According to reports, Tencent and Bytedance, two Chinese tech giants, are planning to execute a significant number of job cuts in their metaverse divisions. Tencent recognized it is making some staff ...
Tag: Cuts
OpenSea Drops Fees, Cuts Creator Royalty Protections as Rival Blur Rises
In the face of rising competition from upstart rival Blur, leading NFT marketplace OpenSea announced today that it will temporarily eliminate its 2.5% fee on sales, as well as cut down creator royalty...
As Big Tech cuts workers, other industries are desperate to hire them
Workers who jumped from one high-paying job to another as Big Tech companies staffed up at a dizzying pace in recent years are now considering leaving the sector entirely as those same large employers...
OpenSea Announces 0% Trading Fees, Cuts Creator Earnings
Leading NFT marketplace, OpenSea, has made some major announcements in the last few hours. Through their official Twitter account, OpenSea listed various changes to their fee and royalty structure, wh...
Renault CEO questions wisdom of electric vehicle price cuts
Renault CEO Luca de Meo on Thursday questioned the wisdom of price cuts rivals have been implementing in a bid to bolster market share for their electric vehicle fleets. “We’ve seen compet...
MSCI delays weighting cuts for two Adani companies, cites ‘replicability’ concerns
Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. Bloomberg | Bloomberg | Getty Image...
Magic Eden Cuts 15% of Staff, Takes ‘Hard Look’ at Restructuring
NFT marketplace Magic Eden said Monday it would axe roughly 15% of its staff as part of its company-wide restructuring efforts this year. Out of 144 employees, 22 will be let go, CEO and co-founder Ja...
More than half of states are considering personal income tax cuts this year—see how it could benefit you
State governments are still flush with cash from federal COVID-19 aid dollars and increased revenues. And more than half are considering using those budget surpluses to institute or accelerate tax cut...
Magic Eden lays off 22, about 15% of staff in latests workforce cuts
Magic Eden laid off 22 people as companies across the industry cut staff amid industry-wide cuts. That amounts to about 15% based upon the 141 employees listed on LinkedIn. Magic Eden is the lat...
Europe’s energy bill nears €800bn after Putin cuts off gas
Putin gas supplies Europe energy crisis Bruegel – Getty Images European countries have forked out nearly €800bn (£708bn) to protect households and businesses from soaring energy prices. EU natio...
Energy industry faces ‘death by a thousand cuts’, warns major power supplier to Britain
Prime Minister Rishi Sunak and newly appointed Secretary of State for Energy Security and Net Zero, Grant Shapps – Jamie Lorriman/Pool via REUTERS Britain’s energy industry risks “death by a tho...
Nexo Cuts Off All US Affiliates from Its Earn Interest Product
Nexo will no longer offer its Earn Interest Product to US citizens and residents. The decision was in line with the recent settlement with major US regulatory bodies. Previously, Nexo offered up to 3...
Github To Layoff 10% Of Global Workforce In Latest Tech Cuts
(Photo Illustration by Chesnot/Getty Images) Getty Images Key takeaways Github will be cutting their staff numbers by 10%, equating to around 300 full time employees CEO Thomas Dohmke has stated he wa...
Micron Cuts Executives’ Salaries in Latest Belt-Tightening Move
(Bloomberg) — Micron Technology Inc. is cutting executives salaries by as much as 20% and suspending bonuses as the chipmaker copes with an industrywide slump. Most Read from Bloomberg Chief Exe...
Intel Institutes Pay Cuts For Executives And Managers In Response To Steep Drop In Revenue
Getty Images Key takeaways Intel’s fourth-quarter revenue was down 32% year over year In response to the lower revenue, the company is cutting pay for executives and managers After the report was rele...
Lucid offers EV price cuts on some Air luxury sedans
Lucid Air Courtesy: Lucid Motors Lucid Group said Thursday that buyers of certain versions of its pricey Air electric luxury sedan will be eligible for a $7,500 “credit.” But that credit w...
Disney announces layoffs, reorganization, cost cuts
Disney said Wednesday it is planning to reorganize into three segments, while also cutting thousands of jobs and slashing costs. The media and entertainment giant said it would now be made up of three...
North Face parent blows past Wall Street quarterly expectations, cuts dividend
Shares of VF Corp. rallied more than 6% in the extended session Tuesday after the maker of The North Face jackets and Jansport backpacks, among other outdoor apparel, reported third-quarter results th...
2023 Layoffs: Zoom Cuts 1,300 Jobs
Zoom—which took off as employers quickly pivoted to remote meetings during the Covid-19 pandemic, announced plans on Tuesday to cut 1,300 employees—becoming the latest U.S. company to implement job cu...
Crypto Exchanges Made up 84% of Job Cuts Last Month: CoinGecko
January 2023 has been the second worst month for crypto layoffs as a new wave of redundancies hit the industry, with as many as 2,806 people losing their jobs, according to a new CoinGecko report. The...
Dell Reportedly Cuts 6,650 Jobs
Tech giant Dell is laying off 6,650 workers—5% of its workforce—Bloomberg reported Monday, becoming the latest U.S. company to implement job cuts as recession fears continue into 2023. February 6Texas...
Crypto Firms Make Job Cuts Amidst Ongoing Crypto Winter
This week, many cryptocurrency companies have eliminated jobs in response to the current crypto winter. However, these companies have chosen to keep “impactful” people on staff as they pre...
Job Numbers Keep Climbing, Sinking Chances of Rate Cuts
What did you know and when did you know it? If one were to pose that Watergate-era question to Federal Reserve Chairman Jerome Powell, on the issue of whether he gets an advance peak at key economic d...
Meme Coin FLOKI Cuts Transaction Tax After Burning 5 Trillion Tokens
Floki team reduced its tax transaction on the ecosystem to 0.3%. The aim is to accelerate the meme coin’s adoption by lowering the entry barrier Previously, 99% of Floki DAO voted to burn nearly 5 tri...
Protocol Labs trims 21% of staff in latest round of crypto job cuts
Protocol Labs is the latest digital asset company to lay off staff, cutting 21% of its workforce to lower costs amid a challenging environment. “As you know, this has been an extremely cha...
Core Scientific cuts deal with lender NYDIG to extinguish $38.6 million in debt
Crypto miner Core Scientific reached a deal with NYDIG amid its ongoing bankruptcy to pay down its $38.6 million loan by handing over roughly 27,403 machines used as collateral. The company said...
AMD Soars After Profit Beat; Intel Cuts Worker Benefits
Advanced Micro Devices Inc. (AMD) shares soared nearly 13% Wednesday after the chipmaker offered an inline first-quarter outlook, reassuring investors spooked last week when rival Intel Corp. (INTC) i...
Credo stock plunges toward record loss after largest customer cuts purchases
Shares of Credo Technology Group Holding Ltd. plummeted toward a record one-day selloff after the data infrastructure networking company disclosed that its largest customer cut demand for its products...