Nishad Singh, former director of Engineering at FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, on Monday, Oct. 16, 2023.
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Nishad Singh, FTX’s former director of engineering, told jurors on Monday that Sam Bankman-Fried, the founder of the failed crypto exchange, spent huge sums of money on everything from real estate and venture investments to campaign donations and celebrity endorsements.
Singh took the stand in Manhattan Federal Court, as the third week of Bankman-Fried’s criminal trial kicked off, with prosecutors continuing to call the defendant’s closest one-time confidants to the stand. Ex-girlfriend Caroline Ellison, who ran sister hedge fund Alameda Research, testified last week. She was preceded by Bankman-Fried’s former close friend and college roommate Gary Wang, who was an FTX co-founder.
In response to questions from Assistant U.S. Attorney Nicolas Roos, Singh said he frequently went to Bankman-Fried to voice his concerns over the company’s spending. He told the court that he would tell Bankman-Fried he was “embarrassed” and “ashamed,” and that the level of spending “wreaked of excessiveness” and “flashiness.”
How Bankman-Fried, 31, spent FTX money is a critical piece of the prosecution’s case because the bulk of the alleged fraud revolves around what happened to billions of dollars of customer funds that were supposed to be invested in crypto and held in client accounts but later disappeared. Bankman-Fried faces seven criminal counts related to the collapse of FTX and Alameda, including wire fraud, securities fraud and money laundering that could put him in prison for life. He’s pleaded not guilty.
Like Ellison, Singh is cooperating with the prosecution as part of a plea deal he agreed to in February. At the time, Singh pleaded guilty to six charges, including conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws.
Singh, who grew up in the Bay Area, testified that he met the defendant during his sophomore or junior year of high school, through Bankman-Fried’s younger brother, Gabe. Singh studied electrical engineering and computer science at the University of California at Berkeley and briefly worked at Facebook before joining Alameda in 2017.
Assistant U.S. Attorney Nicolas Roos questions Nishad Singh, the former director of engineering at FTX, at Sam Bankman-Fried’s fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, October 16, 2023 in this courtroom sketch.
Jane Rosenberg | Reuters
Regarding the technology at FTX and Alameda, Singh said, “Sam didn’t code himself but he was very involved in the coding process” and the minutiae of the architecture. “Sam designed all the rules for margin system and the liquidation engine,” which were “core to FTX,” he said.
Singh said he lived with Bankman-Fried in late 2021 at FTX’s lavish property in the Bahamas. He said he had “always been intimidated by Sam,” calling him a “formidable character.” But he said his admiration and respect “eroded over time.”
In mid-2022, Singh said he first learned of the hole in the balance sheet and the massive amounts of money Bankman-Fried had spent on real estate, startup investments speculative bets and political donations.
Hundreds of millions of dollars in endrosements
The court showed a spreadsheet of investments made in 2021. They included $1 billion to Genesis for a mining company, $499 million to startup Anthropic and $200 million to investment firm K5.
Singh said the K5 outlay was most troubling. He said Bankman-Fried sent him a term sheet detailing hundreds of millions of dollars of bonuses to the owners, Michael Kives and Bryan Baum. That followed a K5 dinner Bankman-Fried attended alongside Hillary Clinton, Katy Perry, Orlando Bloom, Leonardo DiCaprio, and Kris and Kylie Jenner.
Singh said he told Bankman-Fried he was very concerned and that the K5 investment was “value extractive.” He also said he asked Bankman-Fried if the investment was his with his money, not FTX’s. The spreadsheet showed it came from Alameda.
Before the court took a break, the jury was given a separate spreadsheet of celebrity sponsorship deals. They included $205 million for FTX arena in Miami, $150 million to Major League Baseball, $28.5 million to Stephen Curry, $50 million to Tom Brady and Giselle Bundchen and $10 million to Larry David. The deals on the spreadsheet amounted to a total of $1.13 billion.
Singh admitted that even after learning customer money was involved in FTX spending, he still implicitly and explicitly gave the green light for transactions.
