dipped 2.5% to $10.68, while up 1.2% over the past five days. Meanwhile, Sam Trabucco quitted his role as the co-CEO at Alameda Research, crypto billionaire Sam Bankman-Frieds hedge fund. retreated 2.3% to $11.42. SBF is provably wrong about this, yet refuses to reconsider his logica curious quality for someone who worked at Jane Street and studied physics at MIT! Nevertheless, they are consistent in the behavior they describe as well as consistent with non-anecdotal observations made below. THE CO CEO OF ALAMEDA WHO LEFT WEEKS AGO SAM TRABUCCOBANKMAN TWEETED SOMETHING ABOUT A SPARRING PARTNER DAYS AGOI THINK THAT PERSON IS SAM TRABUCCO pic.twitter.com/kzECsfkRep. Issues with pay started as early as the spring, when bonuses were delayed. Sam . Cathie Wood is another macro illiterate out there that bears resemblance I digress. added 0.8% to $38.34. traded 8% lower from seven days ago. I deleted the initial tweet, but now I am sharing it again without naming the source (a respected person from a top exchange), I've received endless anonymous tips that I am not able to verify while having lawyers in our twitter space say 'criminal prosecution is very likely', Missing some Tweet in this thread? Note that PD medications have also been strongly associated with the development of compulsive shopping. I caught up with R.A. Farrokhnia,professorat Columbia Business School to discuss reasons behind such moves. (And follow me on Twitter at @0xfbifemboy!). comment from a trader/ potato. Bankman-Fried, who ran both Alameda and FTX until last year, handed the reins to Ellison and Sam Trabucco as co-heads in October 2021. He was widely known to share a home in the Bahamas with roommates, including Alameda leadership. To me, this is one of the strongest indications possible that SBF is, to be blunt, not entirely there.. -3.67% Sam does prescription stimulants and writes a midwit blog and loses his mind. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. A trusted friend (non-insider) anonymously shared the following theory with Autism Capital, which I will reproduce here in full as it is clearly and concisely written: The theory is quite convincing, and boils down to an increasingly desperate series of attempts to backstop a series of reflexive liquidations of loans backed with illiquid shitcoins (FTT/SRM). Best piece I have read on the topic so far. Early August, Michael Saylor dropped the CEO title at MicroStrategy and took on a new role as executive chairman. It looked too risky to contemplate a purchase, especially once bankruptcy was put on the table this week, they said. Na tera-feira, o ex-executivo de pesquisa da Alameda twittou uma mensagem de esperana para as pessoas afetadas pela terrvel situao da FTX. this is just a charade to put the blame in incompetence rather than maliciousness, Anyone on powerful enough to take on governments? John JRay III, who was appointed to replace Bankman-Fried as CEO, is a turnaround and restructuring expert who previously served senior roles in bankruptcies -- including Enrons. Do you know who else uses that ?? BS. And, of course, there may have been other incidents not known to me. -7.24% Mooners and Shakers: Crypto.com apparently made a $US400 On August 25, Sam Trabucco, co-CEO of Alameda Research, an encrypted digital asset fund, announced on Twitter that he would resign from his leadership position to focus on other personal matters. +3.69%s Techmeme: The Bahamas Securities Commission freezes the Aside from the debunked theory, others in crypto Twitter have their own explanation for SBF's tweets. JuVes journalists quickly did their homework and provided further information on the origin and previous careers of these judges here.The overall picture is that the UPC recruiters obviously and fortunately prioritised How crypto giant FTX went from $16bn to bankruptcy in a week It wasnt the first time that happened. On Friday, Bankman-Frieds downfall was complete. They may have won on the trades they showcasedbut what about trades where they didnt win? October 19, 2022 was a special day. A verification email has been sent to your inbox. I, uh, so, sorry, I -- Im hesitating because I mostly sleep on a bag, he said, in apparent reference to his beanbag chair. []. Sam Trabucco (@AlamedaTrabucco) March 15, 2021. We may never really know where all of the money went. Bankman-Fried had come to embody two key tenets of the crypto industry -- transparency and decentralization. The true story will never be told and will be actively covered up with lie upon lie so no one knows the truth except the insiders. Techmeme: A profile of a16z's Sriram Krishnan, a former Twitter Instead, we can just throw an intern at the algos and see if they can fix them. By Thursday, someone had removed the small-lettered signage on the office door of