Non-fungible token (NFT) marketplace SuperRare has announced a 30% staff-member cut as CEO John Crain explained that the firm mistakenly over-hired during the last bull market. In a Jan. 7 tweet, Crai...
Tag: Cuts
Musk Cuts More Staff In Charge Of Misinformation As Laid Off Employees Criticize Severance Packages
Topline Twitter reportedly cut more than a dozen foreign employees—including members of the platform’s department in charge of misinformation policy—in its latest round of job cuts as CEO Elon Musk co...
NFT Marketplace SuperRare Cuts 30% of Staff: ‘We Over-Hired’
SuperRare Labs, the company behind NFT marketplace SuperRare, became the latest crypto player to make job cuts on Friday, announcing it will reduce its staff by 30%. The news came from SuperRare CEO ...
Silvergate Stock Plummets 45% on Major Staff Cuts, Massive Withdrawals
In a preliminary fourth quarter earnings report, crypto bank Silvergate revealed it weathered a run that saw customers pull more than $8 billion from accounts. The bank was forced to sell assets at a ...
Cisco layoffs begin with hundreds of job cuts in California and more expected
Cisco Systems Inc. has begun previously announced layoffs, cutting nearly 700 jobs in Silicon Valley last month, according to filings with the state of California this week. Cisco executives announced...
Genesis Cuts Staff by 30% as Financial Woes From FTX Fallout Persist
Genesis Trading today announced massive cuts to its workforce in an effort to reduce costs at the ailing institutional crypto firm. The company did not provide precise numbers, but sources close to t...
Silvergate Stock Down 40% Following Diem Write-Off, Job Cuts
Amid a “crisis of confidence” across the cryptocurrency industry, crypto banking group Silvergate Capital will cut 40% of its workforce and abandon some projects—including a blockchain-based payment s...
Crypto Bank Silvergate Shares Plunge 46% After $8.1B Withdrawal in Q4 Prompts 200 Job Cuts
The bank has also halted its plans to launch a digital currency and has written off the $196 million related to its acquisition of the technology and assets of Diem Association from Facebook parent Me...
AbbVie cuts earnings forecast due to milestone payments
AbbVie Inc. executives lowered their outlook for the quarter and year in a filing with the Securities and Exchange Commission late Friday, which cited research and development expenses and milestone p...
SuperRare cuts 30% of staff, citing bear market
NFT platform SuperRare will reduce staff by nearly 30%, said CEO John Crain in a message he posted on Twitter. Although the company grew “in tandem with the market” during the last bull run, acc...
Fate Therapeutics Ends Collaboration Deal With Janssen, Cuts Staff
Fate Therapeutics Inc (NASDAQ: FATE) has decided to terminate the collaboration and option agreement with Janssen Biotech Inc, a Johnson & Johnson unit (NYSE: JNJ), on revised terms and conditions...
Genesis cuts 30% Workforce in second Round Layoff: Industry under Pressure
Team Genesis was 260 members strong and laid off 20% in round I. The second round saw a 30% cut in round II, bringing the team to 145. Silvergate Capital laid off nearly 40% of its workforce. The on...
Tesla stock tumbles after company cuts prices in China
Tesla (TSLA) stock fell Friday after the company cut the price on two of its models in China, the automaker’s second cut in three months as it battles waning demand in the country. Tesla cut prices on...
Tesla stock sinks toward 2 1/2-year low after China price cuts, dragging Nio, XPeng and Li down with it
Shares of Tesla Inc. TSLA, -2.90% took a dive in premarket trading Friday, after the electric vehicle maker cut prices in China again, which also weighed heavily on rival China-based EV makers. Tesla’...
Justin Sun confirms 20% staff cuts at Huobi amid insolvency rumors
In a text message to Reuters, Huobi’s advisor Justin Sun confirmed that the crypto exchange plans to dismiss 20% of its employees this quarter. “The planned layoff ratio is about 20%, but it is not im...
