Coinbase Lays Off 950 Employees, or at Least 20% of Staff
This is the second major round of layoffs in the past year. Coinbase cut 1,100 employees in June.
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Chinese Lidar Startup Hesai Plans to File for U.S. IPO Soon
Hesai's listing would test U.S. investors' appetite after China's regulatory crackdown on the tech sector and the collapse of the global IPO market last year.
Microsoft Reportedly Considers $10 Billion Investment in OpenAI
It isn't clear whether that amount includes the cloud computing credits that OpenAI needs.
Khosla Ventures Plots $3 Billion Funding
The VC firm founded by billionaire Vinod Khosla has set an ambitious fundraising target.
Crypto Startup Wyre Curbs Customer Withdrawals, CEO Steps Down
Wyre is limiting customer withdrawals to no more than 90% as it explores “strategic options to navigate the market environment.”
Morgan Stanley COO Pruzan Leaving Bank
Pruzan to retire after a recent conversation with CEO Gorman where he learned he wouldn't become the next CEO, a person familiar with the matter said.
Senior Chinese Official Indicates Two-Year Tech Crackdown May Be Ending
The official, chairman of China’s top financial regulator, said that the government had finished its campaign to “rectify the financial businesses of 14 platform companies.”
Ex-Twitter Employees Greet Delayed Severance Agreement with Skepticism
The laid-off employees are being offered one month of base pay.
U.S. Trustee Files Objection to FTX’s Plans to Sell Off LedgerX, Other Assets
The filing argued that the plan for the stake sales lacked certain financial and stock information, and that an independent investigation of FTX is needed before selling businesses.
Federal Prosecutors Investigating Transfers Between DCG, Subsidiary Genesis
The authorities have been requesting interviews and documents and are also investigating what investors were told about the transfers.
Jack Ma Gives Up Control of Ant Group
Ant, which was forced by Beijing to cancel its initial public offering in late 2020, has gone through a major restructuring over the past two years.
Twitter Lays Off Additional Data Scientists, Engineers Working on Advertising
Cuts to Twitter’s advertising staff, along with an exodus in large advertisers spooked by Elon Musk’s behavior, cast doubt on his public revenue projections.
SEC Asks FTX’s VC Investors for Details on Due Diligence
The agency is focusing on details about what policies and procedures venture firms had in place when they chose to invest in FTX.
Tesla Stock Hits New Low Following Price Cuts in China
The basic Model Y now costs 42% less in China than in the US
Gemini Headcount Shrank at Least 40% Over 2022
Gemini has been ensnared in the fallout of the FTX collapse through Gemini Earn, its retail lending product that offered high-yield to customers who deposited crypto assets.
Dell Aims to Stop Using China-Made Chips by 2024
The U.S. computer giant's attempt to move away from China-made chips comes amid growing geopolitical tensions between Washington and Beijing.
OpenAI Reportedly in Talks to Sell Shares at $29 Billion Valuation
If completed, OpenAI’s tender offer would make it among the most highly valued U.S. startups.
Genesis Lays off 30% of Employees
The company’s trading arm has roughly $175 million stuck on FTX, and its lending arm that has still suspended redemptions has loans of at least $1.8 billion outstanding.
Netskope Raises $401 Million in Convertible Debt
The deal was led by Morgan Stanley’s Tactical Value group
Stitch Fix CEO Stepping Down as Retailer Slashes More Jobs
The online apparel seller has struggled with onboarding more new users and fighting rising costs since mid-2021.
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The Information AM by The Information Staff
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