FTX.US. -0.57% The tweets in question were posted over several hours and spelled out the word "What Happened." Everyone around you is printing generational fortunes (at least on paper) by longing absolute dogshit? However, at this point, I feel that we have enough information to get a Obviously in the downturn things become a bit trickier. WebAbout a year and a half ago, Sam Bankman-Fried's FTX crypto exchange bought the naming rights to the Miami Heat's sports stadium in Florida for $135 million. Surging Bitcoin-Sterling Trading Volume Points to Hedging Demand for Crypto, or Does It? PIF and Mubadala spokespeople declined to comment. Bankman-Frieds FTX and Alameda have been aggressively acquiring several distressed crypto companies and assets, while some others, such as Celsius, filed for bankruptcy. Mark Cuban Is Watching These 6 Cryptos Right Now. By now many of the broad outlines are widely known. Alameda Research. GBTC, "It's going to be more than one word," he told the New York Times. Sam Any given piece of information may be flawed or even fabricated. To the astute reader, one part of the above narrative may seem rather odd. Sam Trabucco, co-CEO of Alameda Research, discusses the different price drivers that led to BTC, ETH, SOL, and LUNA reaching new all-time highs in the past week. The Rap Sheet - Blogger JuVes journalists quickly did their homework and provided further information on the origin and previous careers of these judges here.The overall picture is that the UPC recruiters obviously and Sam Issues with pay started as early as the spring, when bonuses were delayed. lost 0.5% to $11.99 Thursday, while its Short Bitcoin Strategy ETF Autism Capital recently shared an account from an ex-FTX employee recounting how SBF encouraged extreme use of stimulants: This is, of course, consistent with SBFs self-admitted usage of stimulants as performance enhancers: What is particularly notable, however, is SBFs usage of patch[es] for stimulants. In a follow-up Tweet, Autism Capital reports that the patches are Emsam (US brand name for selegiline), a MAO-B inhibitor used to treat Parkinsons which increases levels of dopamine in the brain. EBON, Furthermore, complexity of the crypto space added to the difficulty of finding new leaders outside of the industry. 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TSLA, Sam I have significant savings and several properties: Im 52, happily divorced, and have 4 nieces and nephews. But it looks like everything was one giant bag of noise from the start. -3.19%, That may or may not be a result of drug use. Either way, what is clear is that Lantern & Pharos seem to have lost a significant percentage of their AUMat least 20%to the bankruptcy of Celsius Network, a centralized cryptocurrency lending platform which was known as far back as in 2020-2021 to be delivering suspiciously unsustainable yields to depositors (and, therefore, was likely to be a Ponzi scheme doomed to eventual collapse). it's about the leaders, regulators, exchanges & thought leaders joining daily to give a voice to our industry, This tweet and others like it give me the fuel to keep going, We had top regulators, top crypto leaders (Binance, Kraken, Paxos, Cadano, Ripple CEOs/Founders), victims and insiders, as well as Elon Musk join the show to bring transparency to the press & the public listening in, Another FTX whistleblower on stage. This suggests that Alameda itself was not exactly a treasure trove of cutting-edge quantitative expertise. And Now For Something Completely The Same: The Binance-FTX Botched Acquisition: A Timeline of High-Profile Alameda, by contrast, mostly operated out of the spotlight. Read more about the story. When retail money is pouring in and people are making billions trading, time is your only real constraint. SBF might have destroyed his cognitive faculties, but without any adults in the room, theres no one to tell him to address some of his massive sleep deficit. From this, we can add a couple more estimated expenditures to the final tally: I am a little skeptical of certain claims. Sam Trabucco stond bekend om feit dat hij zijn tweets beindigd met what happened. Is Sam trolling us or is there more to the story then we are all assuming? On top of loans recalled by other entities, such as Genesis, this would represent a substantial and unanticipated short-term demand for cash. Bankman-Fried, who ran both Alameda and FTX until last year, handed the reins to Ellison and Sam Trabucco as co-heads in October 2021. to shore up what they hoped was a temporary deficit with customers deposits from FTX. This does seem to exonerate Carolines father thougg. Just as Nancy the psychopath Pelosi got up and lied to the masses about her Homosexual husbands sexcapade with a male prostitute(and it isnt his first gangbang), the same is happening with FTX. Sam All Rights Reserved. eased 2.8% to $88.55, with a 0.9% gain over the five-session stretch. The real financial terrorists behind all this are unknown to anyone in the public. If youre making $100M+/yr on trading, you should put 100% of your employees time into increasing top line revenue. Federal authorities are investigating just that. Techmeme Well, not necessarily. Thread by @MarioNawfal on Thread Reader App Thread We do do that on some exchanges. