Connect with us

Published

on

Sam Bankman-Fried’s legal team is asking a U.S. district court judge to grant the former FTX CEO “uninterrupted access” to his daily prescribed medication while he is in jail. That includes Adderall for treatment of attention-deficit/hyperactivity disorder, or ADHD.

“For over five years Mr. Bankman-Fried has been prescribed Emsam 9mg/24 hrs transdermal patch for the treatment of depression,” Bankman-Fried’s attorney, Mark Cohen, wrote in a letter to Judge Lewis Kaplan on Monday. “And for the past three years, Mr. Bankman-Fried has been prescribed Adderall 10mg tablets, 3-4x/day for the treatment of ADHD.”

On Friday, Kaplan sided with a request by federal prosecutors to revoke Bankman-Fried’s bail over alleged witness tampering. Bankman-Fried was remanded to custody directly from a court hearing in New York and sent to Brooklyn’s Metropolitan Detention Center, or MDC, according to Bureau of Prisons records.

Unless an appeal filed by the defendant’s legal team is successful, Bankman-Fried is expected to remain in custody until his criminal trial, which is due to begin Oct. 2. He faces charges for allegedly conspiring to defraud investors and customers out of billions of dollars in a scheme that led to the collapse of FTX and sent shockwaves throughout the crypto industry. He pleaded not guilty.

The latest request from Bankman-Fried’s lawyers includes a letter from his psychiatrist, George Lerner, who has been treating the former FTX CEO since February 2019.

“Mr. Bankman-Fried has a history of Major Depressive Disorder and Attention Deficit Hyperactivity Disorder,” Lerner wrote.

ADHD is among the most common neurodevelopmental disorders in children. Bankman-Fried told a Bahamas judge in December that he took medication to treat depression and ADHD.

Lerner added in his letter that Bankman-Fried had tried other antidepressants but said they were ineffective for his symptoms.

“Additionally, there have been times when Mr. Bankman-Fried did not have access to the Emsam patch (typically when travelling/abroad) and exhibited symptoms of depression, including lethargy, anhedonia, low motivation, and increased ruminations,” Lerner wrote.

Without his medication, Lerner warned the judge, “Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense.”

Cohen said Bankman-Fried was only able to bring a “small supply” of his daily medication when he was remanded to custody on Friday — a supply apparently only sufficient to last him a few days.

“We respectfully ask that the Court promptly enter an order directing MDC to ensure that our client has continuous access to the specific medications and dosages that are described in Dr. Lerner’s letter,” wrote Cohen.

For nearly a year, there’s been a nationwide shortage of Adderall, the popular stimulant used to treat ADHD. The U.S. Food and Drug Administration has called on drug manufacturers to up production.

Bankman-Fried was sent to jail over his decision to leak private diary entries by his ex-girlfriend, Caroline Ellison, to The New York Times. In many of her personal writings, Ellison expressed self-doubt and feelings of stress in her role as the former head of Bankman-Fried’s failed crypto hedge fund, Alameda Research.

“I have been feeling pretty unhappy and overwhelmed with my job,” she wrote in an entry dated February 2022. “At the end of the day I can’t wait to go home and turn off my phone and have a drink and get away from it all.”

Ellison, who pleaded guilty to federal charges in December 2022, has been cooperating with the government and is expected to be a star witness for the prosecution.

During his 33-minute ruling Friday, Kaplan said probable cause for witness tampering had been met by the prosecution, adding that Bankman-Fried’s contribution to the Ellison story was designed to “hurt” and “discredit” a witness.

The prosecution described the effort by Bankman-Fried as a “means of indirect witness intimidation through the press.” 

The government has requested that Bankman-Fried be remanded to a jail in Putnam, New York, where he would have access to a laptop with internet access for defense preparation, rather than staying at MDC, which is the facility closest to the courthouse but has limited web access for prisoners.

CNBC’s Dan Mangan contributed to this report.

WATCH: Sam Bankman-Fried’s bail revoked

Continue Reading

Environment

Paris’ popular bike share program has a big sticky finger problem

Published

on

By

Paris' popular bike share program has a big sticky finger problem

Paris’ bike-share system, Vélib has long been considered one of the shining success stories of urban micromobility. With a massive fleet of over 20,000 pedal and electric-assist bicycles around Paris, the service has helped millions of residents and tourists get around the City of Light without needing a car or scooter. But lately, a growing problem is threatening to knock the wheels off this urban mobility marvel: theft and joyriding.

According to city officials and the service operator, more than 600 Vélib bikes are now going missing every single week. That’s over 30 bikes a day simply vanishing from the system – some stolen outright, others taken on “joy rides” and never returned.

“At the moment we’re missing 3,000 bikes,” explained Sylvain Raifaud, head of the Agemob company that currently operates the Velib system. That’s nearly 15% of over 20,000 Vélib bikes across Paris.

The sticky-fingered culprits aren’t necessarily professional thieves or organized crime rings. Instead, they’re often regular users who treat the shared bikes like disposable toys.

Advertisement – scroll for more content

The city estimates that many people have figured out how to pry the bikes out of the system’s parking docks, unlocking one for a casual cruise and then ditching it somewhere far from a docking station.

