If you never made the Forbes 30 Under 30 list, don’t sweat. It might have looked good on your X/Twitter bio for a bit, but statistically it would also have increased your odds of ending up in a jail cell with pharma bro Martin Shkreli, Theranos founder Elizabeth Holmes, and man of the moment Sam Bankman-Fried.

The lowdown

• 🍎 Apple earnings slump despite record iPhone and services revenue.

• 🚢 Shipping giant Maersk is cutting 10,000 jobs as shipping demand weakens.

• 🏝️ Elon Musk says AI will eventually create a situation where ‘no job is needed’.

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Sam Bankman-Fried found guilty of fraud

FTX founder Sam Bankman-Fried has been convicted of fraud and money laundering by a New York jury. He was found guilty of all seven criminal counts against him, and now faces a maximum sentence of 115 years in jail.

Crypto exchange FTX raised nearly $2 billion from investors as it rode the digital asset boom of 2021. Aggressive marketing campaigns fueled its growth, including Super Bowl ads and celebrity endorsements. Then, almost a year ago, crypto exchange FTX declared bankruptcy after thousands of customers tried to pull their money out. What first looked like an accounting error turned out to be fraud. Bankman-Fried had been lending customer funds to FTX’s sister hedge fund, Alameda Research, without telling them.

As US attorney Damian Williams put it, Sam Bankman-Fried “perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the king of crypto.”

The content we're consuming today

• Bloomberg: Junk food's $30 billion opening is India's next health crisis ($)

• New York Magazine: Confessions of a middle-class founder

• The Week: The rise and rise of home-schooling

Off-balance sheet items

• A storm has ravaged the UK and northwest France. Here’s the damage.

The bottom line