Stay classy, capitalism.
this post was submitted on 13 Jul 2024
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Ho to do money laundering in one easy step: This or with traditional sports.
They're not laundering money. They're diversifying their portfolio, because oil prints money now, but they can tell that it won't forever.
Do they really need to launder anything (genuine question as I could be missing something)? Usually you do that to hide money from the government, but in this case it’s MBS and co using money from oil and other shady stuff to try to propel themselves as relevant in the world. Would not put it past them to also use this as a way to fund more terrorist activity (it’s Saudi Arabia after all)
The saddest part of all this is how they could have used some of all their crazy clickbaity mega spending to help Gaza. Instead they would rather pay a bunch of sports and esports athletes crazy sums to increase epeen
Money laundering is mostly done with crypto nowadays
This is the best summary I could come up with:
In what has been a financially difficult year for the industry, which has seen mass layoffs, many of the world’s largest video game companies and influencers have quietly partnered with the oil-rich Saudis.
Some critics have labeled the investments “games washing,” an attempt to polish the country’s reputation and human rights abuses with entertainment and tourism, as it has been accused of doing with its professional golf and soccer leagues.
“Three years ago, I would have had my own prejudices as well, thinking about what Saudi is and what it is not,” said Ralf Reichert, the chief executive officer of the Esports World Cup Foundation.
Once a country that effectively banned movie theaters and strictly restricted tourism, Saudi Arabia has poured wealth into sports and entertainment at a staggering rate.
The fund recruited Brian Ward, a former director at Electronic Arts and vice president at Activision Blizzard, to be the company’s chief executive officer.
“Participating in a region of the world with a pretty egregious track record of human rights is difficult,” said Steve Arhancet, the team’s co-chief executive officer.
The original article contains 1,172 words, the summary contains 180 words. Saved 85%. I'm a bot and I'm open source!
Let me see if I can improve on that summary : "Alright, look, we know, okay? But dude! So. Much. Money !"
Am I having an aneurysm, or did that article use the same 3-5 quotes like 10x each? It just kept going and going, repeating the same thing. Like a failed AI wrote it.