Elon Pulls Out

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 12 July 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Chainalysis, FTX US and Ava Labs. After months of dithering, Elon Musk announced last Friday he would officially be pulling out of his deal to acquire Twitter for $44 billion. He cited as his reason a lack of transparency or clarity around the true number of bot accounts. In this episode, NLW describes what different commentators think is really going on. He also vibe-checks both crypto and TradFi as we head into what will likely be a big week in markets. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Ava Labs releases Core, the free, non-custodial browser extension, built for the power of Avalanche. Core is an all-in-one operating system bringing together Avalanche apps, Subnets, bridges and NFTs in one seamless, high-performance experience. Eager to start using Web3 dapps to their fullest potential? Download today at core.app! - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Dimitrios Kambouris/Getty Images for The Met Museum/Vogue, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDes.
0:22.8	What's going on, guys? It is Monday, July 11th, and today we are talking about Elon's
0:28.8	attempt to get out of the Twitter purchase deal. Before we get into that, however, if you are
0:34.3	enjoying the breakdown, please go subscribe to it, give it a rating,
0:37.9	give it a review, or if you want to dig deeper into the conversation, come join us at the
0:42.5	Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:48.3	Also, this week, I am thrilled to welcome Avalabs as a sponsor. Did you know that you can bridge Bitcoin natively across the Avalanche bridge and take
0:57.4	advantage of the growing DeFi ecosystem on Avalanche?
1:00.7	This is just one of the innovative features of CORE, the new non-custodial browser extension
1:04.9	and wallet developed by Avalabs.
1:07.4	Core is engineered for Avalanche users to have the most secure and seamless Web3 experience.
1:12.4	Easily swap assets, display your NFTs in style, and store your assets in a ledger-enabled
1:17.0	wallet. Plus, you can put real dollars in your Core wallet in just a few clicks. Go to
1:22.1	core.app to access the full power of Web3 on Avalanche. Lastly, in addition to them being a sponsor, I also work with FTX.
1:30.7	Well, friends, this is shaping up to be an absolutely juicy week.
1:36.3	In the crypto space, the fallout of Three Arrow's Capital continues, with reports that
1:41.3	no one knows where these guys are, even as creditors are knocking on their door.
1:45.7	In macro, we've got inflation numbers coming this week, which will, of course, have significant
1:50.4	implications for what the Fed does next. But before all of that, let's start this week with a bit
1:55.5	of news that broke at the very end of last week. After months of back and forth all happening very much in public,
	...

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