Welcome to the Tech Meme Right Home for Thursday, July 14th, 2022. I'm Brian McCullough today.

Celsias files for bankruptcy. Tesla loses a key autopilot exec.

Netflix chooses Microsoft for its ads partnership.

Could Tik-Toc be a long-term problem for Google search,

and the reviews are in for the new Macbook airs with M2 chips.

Here's what you miss today in the world of tech.

Celsius has officially filed for Chapter 11 bankruptcy protection in New York,

declaring assets and liabilities between $1 billion and $10 billion, quoting

C. MMBC.

In a Wednesday statement, Celsius said it would look to stabilize its business by restructuring

in a way, quote, that maximizes value for all stakeholders, end quote.

Celsius said it has $167 million in cash on hand to support operations in the meantime.

The Hoboken New Jersey-based company made headlines a month ago after freezing customer

accounts blaming extreme market conditions.

The company has more than 100,000 creditors, which could include both customers and lending

counterparties according to the bankruptcy document.

Its largest unsecured claim comes in the form of $81 million from Cayman Islands-based

Ferros Fund.

The filing also lists billionaire FTX CEO Sam Bankman Freed trading firm Alameda Research as a

creditor with a 12 million dollar unsecured loan. Celsius was one of the

largest players in the crypto lending space with more than $8 billion in loans to clients and almost $12 billion in assets

under management as of May.

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