Crypto collapse hits black Americans hard
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 11 July 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
Twitter is mounting legal action against Elon Musk as he tries to terminate the deal to buy the social media company, black Americans’ higher exposure to cryptocurrencies has left them more vulnerable to the financial downturn, Cairo’s storied houseboats have been removed as part of bigger changes that many fear will destroy heritage and green space in the Egyptian capital.
Mentioned in this podcast:
Experts say Musk faces uphill battle for victory in Twitter legal fight
Twitter hires Wachtell legal firm to sue Elon Musk for ending $44bn acquisition
Crypto collapse reverberates widely among black American investors
Cairo houseboats adrift in storm over development
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.5 | Today is Monday, July 11th, and this is your FT News Briefing. |
| 0:18.4 | Elon Musk doesn't want Twitter anymore. |
| 0:20.9 | Twitter says, sorry, suck it up. |
| 0:23.6 | And cryptocurrency investing became really popular among black Americans. |
| 0:28.6 | Black investors typically have less money |
| 0:31.4 | and are more likely to put that money into cryptocurrency. |
| 0:36.0 | Now the crypto crash is hitting them especially hard. |
| 0:39.8 | Plus a eulogy of sorts for the famed houseboats of Cairo. |
| 0:44.4 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:50.8 | Elon Musk wants to back out of his $44 billion deal |
| 0:54.0 | by Twitter while the social media company is not going to give up without a fight. |
| 0:58.8 | Sources tell the FT Twitter hired a law firm that plans to file a lawsuit this week |
| 1:03.8 | that trying to force Musk to stick to the plan and buy the company. |
| 1:07.6 | I'm joined by the FT Sujeet in-depth to help unpack yet another chapter in this ongoing saga. |
| 1:13.4 | Hey Sujeet. |
| 1:14.4 | Hi Mark, good to talk to you. |
| 1:15.9 | So Sujeet, Musk is accusing Twitter of having false and misleading information |
| 1:21.0 | about the number of fake and spam accounts on the site. |
| 1:24.7 | Does Musk have a case here or enough of a case to blow up the deal? |
... |
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