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Here’s what you need to know
Crypto exchange Binance is buying its rival FTX. The major crypto merger is taking place to solve a “liquidity crunch” just days after a feud between the two platforms triggered an FTX token bank run (see more below).
The EU is probing Microsoft’s purchase of Activision Blizzard. Antitrust regulators are investigating if the $68.7 billion buyout of the video game giant may impact competition.
Tesla recalled over 40,000 vehicles in the US. The EV maker said there may be issues with the cars’ power-steering assist system, marking its 17th recall in 2022.
China’s ultra-rich saw their biggest drop in wealth in over two decades. Almost 300 members of the Hurun China Rich List fell from the billionaire ranks this year, feeling the bite of the country’s economic downturn.
French carmaker Renault is separating into five businesses. It’s partnering with China’s Geely to work on gas engines and hybrid tech, Google to develop software, and chipmaker Qualcomm to develop its new EV unit.
Amazon got word it can build its flagship Africa office. A South African court allowed the e-commerce behemoth to begin construction on a heritage site indigenous people have fought to protect.
A UN group announced a crackdown on greenwashing. A new report calls for an end to “bogus net-zero claims.” Separately, Kuwait, New Zealand, Saudi Arabia, and the UK made new climate pledges.
Keep up with the latest news about humanity’s future by signing up for our limited email series, Need to Know: COP27.
What to watch for
At a time when the cost of living is through the roof, people are splurging on… dating apps? Just look at Match Group’s recent earnings, which beat analyst expectations as quarterly revenue rose to $810 million.
Tinder, which accounts for the lion’s share of Match’s 100 million active users, posted a 7% increase in paying users. Rival Bumble, which reports earnings later today (Nov. 9), is also expected to show a similar surge in subscribers.
Finding a soulmate might not qualify as an essential item. But shelling out a few hundred dollars over a year to find your other half who could help halve your expenses? Sounds almost lucrative.
Rent in New York City has gotten even more expensive in recent months. If paying $30 a month for a dating app can lead to a 50% discount on a one-bedroom $3,800 flat, sign us up!
Why the Binance selloff matters
Binance is an industry leader with the power to pacify or spook—and, possibly, save its own rivals from insolvency.
Although Binance’s CEO Changpeng Zhao maintains that he’s a lover not a fighter, his move to acquire FTX and end a feud with the exchange’s Sam Bankman-Fried has already sent ripples through the industry.
🕵🏾♂️ The brewing mess prompted BitDAO, one of the largest decentralized autonomous organizations (DAO), to ask Bankman-Fried’s trading firm Alameda for “proof of fund” on Nov. 8. Alameda’s chief Caroline Ellison responded “it wasn’t us” and said she’d get back with proof once things calm down.
✋ Sequoia-backed Flint, which has a sizeable user base in India, moved its funds out of FTX.
💥 Hovering around $6, the FTT token’s value crashed nearly 80% on Nov. 8 at the time of writing.
Satellites are winning Battleship against sanction evaders
Cargo ships are closely watched in the global supply chain, but some don’t want to be. Illegal fishers, smugglers, and sanction evaders are increasingly turning off their transponders or reporting fake locations to avoid detection.
But there’s a catch: even the sneakiest ships can’t hide from a constellation of more than 100 satellites orbiting the earth. And satellite operators that find just the right coordinates are poised to profit.
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People got transfusions of lab-grown blood for the first time. The technology could one day help those with rare blood types and blood cell disorders.
A TikToker preserved a bag of Flamin’ Hot Cheetos in a sarcophagus… It’s being entombed “for future civilizations to find” in 10,000 years.
… while a non-Cheeto-containing sarcophagus may have been located. Archeologists have uncovered a tunnel that could lead to the tomb of Queen Cleopatra.
There’s now an online database tracking looted Benin Bronzes. Digital Benin has located over 5,000 stolen pieces scattered across the globe.
Dutch students invented a car that reduces carbon emissions. The “Zero Emission Mobility” vehicle captures CO2 while driving.
Our best wishes for a productive day. Send any news, comments, 10,000-year-old snacks, and world-saving cars to email@example.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Ananya Bhattacharya, Sofia Lotto Persio, Julia Malleck, and Morgan Haefner.