The logo of FTX is seen on a flag at the entrance of the FTX Arena in Miami, Florida, November 12, 2022.
Marco Bello | Reuters
Singh said he owned 6% or 7% of FTX, making him a paper billionaire when the company was valued by private investors at $32 billion in early 2022.
When he brought his concerns about profligate spending to Bankman-Fried, Singh said he often got no response. If Bankman-Fried did reply, he would say that Singh didn’t haven sufficient context, according to the testimony.
Singh gave an example of a more public interaction at work, when he said the company was “fleeced for $20 million.” Singh said Bankman-Fried lashed out at him and said people like him were responsible for sewing seeds of doubt and were the real problem.
Prior to the resumption of the trial at 9:30 a.m. on Monday, Bankman-Fried’s lawyers placed a late-night appeal on Sunday to U.S. District Judge Lewis Kaplan, requesting that their client be given more Adderall before being taken to the courthouse. Bankman-Fried told a Bahamas judge in December that he took medication to treat depression and attention deficit hyperactivity disorder (ADHD), which is among the most common neurodevelopmental disorders in children.
Salesforce CEO Marc Benioff participates in an interview at the World Economic Forum in Davos, Switzerland, on Jan. 22, 2025.
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Salesforce has cut 4,000 of its customer support roles, CEO Marc Benioff recently said while discussing how artificial intelligence has helped reduce the company headcount.
Benioff revealed the layoffs during an interview published Friday on The Logan Bartlett Show podcast.
“I’ve reduced it from 9,000 heads to about 5,000, because I need less heads,” Benioff said while discussing the impact of AI on Salesforce operations.
Salesforce has been on the front lines of the AI revolution and has built what it calls an “Agentforce” of customer service bots.
“Because of the benefits and efficiencies of Agentforce, we’ve seen the number of support cases we handle decline and we no longer need to actively backfill support engineer roles,” Salesforce said in a statement Tuesday to NBC Bay Area.
Laurie Ruettimann, a human resources consultant, said AI is affecting jobs in several industries.
“There have been layoffs all over America directly attributed to AI,” Ruettimann said, adding anyone who wants to stay employed or looking for work needs to learn new skills.
“If your network could get you a job, it would have done it already. It would have done it yesterday,” Ruettimann said. “It’s on you to expand your vision, to expand your horizons and to meet new people.”
Analyst Ed Zitron said AI is being blamed by tech companies that over hired during the pandemic. The companies are now looking to lure investors by claiming to be more efficient, Zitron said.
“It’s just a growth at all costs mindset,” Zitron said. “The only thing that’s important is growth, even if it ruins people’s lives. Even if it makes the company worse and provides an inferior product.”
Tim Cook, CEO of Apple Inc., during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, on June 9, 2025.
David Paul Morris | Bloomberg | Getty Images
Apple shares rose more than 3% in extended trading Tuesday after a federal judge ruled that Alphabet may continue making payments to preload Google Search onto the iPhone.
Although Apple wasn’t a party in the search monopoly trial, the judge was considering remedies that would bar Google from paying billions per year to Apple to be the default search engine on the Safari browser on iPhones, Macs and iPads.
“Google will not be barred from making payments or offering other consideration to distribution partners for preloading or placement of Google Search, Chrome, or its GenAI products,” Judge Amit Mehta wrote in his decision.
“Cutting off payments from Google almost certainly will impose substantial — in some cases, crippling — downstream harms to distribution partners, related markets, and consumers, which counsels against a broad payment ban,” the decision continued.
The landmark case focused on Google’s dominance of the general search market, Google’s violations of the Sherman Act and the barriers to entry that the search engine erected.
However, the judge said that Google will be barred from entering or maintaining “any exclusive contract” related to preloading its search engine or key apps on devices, specifying that Google can’t bundle its Android services with Google search or condition revenue share agreements on the acceptance of other Google apps or services.
The decision said that Apple’s deal with Google to be the default search engine was “exclusive” because it established Google as the default out-of-the-box search engine.