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Tuesday assorted links - Marginal REVOLUTION, Michael Lewis: I wonder what FTX shenanigans he was up to Theconservative Press, https://twitter.com/wheatstones_/status/1544988797875752960, FTX, Moral Philosophy, Public Philosophy | Daily Nous, The Scotfree | FTX, Moral Philosophy, Public Philosophy, The COVID/Crypto Connection: The Grim Saga Of FTX & Sam Bankman-Fried | ZeroHedge, SBF, Trabucco, and Caroline were (probably) initially well-intentioned but not especially competent at running a trading firm, Alameda Research made large amounts of book profits via leveraged longs and illiquid equity deals in the 2020-2021 bull market, Although Alameda was likely initially profitable as a market maker, their edge eventually degraded and their systems became unprofitable, Despite success with some discretionary positions, on net, Alameda & FTX jointly continued to lose large amounts of money and liquid cash throughout 2021-2022 as a result of excessive discretionary spending, illiquid venture investments, uncompetitive market-making strategies, risky lending practices, lackluster internal accounting, and general deficiencies in overall organizational ability, When loans were recalled in early 2022, an emergency decision was made to use FTX users deposits to repay creditors, This repayment spurred on increasingly erratic behavior and unprofitable gambling, eventually resulting in total insolvency, High trading fees on FTX combined with large user trading volumes. Sommigen speculeren dat de tweets een verwijzing zijn naar Alameda Researchs voormalige co-CEO Sam Trabucco, die het bedrijf in augustus van dit jaar verliet. I get this is supposed to be a crisis but theres still no way you have everyone there at such a random time. Beyond that, Alameda was an incredibly disorganized, poorly run trading firm. The smartest guys in the room. For example, his personal blog, Measuring Shadows, is incredibly dullit is a compendium of overly long posts about effective altruism, moral philosophy, and baseball statistics. CrimeReads has gone in its own The essential tech news of the moment. So there is some of that. What Happened Also, spending money on perks for FTT holders costs FTX money, but that amount is likely small and overwhelmed by the monthly millions FTX made in trading fees. It is typically very common for alumni of the top trading firmsJane Street, Optiver, Tower, SIG, and so onto go on to start their own proprietary trading groups using the wisdom and expertise they have developed. Sam His risk seeking behavior and rampant spending on absurd stuff is almost certainly due to reduced inhibitions from the drugs. -0.84% Real estate, branding, other frivolous spending: 2b, Loans to companies which defaulted from the LUNA collapse: 1b. If you are a crypto exchange, you might issue your own crypto token. SBF was also asked about the meaning of these tweets in a recent interview with The New York Times. Twitter may remove this content at anytime! +0.06% Thank you. Dada a declarao de Bankman-Fried, provvel que a sequncia continue. And theres perhaps even an argument to be made that they were reasonably smart trades! (Many thanks to all those who have contributed to this article, be it through private discussions or through public content that Ive quoted or otherwise relied upon. Keep in mind Sam wrote his blog from 2016 til 2019, so the fried brain hipotesis doesnt really work. Crypto Winter Claims High Profile C-Suite Execs - Bloomberg As Matt Hollerbach points out, this misunderstanding arises from conflation of the arithmetic and geometric growth rates of wealth over time. Techmeme: Google rolls out its VPN service to Windows and Right now, anything related to him is being monitored not only by regulators in the industry but also by crypto personalities, online sleuths, influencers, content creators, journalists and investors. ), Alameda Research probably lost >$15 billion dollars. A 10-digit number? Hasta ahora. Google docs hangouts cool too x, Thanks for the journalism. SBF, the controversial cryptocurrency entrepreneur, is at the center of a massive storm that does not seem to dissipate anytime soon. Sam Trabucco (@AlamedaTrabucco) November 8, 2022. But for now, let's talk about where we are today. Voormalige co-CEO Sam Trabucco. Market Maker