Meta will stop any and all development on its smart displays and fledgling smartwatch project, according to Reuters. The company’s executives reportedly told employees — those left after mass layoffs that saw 11,000 people lose their jobs — in a townha…
Disney reportedly freezes hiring and expects some layoffs
Disney CEO Bob Chapek has told division leads in a letter that the company is implementing cost cutting measures in part to help it “achieve the important goal of reaching profitability for Disney+ in fiscal 2024.” Based on the internal memo obtained b…
Crypto exchange FTX files for bankruptcy as its CEO resigns
Twitter isn’t the only notable tech company to bandy around the word “bankruptcy” this week. After a stunningly rapid collapse, crypto exchange FTX has filed for Chapter 11 bankruptcy protection, while founder Sam Bankman-Fried has resigned as CEO.The …
Feds charge former MoviePass execs with securities and wire fraud
The former executives in charge of MoviePass have been indicted in what the Justice Department calls “a scheme to defraud investors.” Ex-MoviePass CEO J. Mitchell Lowe and Theodore Farnsworth, who used to be the chairman of the service’s former parent …
Twitter sued by employees amid mass layoffs
Twitter is facing a class action lawsuit over its ongoing mass layoffs, which could potentially cut its workforce in half. According to Bloomberg, employees filed a class action lawsuit against the company in San Francisco federal court, arguing that T…
Elizabeth Warren wants regulators to examine Big Tech’s expansion into autos
Elizabeth Warren is calling for more federal oversight of Big Tech. In a letter (PDF link) the Democratic senator sent on Tuesday, she asked the Federal Trade Commission and Department of Justice to look into Google, Apple and Amazon’s expansion into t…
Former Apple employee admits to defrauding the company out of $17 million
A former Apple employee has pled guilty to defrauding the company out of over $17 million. Dhirendra Prasad, who spent most of his decade at Apple working as a buyer in the Global Service Supply Chain department, admitted to “taking kickbacks, inflatin…
Hitting the Books: AI could help shrink America’s gender wage gap
Women have faced gender-based discrimination in the workforce throughout history, denied employment in all but a handful of subservient roles, regularly ignored for promotions and pay raises — and rarely ever compensated at the same rates as their male…
Mark Zuckerberg will testify in the FTC’s antitrust case against Meta
The Federal Trade Commission will call on Meta CEO Mark Zuckerberg to testify in its upcoming case against the company. The FTC sued the social media giant in July in an attempt to block it from buying Within Unlimited, the creator of the popular VR wo…
Minnesota and DC sue Target-owned Shipt delivery service for worker misclassification
The Minnesota and District of Columbia attorneys general are suing Target-owned Shipt delivery service over worker misclassification, CBS News has reported. The lawsuits accuse the company of designating its “personal shoppers” (who pick and deliver gr…