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The Week in Business: Spending More, Getting Less

  • July 04, 2022

As the aftershocks of plummeting cryptocurrency prices continue to reverberate, there is a divide between the haves and the have-nots. Wealthy cryptocurrency executives — some of whom bought when prices were low or cashed out when prices were high — are expected to lose money but emerge relatively unscathed. Cameron and Tyler Winklevoss, for example, the heads of the crypto company Gemini who are best known for their early supporting role in Facebook, each saw their fortunes shrink to $3.3 billion last week from $4 billion apiece, according to Forbes. But workers at cryptocurrency companies are losing their jobs, and retail investors are watching their savings evaporate. Gemini, the first major crypto company to announce layoffs, cut about 10 percent of its work force last month. Firms like Coinbase soon followed. Meanwhile, the Winklevoss twins have taken their cover band on the road. Among the songs they played: “Don’t Stop Believin.’”

The Fourth of July weekend is one of the busiest travel weekends of the year. And this summer, it’s expected to be a messy one. Delays and flight cancellations are anticipated across the country. Last month, Pete Buttigieg, the secretary of transportation, urged airlines to ensure that they follow their flight schedules, Reuters reported. (That was just before his own flight from Washington to New York was canceled.) A combination of factors, including pent-up demand from travelers, ongoing staffing woes at the airlines and airports and Covid spread mean that flight schedules may be unreliable. The same issues are affecting travel in Europe, where airline and airport workers are staging protests over understaffing and pay.

Ernst Young has agreed to pay $100 million to the Securities and Exchange Commission after regulators found hundreds of the firm’s auditors had cheated on ethics exams — and the firm did not do enough to stop it. Spirit Airlines has delayed a shareholder vote to July 8 as it continues to talk to both Frontier Airlines and a rival suitor, JetBlue. And major players in media, technology and business will converge in Idaho on Tuesday for the annual Sun Valley conference organized by Allen Company. The event has been called “summer camp for billionaires.”

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