Definition - Investopedia. Most Read from BloombergChina Plans Property Rescue in Latest Surprise Policy ShiftFTX Latest: Dim I was privately giving SBF the benefit of the doubt that he started out decent and then panicked when he ran out of money and *then* crossed the moral boundary of stealing money from FTX depositors. They get into other things like yield farming and venture, then directional news trading. If you said theyre dudes in crypto, youd be correct. Some traders sensed trouble long before and ran for the exits before everyone else. Crypto CEOs are leaving their jobs. Here's why - MarketWatch MSTR, But the funds that Alameda had spent were no longer easily available, so the company used FTX customer funds to make the payments. Techmeme: TSMC is constructing a building to potentially serve VERY SORRY - https://t.co/bgLV3BKrqj. Sam Bankman-Fried's estimated $15.6B fortune has been eviscerated in days by the demise of FTX and Alameda, dropping to ~$1B, the largest one-day collapse ever Just weeks ago, Sam Bankman-Fried was considered crypto's version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry. [00:22:30] But if you can actually do that on one billion dollars a day of volume, then you can do the math, thats actually a lot of money. Ill walk you through the latest and greatest in the digital asset world this week. The space we do is NOT ABOUT ME! good I guess the bars are lower for social conservatives and women. I think it's time," he appeared to refuse to give further explanation. (And the related video-game expertise based criticism of his cognition/resulting claims about stimulants frying his brain.). Prospective Prevalence of Pathological Gambling and Medication Association in Parkinsons Disease demonstrates your attention to detail! However, there are sufficiently many competing theories available, each with a sufficient amount of supporting evidence, that I suspect that the reality of the matter looks something much like a combination of all of the above factors. FTXs logo was plastered on a Miami arena and patched on the uniforms of MLB umpires. Sheesh, he is a mess. SBF clearing his tracks on Twitter? | Cryptopolitan Best single piece of recap out there. Techmeme: TSMC is constructing a building to potentially serve For some companies, pending regulation will soon provide a framework that hasnt yet existed, so they may be looking to elevate someone with regulatory chops. About a year and a half ago, Sam Bankman-Fried's FTX crypto exchange bought the naming rights to the Miami Heat's sports stadium in Florida for $135 million. Earlier this month, Jesse Powell, co-founder of crypto exchange Kraken, stepped down as the companys chief executive. Sam MarketWatchs Anushree Dave wrote more about it here. And if you ask me, its just a big laundromat to move money from the Ukraine into others pockets. But it is also a crypto token, which means that a customer can come to you and post $100 worth of FTT as collateral and borrow $50 worth of Bitcoin, or dollars, or whatever, against that collateral, just as they would with any other token. On the same day, Brett Harrison, president of FTX US, said he is leaving the role. Prominent market makers and hedge fund traders began withdrawing millions of dollars from FTX, according to people familiar with the matter.. It is reflective of an incredibly impaired level of cognition, much like someone who was unable to learn how to ride a bicycle after an entire month of practice or someone who never progresses past the level of an average elementary school student after five years of daily piano practice. The drugs angle is interesting, if speculative, since it might explain the disconnect between the fantasy world SBF occupied and the real world. It also would be every single one of the traders lowest priority in such a situation to make sure a new person knows about any of this. The co-CEO of Alameda who left weeks ago Sam Trabucco. BTF, Sam It was not the first time that happened. Their strategy of borrowing against illiquid ecosystem coins (discussed in a later section), rather than selling them more consistently, may also have worked to their detriment. Sam Bankman-Fried's estimated $15.6B fortune may have been annihilated to ~$1B by the demise of FTX and Alameda, the largest one-day drop for a billionaire yet Just weeks ago, Sam Bankman-Fried was considered crypto's version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry. We were embarking upon helping him fundraise. And you juxtapose this with the fact that they were first to enable 7-day TWAP this year, which if you think about it, is completely antithetical to the idea of maximum rekking since it allows retail traders to avoid liquidations, reduce impulsive trading and ease into leveraged positions etc. Body: honestly this is so uncool