Morning Tidings

Tag: Sack

  • Tesla Layoffs: Elon Musk-Run Electric Car Maker Company To Sack 10% Employees in Early 2023, Pauses All Hiring

    Tesla Layoffs: Elon Musk-Run Electric Car Maker Company To Sack 10% Employees in Early 2023, Pauses All Hiring

    San Francisco, December 22: Elon Musk-run Tesla, who has seen its stock nosediving more than 60 per cent this year, has warned employees about another round of layoffs early next year, along with a complete hiring freeze.

    In June, Musk had asked Tesla executives to “pause all hiring” and cut 10 per cent of staff, along with freezing hiring. The electric car-maker company had resumed hiring during the second half of the year. Tesla Headed For Layoffs? Elon Musk Plans 10% Staff Cut at Tesla, Freezes Hiring Amid Rising Inflation.

    The new round of layoffs, according to Electrek, will come in the next quarter (January-March 2023). “It’s not clear how extensive the hiring freeze will be as Tesla is still planning to expand in some manufacturing locations. No further details were made available at this time,” the report said late on Wednesday.

    Tesla has communicated to some employees that it is stopping hiring for now. The company also said that teams will be expected to make layoffs during the “first quarter of 2023”. Tesla is facing pressures from its recent steep stock price drop, which began in late September, and got worsened with Musk’s $44 billion acquisition of Twitter.

    Electric car company Tesla’s shares tumbled further to around $137 apiece, its lowest ever, as Elon Musk on Wednesday again blamed global macroeconomic conditions. Tesla shares are down more than 60 per cent, as Musk is busy micro-managing daily affairs at Twitter. Layoffs Season: Why Meta, Twitter, Amazon, Other Tech Companies Laying Off Employees All At Once and Why Experts Believe the Worst Is Yet To Come.

    Tesla bull Ross Gerber tweeted this week: “Tesla stock price now reflects the value of having no CEO. Great job tesla BOD — Time for a shake up. $tsla.” Musk replied: “As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop.”

    Gerber further said that “Tesla needs a media and comms team; Tesla needs a succession plan as well as clarify when Elon will be back from twitter; Tesla needs to communicate about Elon’s stock sales and a stand still agreement should be made”.

    Musk last week blamed the Federal Reserve for the current situation, saying his electric car company is doing better than ever. Since November 2021, Musk has sold more than $39 billion of Tesla shares.

    (The above story first appeared on Morning Tidings on Dec 22, 2022 11:23 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Xiaomi Layoffs: Chinese Smartphone Company May Sack 15% of Its Workforce From Multiple Departments Amid COVID-19 Lockdowns in China

    Xiaomi Layoffs: Chinese Smartphone Company May Sack 15% of Its Workforce From Multiple Departments Amid COVID-19 Lockdowns in China

    Hong Kong, December 20: Chinese smartphone maker Xiaomi may lay off workers from multiple departments, as it aims to reduce 15 per cent of its workforce amid the rough global macroeconomic conditions and local Covid-19 lockdowns, the South China Morning Post reported.

    The report cited several social media posts by affected Xiaomi employees and local Chinese media reports. Xiaomi had 35,314 employees as of September 30, with more than 32,000 in mainland China. Layoffs Season: Why Meta, Twitter, Amazon, Other Tech Companies Laying Off Employees All At Once and Why Experts Believe the Worst Is Yet To Come.

    The extent of the lay-offs is unknown and “Xiaomi declined to comment”, according to the report that came out late on Monday. According to a report by Chinese media outlet Jiemian, Xiaomi will cut jobs in several units of its smartphone and internet services business.

    Gizmo China reported that some departments have seen layoffs of up to 75 per cent, while others have had around 40 per cent of their teams cut. China’s social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the reported Xiaomi job cuts. Tech Layoffs: upGrad Denies Reports That It Is Planning to Layoff Hundreds of Employees.

    The news of the layoffs comes as Xiaomi’s financial performance has been under pressure in 2022. The Beijing-based tech giant started laying off workers this year amid weaker sales due to Covid-19 lockdowns in China and slower consumer spending. It is estimated that the number of layoffs in this round may reach 6,000.

    (The above story first appeared on Morning Tidings on Dec 20, 2022 10:43 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Goldman Sachs Layoffs: Global Investment Bank Plans To Sack Hundreds of Employees at Its Consumer Business, Says Report

    Goldman Sachs Layoffs: Global Investment Bank Plans To Sack Hundreds of Employees at Its Consumer Business, Says Report

    San Francisco, December 13: Global investment bank Goldman Sachs is reportedly planning to lay off hundreds of employees at its consumer business.

    The company’s decision to cut jobs comes after chief executive David Solomon announced plans to curtail “Main Street” banking ambitions, reports The Financial Times. Playtika Layoffs: Israeli Mobile Games Company Sacks Neary 15% of Its Workforce.

    According to people familiar with the matter, the banking major is also planning to stop offering personal loans through its Marcus-branded retail banking platform.

    The company announced personal loans, especially for debt consolidation, as one of its first consumer products in 2016. Solomon announced in October that Goldman will significantly reduce its retail banking unit after years of losses and rising costs, according to the report. However, its Marcus division will still accept retail deposits, which offer a relatively cheap source of funding for the bank. PharmEasy Layoffs: Indian Healthtech Startup Sacks More Employees Amid Funding Crunch.

    The report said that these layoffs will be in addition to the annual cull of underperforming employees that the banking firm typically conducts each year. Moreover, Goldman is also gearing up for a potential recession in 2023.

