Sources: Elon Musk told staff at an all-hands that Twitter may have a “net negative cash flow” of billions in 2023 and “bankruptcy is not out of the question” (Erin Woo/The Information)

New York Times:
Interviews and messages show how SBF used PACs, nonprofits, and consulting firms to woo politicians, regulators, and others to support his crypto goals  —  In just three years, the FTX co-founder built a massive operation to woo politicians, regulators and nonprofits to support his crypto goals.

Erin Woo / The Information:
Sources: Instacart slashed its internal valuation to ~$13B, its third cut this year, as it seeks to reset investor expectations ahead of an IPO  —  Instacart, the instant delivery company gearing up to go public, has slashed its internal valuation to about $13 billion, according to two people familiar with the matter.

Bloomberg:
CryptoQuant: users removed net $3.7B in bitcoin, $2.5B in ether, and $2B+ in stablecoins from exchanges between November 6 and November 13, as FTX collapsed  —  The spectacular collapse of 30-year-old Sam Bankman-Fried’s crypto empire has fueled a spike in outflows across global crypto exchanges.

Gillian Tan / Bloomberg:
Source: Sam Bankman-Fried told investors that FTX needs a cash injection or the company would need to file for bankruptcy due to a shortfall of up to $8B  —  Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection the company would need to file for bankruptcy …

Jeff John Roberts / Fortune:
Six people, including Coinbase employees and prominent crypto developers, sue the US Treasury, Janet Yellen, and officials in Texas over Tornado Cash sanctions  —  Six users of Tornado Cash, a popular decentralized cryptocurrency service, filed a lawsuit on Thursday against the U.S. Treasury Department …

Matt Levine / Bloomberg:
Some questions about FTX’s “liquidity crunch” and its deal to sell to Binance, probably for a fraction of its former valuation of tens of billions of dollars  —  CZ vs. SBF  —  I kind of can’t believe this worked?  Here are Bloomberg’s Philip Lagerkranser and Joanna Ossinger this morning: