Just days after announcing staff cuts amid a spiraling cryptocurrency crash, billionaire twins Cameron and Tyler Winklevoss have gone wild.
Just days after laying off 10% of their staff amid a spiraling cryptocurrency crash, tech billionaires Cameron and Tyler Winklevoss went wild with an obnoxious rendition of Do not stop Believing‘ which broke the internet.
The twins – best known for accusing Mark Zuckerberg of stealing their idea for Facebook – took to the classic Journey tune at a New Jersey rock club after they fired employees from their cryptocurrency startup Gemini .
In a bizarre video from the concert, which has gone viral on Twitter, Tyler struggles to hit the high notes as Cameron tackles a dodgy solo on an electric guitar.
“Um so I saw the group of Winklevoss twins?” wrote one participant who posted the music video to Twitter, calling the show “hands down one of the weirdest and most tragically hilarious/infuriating things I’ve ever seen.”
The brothers also sold NFTs as band merchandise, according to the Twitter user who posted the video from the show at Wonder Bar in Asbury Park.
In addition to Journey, the Winklevoss twins have also covered songs from Fall Out Boy, Blink 182, U2, Nirvana, Kings of Leon and The Killers, according to page 6.
Announcing the layoffs last week, the crypto brothers cited difficulties with “current macroeconomic and geopolitical unrest” as having forced them to cut jobs for the first time since they founded Gemini in 2014.
“Today is a tough day, but one that will make Gemini better in the long run,” the brothers said in a memo to employees while announcing the layoffs.
“Constraint is the mother of innovation and tough times are a function forcing focus, which is essential to the success of any start-up.”
The staff cuts also came amid a lawsuit by the Commodity Futures Trading Commission accusing the company of making false and misleading statements regarding a bitcoin futures contract the company was pursuing in 2017.
The brothers are also believed to have personally lost billions of dollars each in the ongoing crypto crash.
They had been betting on a crypto comeback after TerraUSD collapsed last month due to rising interest rates and recession fears.
The Sydney Morning Herald reported that the brothers invested their fortunes in crypto start-ups ranging from trading platform Slingshot to tax facilitator Taxbit.
According to their portfolios, the 40-year-old siblings have stakes in around 50 crypto or blockchain start-ups.
Bloomberg reports that their fortunes have fallen to $3 billion each from a peak of $5.9 billion as the cryptocurrency market continues to slide amid fears of a looming recession.
Their company Gemini is not the only crypto start-up to downsize as the market continues to fall.
Crypto exchanges Coinbase and BlockFi are laying off hundreds of staff, the equivalent of a fifth of their workforce, as they struggle to survive.
On Monday, bitcoin – the world’s largest cryptocurrency token – hit its lowest level since December 2020 to trade below US$23,000 (A$33,000). And on Tuesday, it was trading at US$22,130.40 (A$32,147.59). As of 8am today, it is down to US$21,500 (A$31,231).
That’s a far cry from the coin’s all-time highs in November last year: Bitcoin was worth nearly US$69,000 (A$100,000) while Ether was worth US$4,865 (A$7,067) at its peak. , 70% more than it’s worth now.
The cryptocurrency has faced a toll in recent weeks – and especially in recent days – as fears grow of a global recession amid runaway inflation and central bank interest rate hikes. American.
On Friday, data showed the inflation rate in the United States hit a new high, hitting 8.6% in May, the worst since 1981.
Over the weekend, the cryptocurrency plunged in reaction to the news.
This Wednesday, the US Federal Reserve is expected to raise its interest rate to combat soaring inflation.
Economists predict the rate will be raised to 0.25% or 1.50% for July, with the central bank doing something similar last month.
The cryptocurrency is closely aligned with the traditional stock market and over the past few days markets like the Dow have fallen and entered a bear run.
– with Alex Turner-Cohen