Once pried free, the bikes are technically usable for the next 24 hours until their automatic locking feature kicks in. At that point, the bikes are often simply abandoned. Some end up in alleyways. Others get tossed in rivers. A few just disappear completely.

And since the bikes are intended to be parked at their many docking stations around the city, they don’t have GPS chips, further complicating recovery of “liberated” bikes.

The issue started small but has grown into more than an inconvenience – it’s beginning to undermine the entire purpose of the service. With bikes going missing at such a high rate, many Vélib docking stations are left empty, especially during rush hours.

Riders looking for a quick commute or a convenient hop across town are increasingly finding themselves without available bikes, or having to walk long distances to find a functioning one.

That kind of unreliability chips away at user confidence and threatens to drive potential riders back into cars, cabs, or other less sustainable forms of transport at a time when Paris has already made great strides to dramatically reduce car usage in the city.

The losses are financially painful, too. Replacing stolen or vandalized bikes isn’t cheap, and the resources spent on tracking down missing equipment or reinforcing anti-theft measures are stretching thin. Vélib has faced theft and vandalism issues before, especially during its early years, but this latest surge has officials sounding the alarm with renewed urgency.

Officials acknowledge that there’s no easy fix. Paris, like many cities with bike-share systems, walks a fine line between accessibility and accountability. Part of what makes Vélib so successful is its ease of use and widespread availability. But those same features make it vulnerable to misuse – especially when enforcement is limited and the consequences for abuse are minimal.

The timing of the problem is especially unfortunate. In recent years, Paris has seen impressive results in reducing car traffic, expanding bike lanes, and promoting cycling as a key part of its sustainable transport strategy. Vélib is a cornerstone of that plan. But if the system becomes too unreliable, it risks losing the very people it was designed to serve.

Meanwhile, as Parisians increasingly find themselves staring at empty docks, the challenge for the city and Vélib will be to restore confidence in the system without making it harder to use. That means striking the right balance between freedom and responsibility, between open access and protection against abuse.

In a city where cycling is supposed to be the future of mobility, losing thousands of bikes to joyriders and sticky fingers isn’t just frustrating; it’s unsustainable.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

CNBC Daily Open: Elon Musk, founder of companies and political parties

Published

on

By

CNBC Daily Open: Elon Musk, founder of companies and political parties

U.S. President Donald Trump and Elon Musk attend a press event in the Oval Office of the White House in Washington, D.C., U.S., May 30, 2025.

Nathan Howard | Reuters

When they lose a significant other, most men do indeed become a “TRAIN WRECK.” Then they pick up the pieces of their lives and start living again — paying attention to their personal grooming, hitting the gym and discovering new hobbies.

What does the world’s richest man do? He starts a political party.

Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”

Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.

It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.

To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.

Folks, here’s direct democracy — and the powerful post-separation motivation — in action.

 — CNBC’s Erin Doherty contributed to this report.

What you need to know today

And finally…

An investor sits in front of a board showing stock information at a brokerage office in Beijing, China.

Thomas Peter | Reuters

Continue Reading

Environment

CNBC Daily Open: Most people don’t start a political party after separation

Published

on

By

CNBC Daily Open: Most people don't start a political party after separation

US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025.

Francis Chung | Bloomberg | Getty Images

When they find themselves without a significant other, most men finally start living: They pay attention to their personal grooming, hit the gym and discover new hobbies.

What does the world’s richest man do? He starts a political party.

Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”

Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.

It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.

To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.

Folks, here’s direct democracy — and the powerful post-separation motivation — in action.

 — CNBC’s Erin Doherty contributed to this report.

What you need to know today

Trump confirms tariffs will kick in Aug. 1. That postpones the deadline by a month, but tariffs could “boomerang” back to April levels for countries without deals. Trump on Friday said letters with “take it or leave it” offers will go out to 12 countries Monday.

U.S. stock futures slipped Sunday. Despite the White House pushing back the return of “reciprocal” tariffs, some investors could be worried trade negotiations would result in higher-than-expected duties. Europe’s Stoxx 600 index dropped 0.48% Friday.

OPEC+ members to increase oil output. Eight members of the alliance agreed on Saturday to hike their collective crude production by 548,000 barrels per day, around 100,000 more than expected.

Elon Musk forms a new political party. On Saturday, the world’s richest man said he has formed a new U.S. political party named the “American Party,” which he claims will give Americans “back your freedom.”

[PRO] Wall Street is growing cautious on European equities. As investors seek shelter from tumult in U.S., the Stoxx 600 index has risen 6.6% year to date. Analysts, however, think the foundations of that growth could be shaky.

And finally…

Ayrton Senna driving the Marlboro McLaren during the Belgian Grand Prix in 1992.

Pascal Rondeau | Hulton Archive | Getty Images

The CEO mindset is shifting. It’s no longer all about winning

https://www.cnbc.com/2025/07/06/the-ceo-mindset-is-shifting-its-no-longer-all-about-winning.html

CEOs today aren’t just steering companies — they’re navigating a minefield. From geopolitical shocks and economic volatility to rapid shifts in tech and consumer behavior, the playbook for leadership is being rewritten in real time.

In an exclusive interview with CNBC earlier this week, McLaren Racing CEO Zak Brown outlined a leadership approach centered on urgency, momentum and learning from failure. 

— Spriha Srivastava

Continue Reading

Trending