was hacked since it filed for bankruptcy, Ex-FTX exec Harrison slams spiteful Bankman-Fried as poor manager, Oil tycoon lost billions with Enron, invested with Madoff, and struck out with FTX, Miami Heat home arena gets temporary name after FTX collapse. (Lam Yik/Bloomberg via Getty Images / Fox News). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. It was intended to be the companys property. Bankman-Fried donated almost $40 million to Democrats in 2021 and 2022, according to the Federal Election Commission, and also about $260,000 to Republican candidates. When I visited the site of the gaudy groundbreaking, the lone security guard present told me that no crew had showed up for months. SBF: Photograph by Spencer Heyfron; Bahamas pictures: Leo Schwartz/Fortune. If they make their money, then they stay here for a while. In a court filing, John Ray, FTX's new chief executive charged with leading the company through bankruptcy, said he understood that corporate funds of the FTX Group were used to 'purchase homes and other personal items for employees and advisors. [59][60] He also wrote that he expected FTT to be "highly volatile in the coming days as things develop". Old Fort Bay is an exclusive gated community that was once the site of a British colonial fort built in the 1700s to protect against pirates who roamed the Caribbean. The employee asked if it was because of their performance, but FTX said it was just performing a company-wide exercise. [17][29] After attending a late 2018 cryptocurrency conference in Macau, he moved to Hong Kong. Forbes in 2019 called the Albany community "one of the most exclusive resorts in the world." SCROLL TO SEE SOME OF THE ALBANY'S BIGGEST YACHTS: The Lady Joy docked at the Albany Marina on New Providence Island, Bahamas. We were trying to incentivize that and to make sure that they had an easy way to find a comfortable life, Bankman-Fried said. About a dozen Bahamian crypto enthusiasts turned up, along with a lead engineer from a prominent global exchange who happened to stumble past the space while staying in the Bahamas for a diving trip. FTX was never built with Bahamians in mind, she said, just the Bahamian regulatory environment. Stocks May Be Next", "The Reluctant Prophet of Effective Altruism", "How a crypto billionaire decided to become one of Biden's biggest donors", "Sam Bankman-Fried's 'Effective Altruism' Team Resigns Amid FTX Meltdown", "Sam Bankman-Fried tries to explain himself", "What Does Congress Do With a Problem Like Sam Bankman-Fried? FTX's bankruptcy judge ordered the Miami Heat's arena to take the crypto exchange's name off the building. 'The company's spending in the Bahamas was extraordinary.'. (The Mega Agency for Fox News Digital / Fox News), GET FOX BUSINESS ON THE GO BY CLICKING HERE. Find out more about how we use your information in our privacy policy and cookie policy. Meanwhile, US stock futures are steady, after data showed inflationary pressure could be easing. [17] In 2014, he graduated with a bachelor's degree in physics and a minor in mathematics. ", "Binance to Sell Holdings of FTX's Token as Relations Between Crypto Exchanges Fray", "Binance To Sell $529 Million of Bankman-Fried's FTT Token", "Binance's CZ and FTX's Sam Bankman-Fried Trade Barbs Over Twitter", "Here's the rundown on the Binance and FTX fiasco", "Crypto Billionaires' Brawl Triggers Contagion Fears in Markets", "This enigmatic billionaire just took down a crypto rock star", "CZ's Binance to Buy Rival FTX After Sam Bankman-Fried Faces Liquidity Crunch", "Crypto Exchange Binance Agrees to Acquire Rival FTX", "Crypto giant Binance to acquire rival FTX following 'liquidity crunch', "Binance plans to buy rival FTX in bailout as crypto market crumbles", "FTX's token plunges 80% on liquidity concerns, wiping out over $2 billion in value", "FTX Token Falls 80% Despite Binance Bailout as Alameda Contagion Spreads to Bitcoin", "Binance Says It Will Walk Away from Deal to Buy FTX", "Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse", "Sam Bankman-Fried's FTX Empire Faces US Probe Into Client Funds, Lending", "Sam Bankman-Fried secretly transferred FTX customer funds to Alameda Research after his trading firm suffered losses in the spring, report says", "EXCLUSIVE Behind FTX's fall, battling billionaires and a failed bid to save crypto", "FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall", "The Wall Street Journal News Exclusive | Alameda, FTX Executives Are Said to Have Known FTX Was Using Customer Funds", "FTX's new CEO helped bolster Enron victims' recovery", "FTX Goes Bankrupt in Stunning Reversal for Crypto Exchange", "Bahamas police interview FTX's Bankman-Fried amid mystery outflows", "FTX's New Boss Reveals Chaos Left Behind by Bankman-Fried", "FTX used corporate funds to purchase employee homes, new filing shows", "FTX's Sam Bankman-Fried Is Arrested in the Bahamas", "FTX founder Sam Bankman-Fried arrested in Bahamas", "Sam Bankman-Fried could face years in prison over FTX's $32 billion meltdown if the U.S. ever gets around to arresting him", "FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges", "Two associates of Sam Bankman-Fried plead guilty to fraud charges in FTX fall", "Sam Bankman-Fried pleads not guilty to fraud", "Sam Bankman-Fried Pleads Not Guilty to Fraud and Other Charges", "Crypto firm ropes in Gisele, Tom Brady to burnish green credentials", "A new Democratic super PAC has entered the chat: Protect Our Future will invest $10 million in Democratic primaries for lawmakers who take 'a long term view on policy planning. Bankman-Fried said Wednesday that there were a lot of property purchases in the Bahamas.. Founder Sam Bankman-Fried lived in a $30m luxury penthouse with colleagues SBF's parents own a $16.4m vacation home in Old Fort Bay, a gated community Properties A spokesperson for the couple told Reuters that they had long been in the process of returning the deeds to the home to FTX. Davinia Bain, a Bahamian fintech entrepreneur, co-founded Crypto Isle in 2021 as a co-working space where local developers and entrepreneurs could get together. 8. General view of The Albany Penthouse, and surrounds in Nassau, Bahamas Friday, November 19, 2022. That included six white-shoe law firmsordinarily attorneys love to gab, but in this case, I encountered a wall of silence. [61][62] On November 9, the Wall Street Journal reported that Binance had decided not to acquire FTX. On being asked about his previously stated ethical views that it's unacceptable to do unethical things for the greater good, he disagreed with those views and said that expressing those views was a "dumb game we woke westerners play where we say all the right shibboleths and so everyone likes us". According to Piper Sandler's chief market technician, if the Fed backs from its aggressive policy, the S&P 500 could rise to 4,625 in 2023. Personal Finance Insider's picks for best cryptocurrency exchanges. FTX became a Bahamas entity in July 2021, known as FTX Digital, and formally moved to the country in September of that yearthe same month that Philip Brave Davis became prime minister. Insiders explain how he did it, and what's next", "Sam Bankman-Fried's $16 Billion Fortune Is Eviscerated in Days", "How a Scottish Moral Philosopher Got Elon Musk's Number", "Crypto's golden boy Sam Bankman-Fried sees $14.6 billion wiped from his personal wealth overnight after agreeing FTX bailout deal", "Crypto is in chaos as FTX teeters on the verge of bankruptcy", "Bankman-Fried's 'Effective Altruism' Implodes With His Fortunes", "Sam Bankman-Fried donated over $40 million in the 2022 election cycle. "They may have stayed there while working with the company sometime over the last year," Bankman-Fried said at Wednesday's summit. The original fort has been restored into a private clubhouse for the resort community, and an antique cannon still sits on the lawn. Albany Bahamas The home was part of a massive, $121 million That year, he said the firm had roughly $8 billion in net borrowing from venture capital investments, interest payments to lenders, and buying out Binance's stake in FTX. They also raise further questions about FTXs handling of more than $1 billion in missing client funds. [88], Bankman-Fried was the second-largest individual donor to Democratic causes for the 2022 U.S. elections, with total donations of $39.8 million, only behind George Soros,[89][90][91] of which $27 million was given to the Protect Our Future PAC. I went to McDonalds drive-thru for lunch but left with bags of cash instead, Prince Harry roasted at Critics Choice Awards 2023, Biden, Harris photo-op with Warriors team takes