DoorDash says it is laying off around 1,250 employees in the latest instance of belt tightening at a well-known tech company. CEO Tony Xu wrote in a note to employees that DoorDash sped up hiring during the COVID-19 pandemic to catch up with its growth…
Crypto lender BlockFi files for Chapter 11 bankruptcy amid FTX fallout
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection. The move comes just over two weeks after BlockFi suspended all platform activity, including withdrawals, in the wake of crypto exchange FTX’s implosion. “Given the lack of cl…
Arrival CEO steps back amidst the electric van startup’s financial woes
Denis Sverdlov, the CEO and founder of the embattled EV startup Arrival, has stepped back from the company’s day-to-day operations, according to The Financial Times and Bloomberg. Sverdlov won’t be leaving the company completely but will instead switch…
HP will lay off up to 6,000 employees over the next few years
Add HP to the list of tech companies cutting staff. The PC maker plans to lay off as many as 6,000 employees over the next three years. The cuts are part of a broader restructuring HP announced during its Q4 earnings call on Tuesday (via Gizmodo). The …
FTX implosion could affect ‘more than one million’ investors
Bankruptcy documents filed by the crypto exchange FTX indicate that it currently faces more than 100,000 creditors, but that number could expand to over one million, The Financial Times has reported. The company also stated that it has been in contact …
Hulu with Live TV adds 14 new channels ahead of next month’s price increase
Hulu is adding 14 new channels to its Live TV offering, the Disney-owned streaming service announced on Monday. Five of the additions – the Weather Channel, Comedy.TV, Hallmark Channel, Hallmark Movies & Mysteries and Hallmark Drama – are already a…
FTX investigates ‘unauthorized transactions’ after millions go missing from crypto wallets
Mere hours after filing for Chapter 11 bankruptcy protection, FTX’s fraught situation worsened dramatically. On late Friday night, the crypto exchange claimed it had been hacked after millions of dollars in digital assets were siphoned from FTX wallets…
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 …
Crypto exchange Binance abandons rescue of FTX one day after announcing takeover bid
FTX won’t be rescued by its biggest rival. One day after announcing a proposed deal to buy the cryptocurrency exchange, Binance said it didn’t like what it found in the company’s books. “As a result of corporate due diligence, as well as the latest new…