Many tech giants, like Google, Amazon, and Dell, are firing staff members as a cost-cutting tactic to maintain the viability of the company. Zoom has now joined this list. Zoom's video conferencing services are what are failing to grow. Result? Layoffs. As the demand for video services has decreased in the post-pandemic world, Zoom Video Communications Inc (ZM.O) said on Tuesday that it will lay off&nbsp;around 1,300 of its&nbsp;employees.

Also Read | <a href="https://www.wionews.com/world/latvia-fire-erupts-at-us-drone-factory-that-built-drones-for-ukraine-military-nato-allies-559752">Latvia: Fire erupts at US drone factory that built drones for Ukraine military, NATO allies</a>

CEO Eric Yuan announced the layoffs, which will affect roughly 15% of the company's workers, and said he would forgo his bonus and accept a 98% salary reduction for the upcoming fiscal year. Earlier as well, shares of Zoom video fell to about 90% in comparison to October 2020 because of the pandemic boom fade out. Shares closed up 9.9% on the announcement of the news.&nbsp;

"We worked tirelessly... but we also made mistakes. We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," Yuan said. Yuan said that the laid-off employees will get salary of 16 weeks along with healthcare coverage and a bonus for the year.&nbsp;

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According to a regulatory filing made on Tuesday, Zoom will incur costs associated with the layoffs of between $50 million and $68 million. The business stated that the first quarter of fiscal 2024 will see the most of it spent.

Watch | Gravitas | <a href="https://www.wionews.com/videos/gravitas-putins-girlfriend-russian-media-a-weapon-of-war-559764">Putin's Girlfriend: Russian media a weapon of war</a>

The business's revenue growth has slowed after its video conferencing technologies helped it become well-known during lockdowns. Zoom increased recruiting during the pandemic to keep up with the high demand. However, the company is now joining businesses in cutting expenses to prepare for a future recession. The maker of video conferencing software also announced that over the same time period, its executive leadership team will see a 20% reduction in base pay.

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Many tech giants, like Google, Amazon, and Dell, are firing staff members as a cost-cutting tactic to maintain the viability of the company. Zoom has now joined this list.

Many tech giants, like Google, Amazon, and Dell, are firing staff members as a cost-cutting tactic to maintain the viability of the company. Zoom has now joined this list. Zoom's video conferencing services are what are failing to grow. Result? Layoffs. As the demand for video services has decreased in the post-pandemic world, Zoom Video Communications Inc (ZM.O) said on Tuesday that it will lay off around 1,300 of its employees. Also Read | Latvia: Fire erupts at US drone factory that built drones for Ukraine military, NATO allies CEO Eric Yuan announced the layoffs, which will affect roughly 15% of the company's workers, and said he would forgo his bonus and accept a 98% salary reduction for the upcoming fiscal year. Earlier as well, shares of Zoom video fell to about 90% in comparison to October 2020 because of the pandemic boom fade out. Shares closed up 9.9% on the announcement of the news. "We worked tirelessly... but we also made mistakes. We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," Yuan said. Yuan said that the laid-off employees will get salary of 16 weeks along with healthcare coverage and a bonus for the year. In Pics | FIRST IMAGES of Chinese balloon debris pulled from Atlantic released by US Navy According to a regulatory filing made on Tuesday, Zoom will incur costs associated with the layoffs of between $50 million and $68 million. The business stated that the first quarter of fiscal 2024 will see the most of it spent. Watch | Gravitas | Putin's Girlfriend: Russian media a weapon of war The business's revenue growth has slowed after its video conferencing technologies helped it become well-known during lockdowns. Zoom increased recruiting during the pandemic to keep up with the high demand. However, the company is now joining businesses in cutting expenses to prepare for a future recession. The maker of video conferencing software also announced that over the same time period, its executive leadership team will see a 20% reduction in base pay. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Zoom video struggles to thrive in post-pandemic world, announces 15 % staff layoff

As the COVID-19 pandemic continues to ravage the global economy, Zoom Video Communications, Inc., a widely used communication technology platform, has announced they will lay off 1,300 employees, or roughly 15 per cent of the company's workforce.

Zoom to shed about 1,300 jobs globally

Dell is set to lay off about 6,650 workers as they cannot meet the demand for personal computers. This is expected to affect about 5% of its global workforce. Watch further know more.

Dell to cut 5% of its global workforce

Tech layoffs: Dell Technologies Inc became the latest tech company to announce layoffs. It has said that it is planning to eliminate about 6,650 jobs which is about 5 per cent of its total global workforce. According to a report by Bloomberg, Dell’s Co-Chief Operating Officer, Jeff Clarke claimed that the company is facing tough market conditions with an uncertain future.&nbsp;

Clarke said, "The company is experiencing market conditions that continue to erode with an uncertain future."

"We’ve navigated economic downturns before and we've emerged stronger," Clarke wrote in his note to employees. "We will be ready when the market rebounds." The company had announced a similar layoff in 2020 when the Covid-19 pandemic had hit."

The announcement by Dell adds it to the growing list of tech companies like Google, Amazon, Meta, and Twitter that have been forced to make a similarly tough decision due to the economic impact of the pandemic. The tech sector which was once considered the most reliable source of employment has now been stuck in troubled waters. Even big-tech companies are now grappling with the balancing act of cost-cutting measures with the need to remain competitive.

Industry analyst International Data Corporation (IDC) said preliminary data show personal computer shipments dropped sharply in the fourth quarter of 2022. Among major companies, Dell saw the largest decline with 37 per cent as compared with the same period in 2021, according to IDC. Dell generates about 55 per cent of its revenue from PCs.