    Solomon said Goldman had “set in motion certain expense mitigation plans, but it will take some time to realise the benefits”. Bloomberg, which earlier reported the potential cuts, said it could affect as many as 400 positions, the report added.

    However, Goldman, which employs over 49,000 people worldwide, declined to comment. Earlier this month, Global investment advisory firm Morgan Stanley cut about 2 per cent of its global workforce, or about 1,600 employees, amid the global economic meltdown. The company has about 81,567 employees.

    (The above story first appeared on Morning Tidings on Dec 13, 2022 01:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Intel Layoffs: Chip-Making Firm Likely To Sack Over 200 Employees; Offer 3 Months Unpaid Leave to Factory Workers Amid Global Macroeconomic Conditions

    Intel Layoffs: Chip-Making Firm Likely To Sack Over 200 Employees; Offer 3 Months Unpaid Leave to Factory Workers Amid Global Macroeconomic Conditions

    San Francisco, Dec 8: Chip-maker Intel has begun layoffs and is also offering thousands of manufacturing employees globally three months of unpaid leave as it aims to weather the poor sales amid global macroeconomic conditions.

    The company started its expected layoffs in California with at least 201 employees as “part of a broader cost cutting effort”, reports CRN. Not All Moments Last! Twitter Shuts ‘Moments’ Feature That Allowed Curated Collection of Tweets.

    The layoffs are scheduled to begin from January 31, the report said, adding that according to the “Worker Adjustment and Retraining Notifications”, 111 employees will be laid off at Intel’s Folsom, California location while “90 employees will be asked to go from Santa Clara location, where the company is headquartered”.

    In October, Intel said it plans to drive nearly $3 billion in annual savings in the near term and $8 billion to $10 billion by the end of 2025, and these savings will majorly come from “people costs” from both operations and sales departments.

    According to another report in Oregon Live, Intel is offering thousands of manufacturing employees three months of unpaid leave. Swiggy Layoffs: Food Delivery Platform May Lay Off Over 250 Employees, Company Says ‘Exits Based on Performance’.

    “Retaining our manufacturing talent is a key element of positioning Intel for long-term growth. Voluntary time off programmes allow us an opportunity to reduce short term costs and offer employees attractive time off options,” the company was quoted as saying in the report.

    Intel is Oregon’s largest corporate employer, with 22,000 people assigned to its manufacturing, research and administrative campuses in Washington County.

    The Financial Times reported last week that thousands of Intel workers in Ireland were offered three months of unpaid leave.

    Intel CEO Pat Gelsinger, during the company’s Q3 earnings call in October, said the company is “responding to the current environment by taking aggressive actions to reduce costs”.

    “Inclusive in our efforts will be steps to optimise our headcount. These are difficult decisions affecting our loyal Intel family, but we need to balance increased investment,” the Intel CEO had announced.

    Earlier reports said that the chip-maker is planning job cuts that can run in thousands, especially hitting its sales and marketing teams, as consumer PC sales nosedive globally.

  • Amazon Layoffs: E-Commerce Giant Reportedly Planning to Sack 10,000 Workers As Soon As This Week

    Amazon Layoffs: E-Commerce Giant Reportedly Planning to Sack 10,000 Workers As Soon As This Week

    Amazon is planning to lay off thousands of employees and implement cost-cutting measures as the last few quarters haven’t been profitable, according to report by New York Times. The company could fire as many as 10,000 employees starting as soon as this week. If the report indeed turns out be true, it would be the biggest layoff in the history of Amazon. WhatsApp Companion Mode Lets You Use App on Four Devices: Know About the Feature and How to Enable It

    Check Tweet:

    (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Morning Tidings Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Morning Tidings, also Morning Tidings does not assume any responsibility or liability for the same.)

  • Coinbase Layoffs: Crypto Exchange To Sack More Employees in Fresh Round of Job Cuts Amid FTX Saga

    Coinbase Layoffs: Crypto Exchange To Sack More Employees in Fresh Round of Job Cuts Amid FTX Saga

    San Francisco, November 11: Leading crypto exchange Coinbase will lay off more employees soon in a fresh round of job cuts, as the world of crypto faces another existential threat after the FTX collapse, the media reported. The layoffs were announced internally and the company is likely to sack around 60 employees in its recruiting and institutional onboarding teams, reports The Information. Meta Layoffs: Facebook Parent Company Terminates Over 11,000 Employees, Halts Hiring Days After Mass Sackings by Twitter.

    The cuts will take place as the broader cryptocurrency industry is in chaos due to the ongoing FTX saga which has alarmed investors and caused cryptocurrency values to sink further. Crypto exchange FTX Founder and CEO Sam Bankman-Fried told investors that he needed emergency funding to cover a shortfall of up to $8 billion due to withdrawal requests received in recent days. Cryptocurrency vs CBDC: How Blockchain-Based Central Bank Digital Currency and Crypto Are Different.

    Leading crypto exchange Binance has also pulled out of the FTX acquisition deal. Even before the FTX problems, Coinbase had tried to control costs, as declining crypto trading volumes were hurting this year’s revenue, the report said. In June this year, the crypto exchange company had announced to lay off 18 per cent of its workforce, or about 1,100 jobs amid the economic downturn.

    Brian Armstrong, CEO and co-founder had said that while the company tried its best to get this just right, in this case, it was clear that it had over-hired. Now, the collapse of the FTX crypto exchange has brought yet another round of threats to the crypto industry as a whole amid Bitcoin and other crypto values dropping further.

    (The above story first appeared on Morning Tidings on Nov 11, 2022 10:58 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).