But while Mehta put restrictions on Google making payments to ensure its products receive exclusive distribution, he fell short of banning those payments entirely, leaving open the possibility that the two companies could strike a new deal. The remedies would limit any revenue-sharing agreement to one year, according to the Department of Justice.
Apple did not immediately respond for a request for comment.
“Now the Court has imposed limits on how we distribute Google services, and will require us to share Search data with rivals,” Google said in a blog post. “We have concerns about how these requirements will impact our users and their privacy, and we’re reviewing the decision closely.”
The U.S. Department of Justice filed its suit against Google in 2020, alleging that Google kept its share of the general search market by erecting strong barriers for challengers, such as its default search deals. The U.S. District Court in Washington ruled last August that Google violated Section 2 of the Sherman Act. Eddy Cue, Apple’s senior vice president of software and services, testified on Google’s behalf about potential remedies.
Tuesday’s filing was the first time the judge had detailed his proposed remedies.
Analysts previously said that it may take years before Apple is forced to make changes in response to a Google suit ruling. Google has said it will appeal the ruling, and analysts say any remedies trial could last for up to two years. Google can also appeal the outcome of the remedies trial, and the Supreme Court can choose take a look at it once appeals are exhausted.
Google CEO Sundar Pichai (L) and Apple CEO Tim Cook (R) listen as U.S. President Joe Biden speaks during a roundtable with American and Indian business leaders in the East Room of the White House on June 23, 2023 in Washington, DC.
Anna Moneymaker | Getty Images
Default agreements
While Google contracts with companies such as Samsung and browser-maker Mozilla to be the default search engine on their platforms, the most important and biggest such “default agreement” deal is with Apple. Google paid all partners $26 billion in total to be the default search engine in 2021, according to documents discussed in court.
Google paid because it funnels traffic from Apple’s 1 billion iPhone users to its search engine, and the revenue is critical for the growth of Apple’s services business, which investors love because it is so much more profitable than hardware sales.
In addition to the licensing payments, Apple says that it uses Google because it’s the best search engine and that its priority is to offer the best tools to its customers.
Apple also has options if it cannot make Google the default search engine. Earlier this year, for example, Apple’s Cue said in court as a witness for Google that the iPhone maker is also considering adding AI search engines as options to its software.
“Cue’s testimony establishes that Google’s high revenue share payments deterred Apple from trying to capture for itself all the advertising rents that flow through the Safari browser’s default search box,” the judge wrote in Tuesday’s filing.
Apple’s revenue from Google is reported in its financials as advertising revenue, which is reported as part of the company’s Services business, which also includes AppleCare warranties, cloud services like iCloud, and digital content like apps and Apple Music.
Waymo partners with Uber to bring robotaxi service to Atlanta and Austin.
Uber Technologies Inc.
Alphabet’s Waymo unit will begin test drives of its robotaxis in Denver and Seattle this week, with humans behind the wheel, the company said Tuesday.
“We will begin driving manually before validating our technology and operations for fully autonomous services in the future,” a company spokesperson said in an email. Waymo announced the tests in blog posts.
The autonomous vehicle venture aims to expand its driverless, ride-hailing service across the U.S. after already launching commercial operations in Austin, Texas, as well as Atlanta, San Francisco, Phoenix and Los Angeles.
In some markets, including Austin and Atlanta, Waymo’s driverless rides can only be hailed through the Uber app. In others, riders must use the company’s stand-alone Waymo One app to book a robotaxi.
Safety drivers, who are employees of Waymo, will man the steering and braking behind the test vehicles in Denver and Seattle. The company is also running similar tests with its robotaxis in New York, having recently obtained permits in the biggest U.S. market.
The company’s test fleet in Denver and in Seattle will include a mix of their fully electric Jaguar iPace and Geely Zeekr AVs.
Waymo told CNBC that it will have up to a dozen cars each in Denver and Seattle to start testing.
Waymo’s primary competition on the global stage is Baidu-owned Apollo Go in China, which operates driverless ride-hailing services across Asia. Meanwhile, Tesla has obtained a permit to operate a ride-hailing business in Texas, and is testing a manned robotaxi service in Austin and another in San Francisco.