Crypto Broker Genesis Cuts 30% Of Staff, Reportedly Mulls Bankruptcy
Topline Yet another major cryptocurrency player is in serious danger of going under, as sources told the Wall Street Journal the embattled lender Genesis is weighing filing for bankruptcy, while the f...
Genesis cuts 30% of staff in latest round of layoffs
Genesis Trading begun a new round round of layoffs, reducing its workforce by 30%, a source familiar with the matter told The Block. “As we continue to navigate unprecedented industry cha...
Tech Layoffs Continue With Cuts At Salesforce, Amazon And Maybe Even Google
(Photo by Stephen Lam/Getty Images) Getty Images Key Takeaways Salesforce is cutting 10% of its global workforce, equating to around 8,000 jobs which will be lost. Amazon is also cutting a much higher...
Silvergate shares plunge as company cuts workforce amid ‘transformational shift’
Shares in crypto-friendly bank Silvergate plunged in early morning trading after the firm released preliminary fourth-quarter results and said it cut 40% of its staff amid a “crisis of confidenc...
Animoca Brands Cuts Web3 & Gaming Fundraising Target By Half
Gaming giant Animoca Brands hopes to raise a slimmed-down target of $1 billion this quarter. This fund will be used towards web3 and metaverse investments. The goal is a departure from the $2 billion ...
Amazon to Slash More Than 18,000 Jobs in Escalation of Cuts
(Bloomberg) — Amazon.com Inc. is laying off more than 18,000 employees — a significantly bigger number than previously planned — in the latest sign that a technology slump is deepening. Most Rea...
No rate cuts in 2023, inflation risk still to upside
No Federal Reserve officials thought it’d be appropriate to begin cutting rates in 2023, and officials worried easing financial conditions could complicate the central bank’s efforts to bring do...
Elon Musk cuts back on office space at Twitter’s San Francisco HQ
Twitter CEO Elon Musk is reportedly continuing to cut costs at the social media company by reducing the amount of office space at the company’s headquarters in San Francisco, California. An owne...
Core Scientific Cuts Power To 37K Celsius Miners
Core Scientific has come to an agreement with Celsius Network to shut down the 37,000 mining rigs that it was hosting for the latter. Power Cut To Celsius’s Rigs The Celsius Network has agreed to let...
Huobi Reportedly Plans Mass Layoffs and Salary Cuts
Popular cryptocurrency exchange Huobi will lay off a significant portion of its workforce and cut the salaries of senior employees, according to Chinese reporter Colin Wu. Last month, the exchange deb...
Terra Classic drops 13% in a day after Binance cuts LUNC burning by 50%
The value of Terra Classic (LUNC) has experienced a significant drop due to increased selling pressure, which has impacted ongoing efforts to rescue the token. In particular, by press time, LUNC was ...
Crypto exchange Kraken to close Japan operations after mass job cuts
Kraken is one of the world’s largest crypto exchanges. Tiffany Hagler-Geard | Bloomberg via Getty Images Digital currency exchange Kraken will close down its operations in Japan next month, in a...
Nio cuts 4Q delivery guidance, cites Covid disruption
Chinese electric car company Nio delivered more than 5,000 cars in April despite Covid restrictions in some parts of China, albeit down sharply from nearly 10,000 vehicle deliveries in March. Future P...
125,000 Laid Off In Major Cuts As Recession Fears Spiked, According To Forbes Tracker
Topline Nearly 125,000 employees lost their jobs so far this year as more than 120 large U.S. tech companies, banks and manufacturers implemented massive rounds of layoffs, according to the Forbes lay...
Latest in Crypto Hiring: Financial Services Firm Cuts Employee Salaries in Lieu of Layoffs
As layoffs in the crypto space have persisted in recent weeks, one company in the segment has taken a different approach. Crypto exchanges Bybit and Swyftx are among the crypto firms that have reveale...
Fate Therapeutics stocks heads for record selloff after Janssen collaboration terminated and job cuts
Shares of Fate Therapeutics Inc. FATE, -61.18% plunged 56.8% in premarket trading, putting them on track for a record one-day selloff, after the biopharmaceutical company announced the termination of ...