Robinhood Lays Off 23% of Staff, Closes Two Offices in Fresh Round of Cuts
Robinhood also reported earnings on Tuesday, one day earlier than expected.
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Recent Editions
Hackers Steal Over $150 Million Worth of Crypto from Startup Nomad
The security breach was the eighth largest crypto theft of all time.
Instagram’s Adam Mosseri Will Move to London Temporarily
Adam Mosseri, the head of Instagram, will temporarily relocate to London to ramp up recruiting efforts.
Marketing Startup Klaviyo Bags $100 Million Shopify Investment
Klaviyo will also become the recommended marketing service for Shopify's premium service, Shopify Plus.
Google Starts Internal Initiative to Boost Productivity Amid Slowdown
The move comes after Alphabet reported weaker-than-expected earnings and revenue last week.
Pinterest Revenue Falls Short of Forecasts as User Growth Drops
Activist firm Elliott applauds CEO transition, says it’s the largest shareholder
Google, Meta and Apple Back Affirmative Action in Supreme Court Brief
Seventy companies signed on to the amici curiae brief, which makes a business argument for allowing affirmative action in college admissions.
China Investigates Top Official In Charge of Tech Regulation
The minister of industry and information technology whose portfolio includes the nationally strategic push to develop homegrown semiconductors is being investigated by China’s anti corruption watchdog.
Apple to Create New Spots for Ads in App Store
The move is part of Apple's efforts to diversify its revenue away from hardware sales toward advertising and services.
Web3 Startup Helium Reportedly Listed Fake Customers on Its Website
The unicorn startup had been lauded as the rare real-world use case for crypto.
Chinese Government Entity Tried to Open Stealth TikTok Account
The government entity's attempt to create a stealth account met with a pushback from TikTok's executives and the app says it declined the request.
U.S. Passes $52 Billion in Chip Subsidies to Boost Production, Counter China
Things could get messy as every Western chip developer tries to dip into the new money well.
Amazon Posts Sluggish Online Sales, Strong AWS Growth
Amazon continued to see slow growth due to a slowdown in retail sales, along with excess operational costs due to overstaffing and overbuilding of warehouses.
Jack Ma to Relinquish Control of Ant Group
The outspoken Chinese billionaire would give up some of his voting rights in the digital financial powerhouse whose $35 billion IPO was stopped by authorities.
Roku Stock Plummets on Weak TV Ad Demand
The streaming company forecast just 3% revenue growth in the third quarter, blaming a slowdown in TV advertising.
Apple Shares Rise Despite Weak Revenue Growth, Profit Decline
Apple posted weak quarterly results compared to its unusually strong performance in 2021, when it saw a surge in consumer spending.
Intel Shares Drop 10% As Quarterly Sales Growth Plummets
Intel, which has already been grappling with the effects of the global chip shortage, is now trying to address internal missteps in product design and other areas.
Variant Raises $450 Million For Two New Crypto Venture Funds
The funds mark the latest in a string of crypto venture capital firms raising money despite a collapse in crypto asset prices.
Instagram Walks Back Feed Changes After User Uproar
Instagram scales back its test featuring more recommended posts after user backlash.
Meta Cuts Funding for News Publications
The company will stop paying news publications for content to populate its Facebook News tab.
Weekday mornings
The Information AM by The Information Staff
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