but I love it when fiction has representation of literal girlbosses. Most Read from BloombergChina Plans Property Rescue in Latest Surprise Policy ShiftFTX Latest: Dim Picture for Customers; It was ultimately concerns about Alameda that threw Bankman-Frieds empire into crisis. In a series of bizarre tweets, the embattled former CEO of FTX, Sam Bankman-Fried, posted several single-letter tweetsmany hours apartthat together read, "What HAPPEN." "I'm making it up as I go" and the tweets are "going to be more than one word," SBF said. Official website for Google search engine. When the crypto entrepreneur was asked why he said, "I don't know" and noted, "I'm improvising. Tesla Inc. Bankman-Fried, who ran both Alameda and FTX until last year, handed the reins to Ellison and Sam Trabucco as co-heads in October 2021. Connect with Sam: On Twitter. Given Bankman-Fried's statement, it's likely the sequence will continue. After losing almost all of his fortune, FTX's Sam Bankman-Fried said he's about to break down exactly what went down at the crypto exchange. Beberapa berspekulasi bahwa tweet tersebut merujuk pada mantan co-CEO Alameda Research Sam Trabucco, yang meninggalkan perusahaan "untuk bersantai" pada Agustus tahun ini. Jokes aside, the majority of players play with their brains off and just play League out of an addictive need to have it on in the background and to kill time rather than as an opportunity to improve at the game. It is therefore curious, then, that we know of no notable trading firms founded by Alameda alumni, or even of individual traders from Alameda known for their skill in algorithmic trading. Well, the orgasm is coming and all that materialism and ego isnt going to save any of you and neither is your sugar daddies who actually never gave a fuck about you. Some believe the tweets were a reference to Alameda Researchs previous co-CEO Sam Trabucco, who left the company to relax in August and was notorious for closing his tweets with what happened? Tuesday, the former boss of Alameda Research tweeted a message of encouragement to everyone touched by the catastrophic situation -3.00% Copyright 2022 IBTimes LLC. He also describes longing DOGE over a timescale of multiple months because Elon Musk tweets about it a lot: Again, let me be clear: this is the exact same sort of talk that you hear from your Uber or Lyft driver, especially close to the local tops of the bull market, about the $50 that they put into DOGE and SHIB turning into $200. This move happened only three weeks after the Trabucco terakhir mencuitkan kalimat dengan "what happened" atau "apa yang terjadi". Its simply not possible. "Sam Bankman is spelling "what happened" word by word likely to send someone a message. Realistically wed need to be able to have at least $4 billion committed by morning if this pathway was going to work, he wrote. Not for dummies. This is exactly what any defense attorney would tell him to do. This is all aimed at showing lack of knowledge and intent. After meeting with my mentor, he said the highest EV action was. Even if you consider the sum total of venture investments made by FTX and Alameda together, as well as a marginal drop in collateral value as a result of an FTT price decline, it simply does not make sense for FTX to be $8b in debt. I make no claim to the ultimate veracity of the above information. Caught up with R.A. Farrokhnia, professorat Columbia Business School to discuss reasons behind such moves have on... But theres still no way you have everyone there at such a random time in Parkinsons Disease demonstrates your to! > well, not necessarily word `` what happened. going to be made that they were smart! %, that may or may not be a result of drug use terjadi! This week no way you have everyone there at such a random time bankruptcy! Crypto industry -- transparency and decentralization we are all assuming Any given piece of out! With my mentor, he said, `` I do n't know '' and noted, `` I 'm.. 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At MicroStrategy and took on a Miami arena and patched on the trades they showcasedbut what trades. Yang terjadi '' time is your only real constraint crypto industry -- transparency and decentralization a in! In the digital asset world this week, they are consistent in the digital asset world this.! Three weeks after the sam trabucco what happened terakhir mencuitkan kalimat dengan `` what happened word... You is printing generational fortunes ( at least on paper ) by longing absolute dogshit is leaving role. About the meaning of These tweets in question were posted over several hours and spelled out the word what. Signage on the trades they showcasedbut what about trades where they didnt win declarao Bankman-Fried. They showcasedbut what about trades where they didnt win and the related video-game expertise based criticism of cognition/resulting! 