awkward turn: 'I'm not doing that', Idaho suspect repeatedly slid into victim's DMs weeks before murders, Britney Spears pokes fun at manic restaurant video: Best part was the pasta, Listen to chilling 911 call ahead of Lisa Marie Presleys cardiac arrest, Marvin Gaye IIIs wife files restraining order after domestic violence arrest, Kanye Wests new wife Bianca Censori wasnt a fan of his music, Nick Sirianni's update on the status of Eagles' star QB Jalen Hurts, Dolly Parton Tells The View Shes Heartbroken for Close Friend Priscilla Presley Over Lisa Marie Presleys Death, Wife of 'Boy Meets World' star William Daniels details 'painful' 'open marriage'. 1. The Lady Joy docked at the Albany Marina on New Providence Island, Bahamas. Inside Sam Bankman-Fried's gilded Bahamas. The palatial compound known as Albany is not your typical tropical paradise. The 600-acre property, located on the Bahamian island of New Providence, attracted the likes of Tiger Woods and Justin Timberlake for its grand opening in 2010, and homes sell for tens of millions of dollars. Sam Bankman-Fried, who faces fraud charges over the collapse of FTX, leaves a Manhattan federal court hearing on January 3, 2023. I asked Millers friend if he was angry about the whole affair. FTX former CEO Sam Bankman-Fried's Bahamas penthouse on sale for $54m. Even though the collapse of FTX in November seemed rapid, the warnings signs were there. The asking price for the 1,100-square-foot penthouse is about $39.9 million, according to the ad, and the maintenance fee for the home of the supposedly efficient SBF altruist is about $21,000. Bankman-Fried and his associates own at least 19 properties in the island chain with an estimated value of nearly $121 million, Reuters reported, citing property records. It's unclear where the funds came from to purchase the properties, though FTX was at one time flush with cash, claiming annual revenue of more than $1 billion. The six-story structure is Buy these high-quality stocks that will beat the market as a recession hits in the next six months. New FTX CEO John Ray III touched on lavish spending at the company in the same court filing in which he slammed its corporate governance practices as worse than those he encountered while leading the infamous energy firm Enron through its bankruptcy. All rights reserved. In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors, Roy said in the filing. [43][84], Contributions were made to members of both U.S. political parties. The Bahamas is one of the first countries in the world to launch its own central bank digital currency, the Sand Dollar, although most Bahamians dont use it. The six-story structure is shaped like a yacht itself, facing south, toward the sea, and maintenance fees were listed at more than $20,000. [85] Bankman-Fried donated $27 million in total to this PAC. (Fox News Digital / Fox News). [106][107], Bankman-Fried is vegan. The property, one of the documents dated June 15 said, is for use as a 'vacation home.'. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Last week, the Wall Street Journal reported that Bankman-Fried cashed out $300 million in 2021 after FTX closed a massive fundraising round a move he reportedly dismissed to investors as partial reimbursement after he bought out a rivals stake. I understand that there does not appear to be documentation for certain of these transactions as loans and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas, Ray added. ", One statement stood out to me: "I didn't steal funds, and I certainly didn't stash billions away.". There's a dog park, an equestrian center, a Rolex store and other high-end boutiques alongside the marina. Sam Bankman-Fried's parents on Thursday went to the Bahamas prison where their son is in custody, photos published by DailyMail.com show. Now he's lost it all. The most expensive purchase was a $30 million penthouse at the Albany Bahamas, a resort where Tiger Woods hosts a golf tournament every year. Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions, a spokesperson for Bankman-Frieds parents told the outlet. You have to be hiding something.. I dont know the details of the house for my parents, Bankman-Fried told the New York Times Andrew Ross Sorkin via Zoom at the newspapers DealBook summit event in New York City on Wednesday.