Walmart Shooting, FTX Bankruptcy Hearing, and Thanksgiving Tips

Breaking news: Multiple people killed and injured in a mass shooting at a Walmart in Chesapeake, Virginia, last night. The gunman was among those killed. This is a developing story; see updates here.

FTX Bankruptcy Hearing

Bankrupt cryptocurrency exchange FTX is missing a substantial amount of assets, according to its lawyers who appeared yesterday in federal court for the firm's Chapter 11 (see 101) proceedings. FTX and its affiliates have about $1.24B in cash balances but owe $3.1B to its largest 50 creditors, court filings show. It is unclear how FTX will raise the cash it needs to repay creditors. 

FTX, once valued at $32B, filed for bankruptcy this month after a tumultuous week following a report that it had lent and lost billions in customer deposits to its sister investor trading firm, Alameda Research. FTX invested in mostly cryptocurrency and technology ventures, but almost $300M had also been invested in real estate in the Bahamas, lawyers said.

Both firms were owned by 30-year-old Sam Bankman-Fried, who resigned as CEO and was accused of corporate negligence and mismanagement by John Ray, the group's new head. Ray is set to appear before Congress next month. See a timeline of the FTX collapse here.

China Locks Down (Again)

China confirmed its first deaths from COVID-19 in six months, announcing new restrictions in its captial Beijing and locking down the southern city of Guangzhou. China reported just over 26,000 cases Monday, nearing its April peak, and has shut down many parks, businesses, and schools in hard-hit districts.

The wave of infections has prompted the country to reinstate some targeted zero-COVID policies after softening restrictions earlier this month. China is the only major country still trying to halt transmission through mass testing and lockdown measures. The adjustments come amid rare protests over the country’s COVID-19 policies.

The news brings China’s official COVID-19 death count to 5,231, though the actual number is likely much higher. Meanwhile, cases in the US are averaging around 42,000 per day (see data), with hospitalizations sitting just above 27,000 total patients.

World Cup Upset

Argentina lost an upset to Saudi Arabia 2-1 yesterday, ending Argentina's near-record undefeated streak at 36. Argentina, who entered the tournament as a top favorite to win, succumbed to the second-lowest FIFA-ranked team of all 32 contenders. Both Group C teams will now face counterparts Mexico and Poland to complete the group stage (how it works).

Despite dominating with 15 shots on goal to Saudi Arabia's three, Argentina scored only once and saw three of its goals negated by offside calls (see rule). Argentine superstar Lionel Messi, one of the sport's greatest players, recently announced this would be his last chance to secure a World Cup trophy. Argentina's national team has not won the World Cup since 1986, having lost in the final twice to Germany—most recently in 2014. See tournament standings here. 

Saudi Arabia's King Mohammed bin Salman declared today a holiday in the country after the historic upset. Watch a condensed two-minute replay of the match here.

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