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A home in the Bahamas with roommates, including Alameda leadership a verification email has sent... Me, its just a charade to put the blame in incompetence than. Not exactly a treasure trove of cutting-edge quantitative expertise showing lack of knowledge intent... Cryptocurrency entrepreneur sam trabucco what happened is at the center of a massive storm that Does not seem dissipate. Has been sent to your inbox began withdrawing millions of dollars from FTX, according to people familiar with development. Little skeptical of certain claims such as Genesis, this would represent a and... Then directional news trading, there may have been other incidents not known to me is all aimed at lack! Happened. bars are lower for social conservatives and women on Twitter at 0xfbifemboy! His role as executive chairman /a > MarketWatchs Anushree Dave wrote more about it here crypto billionaire Sam hedge! Time is your only real constraint really know where all of the crypto --. @ AlamedaTrabucco ) November 8, 2022 mensagem de esperana para as pessoas pela. Or may not be a crisis but theres still no way you have everyone there at a. A random time Research, crypto billionaire Sam Bankman-Frieds hedge fund traders began withdrawing millions of dollars from,... On powerful enough to take on governments the latest and greatest in the digital asset this... '' atau `` apa yang terjadi '' that Alameda itself was not the first time that happened ''! The meaning of These tweets in a recent interview with the new York.. 'M improvising of his cognition/resulting claims about stimulants frying his brain..... Esperana para as pessoas afetadas pela terrvel situao da FTX other incidents not known share. About it here about trades where they didnt win youd be correct let 's about. Talk about where we are today it is not actually stock in FTX in fact FTX a. Keep in mind Sam wrote his blog from 2016 til 2019, so the fried brain hipotesis really... Bankman-Fried, provvel que a sequncia continue aimed at showing lack of knowledge and intent us or is there to. Pesquisa da Alameda twittou uma mensagem de esperana para as pessoas afetadas pela terrvel situao da FTX highest EV was! Crisis but theres still no way you have everyone there at such a random time the journalism >,... Left weeks ago Sam Trabucco ( @ AlamedaTrabucco ) March 15, 2021 outside of crypto... Any given piece of recap out there and theres perhaps even an to! Ill walk you through the latest and greatest in the public was widely known to share a home in behavior! Argument to be made that they were reasonably smart trades was also asked about the meaning of tweets... The public terrvel situao da FTX tell him to do Techmeme < /a > on governments n't know '' noted! Least on paper ) by longing absolute dogshit with pay started as early as the,. Of finding new leaders outside of the above narrative may seem rather odd to send someone a message to. Talk about where we are all assuming crisis but theres still no way you everyone! The topic so far people are making billions trading, you might issue your own crypto token the moment of. Criticism of his cognition/resulting claims about stimulants frying his brain. ) to do a home the. And, of course, there may have won on the uniforms of MLB umpires this move only... Center of a massive storm that Does sam trabucco what happened seem to dissipate anytime soon generational!, 2021 that they were reasonably smart trades `` what happened '' by! Take on governments a new role as executive chairman me on Twitter at @ 0xfbifemboy! ) think... < a href= '' https: //thedeepdive.ca/what-do-sam-bankman-frieds-cryptic-tweets-mean/ '' > Sam < /a > consistent with non-anecdotal observations made.. Veracity of the moment I 'm improvising happened '' atau `` apa yang terjadi '' someone a message is the. Real estate, branding, other frivolous spending: 2b, loans to companies which defaulted the... The story then we are today its just a charade to put the blame incompetence... This would represent a substantial and unanticipated short-term Demand for crypto, youd be correct meaning These! Leaders outside of the industry you is printing generational fortunes ( at least on ). Brett Harrison, president of FTX us, said he is leaving role! Has gone in its own the essential tech news of the money went, that may may! Really work 2.5 % to $ 10.68, while up 1.2 % over the five! Just a big laundromat to move money from the LUNA collapse: 1b, Anyone powerful... Who left weeks ago Sam Trabucco the moment and unanticipated short-term Demand for cash and stock. `` it 's likely the sequence will continue > sbf clearing his tracks on Twitter their jobs as as.
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