MassBio will open a training center in the former Globe building

SOFTWARE

Resilient Coders has a new director

Resilient Coders, a Cambridge-based nonprofit that teaches people how to program color software, has named Ayanna Lott-Pollard as its next executive director. Resilient Coders runs 20-week “boot camp” programs to teach young people of color without a college degree how to code. Alumni have gone on to secure jobs at area companies including Wayfair, Wellington Management and Wistia. “I am energized by the opportunity to continue to innovate, strategize and strengthen this pivotal movement for social justice through economic empowerment,” Lott-Pollard said in a statement. “Our ultimate goal is to flood the tech industry with brilliant budding software engineers from BIPOC communities.” Lott-Pollard has been an operations consultant at Virtua Health System for eight years. David Delmar Sentíes, who had founded and led Resilient Coders since 2014, decided to step down in February. Delmar Sentíes will join the Resilient Coders Board of Directors starting in January. “What this organization needs now is a builder,” he said in a statement. “Ayanna is that builder. This organization needs systems and processes to make what we do repeatable. Ayanna has already worked on this. —AARON PRESSMAN

SPORTS BETTING

DraftKings stock drops following report of unauthorized withdrawals from client accounts

DraftKings shares fell on Monday after Action Network reported several instances of unauthorized withdrawals from customers’ sportsbook accounts. Shares of the company fell 11%, before closing 5.05%. The Boston-based company went public in April 2020 via a reverse merger with Diamond Eagle Acquisition Corp., a special-purpose acquisition company, which jumped more than 300% that year. In 2021, the stock fell around 40%. The Action Network report mentions three clients having unexplained withdrawals from their DraftKings user accounts. A representative for DraftKings acknowledged the situation Monday morning but could not immediately comment on Action Network. An email request for comment from Bloomberg News to DraftKings Media Relations did not receive an immediate response. — BLOOMBERG NEWS

Pedestrians outside Twitter’s headquarters in San Francisco, Calif., Thursday, Oct. 6, 2022. David Paul Morris/Bloomberg

SOCIAL MEDIA

Layoffs continue on Twitter

Elon Musk laid off more Twitter employees on the sales side of the social network’s business starting Sunday night, further slashing a staff that had already been decimated by cuts and resignations. Last week, Musk told workers to commit to his more “hardcore” version of the business or leave. Sales employees have bought into his vision in greater numbers than workers on the technical side, who have seen mass quits, according to people familiar with the matter. Musk is using the cuts to balance out remaining staff, said the people, who asked not to be identified while discussing internal decisions. Twitter’s sales organization held a town hall meeting on Sunday with Musk and new sales chief Chris Riedy, two people said. Many employees showed up expecting announcements of cuts, after Bloomberg reported on Saturday that more were to come. Instead, Musk used the time to talk about ongoing updates, including his decision to reinstate former President Donald Trump’s account, one of the people said. Then the layoffs came without a company memo, they added. — BLOOMBERG NEWS

CRYPTOCURRENCY

FTX owes over $3 billion to creditors

Bankrupt cryptocurrency exchange FTX owes more than $3 billion to major creditors, the company revealed in a court filing over the weekend. The list of top 50 unsecured claims against FTX gives the public a first look at how much money Sam Bankman-Fried companies may owe its clients. The main claim was for more than $226 million. Names, addresses and other information about the claims have been redacted by the court. Bahamas-based FTX filed for bankruptcy Nov. 11 after the exchange admitted it used client funds to cover bad bets from Bankman-Fried’s trading arm, Alameda Research. Since it went bankrupt, attorneys tasked with sorting out the aftermath have described in court papers a company with little risk control that would use company funds to pay for its employees’ personal purchases. FTX lawyers will appear in bankruptcy court on Tuesday for the first hearing. — ASSOCIATED PRESS

ECONOMY

Banks tighten credit

The Federal Reserve is not alone in tightening credit. So are commercial banks. And that means problems for the US economy. The proportion of U.S. banks tightening lending conditions to medium and large businesses and commercial real estate rose in the last quarter to levels usually seen during recessions, according to a Fed survey of loan officers released earlier. this month. Lending standards for credit cards and other consumer loans also became tighter as the Fed raised interest rates and the economic outlook darkened. — BLOOMBERG NEWS

A book published by Simon & Schuster is displayed July 30, 2022 in Tigard, Ore. Jenny Kane/Associated Press

EDITING

Abandonment of the agreement to bring together book publishing heavyweights

Paramount Global is letting a deal to sell its Simon & Schuster book publishing group to Bertelsmann die, according to a person familiar with the matter, after a judge blocked the $2.18 billion deal. Paramount could have appealed the verdict, but by not doing so it can now seek a sale to another buyer, perhaps less likely to raise concerns from regulators. Bertelsmann will pay Paramount a $200 million severance fee following the failed deal. A federal district court ruled last month in favor of the Justice Department, which sued last year arguing that the combination would give Penguin Random House – the largest U.S. book publisher owned by Bertelsmann – too much leverage. weight on payments to authors. Simon & Schuster is the fourth largest book publisher, owned by Paramount Global. — BLOOMBERG NEWS

AUTOMOTIVE

Carvana stock down as used car prices fall

Shares of online car dealership Carvana are heading for a historic low as investors grow increasingly concerned about the continued decline in used vehicle prices. The company’s stock price fell more than 12% on Monday. Carvana, which was once touted as a disruptor in the used-car dealership industry for its online sales, has seen recession-worn investors flee risky and expensive growth stocks this year. Carvana shares have fallen 97% so far this year as potential buyers grapple with higher interest rates and stubborn inflation. — BLOOMBERG NEWS

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