<h2>Google, Amazon, HP, and Cisco layoffs&nbsp;</h2>

Earlier in November, Dell’s rival PC brand, HP also announced that it will be laying off around 6,000 employees over the next three years. HP also acknowledged that the fall in PC demand was the primary reason for taking this step. Cisco Systems Inc. and International Business Machines Corp. had also said that they would eliminate about 4,000 workers each.

The tech sector announced 97,171 job cuts in the year 2022, which is up from 649 per cent compared to the previous year.&nbsp;

Google also laid off 12,000 employees in January and Amazon decided to lay off 18,00 employees instead of the previous estimates of 10,000. These layoffs are hurting migrants even more as popular pathways like H1B visas in the US need an employer to stay relevant. The fired employees get a grace period of 60 days to either apply via another employer or leave the country.&nbsp;

Tech layoffs: Dell Technologies Inc became the latest tech company to announce layoffs. It has said that it is planning to eliminate about 6,650 jobs which is about 5 per cent of its total global workforce.

Tech layoffs: Dell Technologies Inc became the latest tech company to announce layoffs. It has said that it is planning to eliminate about 6,650 jobs which is about 5 per cent of its total global workforce. According to a report by Bloomberg, Dell’s Co-Chief Operating Officer, Jeff Clarke claimed that the company is facing tough market conditions with an uncertain future. Clarke said, "The company is experiencing market conditions that continue to erode with an uncertain future." "We’ve navigated economic downturns before and we've emerged stronger," Clarke wrote in his note to employees. "We will be ready when the market rebounds." The company had announced a similar layoff in 2020 when the Covid-19 pandemic had hit." The announcement by Dell adds it to the growing list of tech companies like Google, Amazon, Meta, and Twitter that have been forced to make a similarly tough decision due to the economic impact of the pandemic. The tech sector which was once considered the most reliable source of employment has now been stuck in troubled waters. Even big-tech companies are now grappling with the balancing act of cost-cutting measures with the need to remain competitive. Industry analyst International Data Corporation (IDC) said preliminary data show personal computer shipments dropped sharply in the fourth quarter of 2022. Among major companies, Dell saw the largest decline with 37 per cent as compared with the same period in 2021, according to IDC. Dell generates about 55 per cent of its revenue from PCs. Google, Amazon, HP, and Cisco layoffs Earlier in November, Dell’s rival PC brand, HP also announced that it will be laying off around 6,000 employees over the next three years. HP also acknowledged that the fall in PC demand was the primary reason for taking this step. Cisco Systems Inc. and International Business Machines Corp. had also said that they would eliminate about 4,000 workers each. The tech sector announced 97,171 job cuts in the year 2022, which is up from 649 per cent compared to the previous year. Google also laid off 12,000 employees in January and Amazon decided to lay off 18,00 employees instead of the previous estimates of 10,000. These layoffs are hurting migrants even more as popular pathways like H1B visas in the US need an employer to stay relevant. The fired employees get a grace period of 60 days to either apply via another employer or leave the country.

Tech layoffs 2023: Dell to lay off 6,500 employees, cut 5% of its global workforce amid 'uncertain future'

More than 10% of FedEx's managers will be laid off globally as the shipping giant strives to reduce expenses in the face of escalating economic concerns and a dwindling need for package delivery. The Memphis-based corporation, which had about 550,000 employees worldwide as of December, remained mum on the number of positions that would be eliminated.

FedEx layoffs include officers, directors; cuts 10% of management jobs

Amid the ongoing global economic uncertainties, music giant Spotify Inc. has joined big tech companies like Twitter and Meta to announce layoffs.

Music giant Spotify Inc. to cut jobs: Layoffs to start as soon as this week

Bilquis Mir, known as the aqua woman of Kashmir Valley, has added one more feather in her cap. Bilquis, a&nbsp;water sports champion of Kayaking &amp; Canoeing from the Kashmir Valley has become the first woman from India to be a jury member at the forthcoming Summer Olympics in Paris.

Bilquis Mir is a former water sports champion and trainer from Srinagar who has represented the country at dozens of National and International water sports championships. Bilquis started her journey on the world-famous Srinagar's Dal Lake at the age of six. &nbsp;

'It's a proud moment not only for me but the whole country that India will be a part of the upcoming jury at the Olympics in 2024. It's a dream come true, I started my sports career at the age of six and&nbsp;finally, we are there, India is there. Everyone has a dream of reaching there and I will be the first woman to be there from my country,'' said Bilquis.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/stage-set-for-indias-first-election-open-debate-shashi-tharoor-accepts-rajeev-chandrasekhars-challenge-708857">Stage set for India's first election 'Open Debate'? Shashi Tharoor accepts Rajeev Chandrasekhar's challenge</a>

The Indian Olympic Association (IOA) has confirmed the appointment of Bilquis Mir in a letter sent to the Jammu and Kashmir government. Bilquis has represented the country multiple times, including as the coach for the women's canoeing team. She was also the only Indian woman and the first from Jammu and Kashmir to be appointed as a jury member at the 19th Asian Games held at Hangzhou in China.

''It was not easy to excel at the International level, being a Kashmiri girl and starting from Dal Lake when there is no awareness about water sports, especially for girls. But I believe never give up on your dreams and keep going and trust yourself. Nobody can stop you from achieving your goal. I want to see my UT and country on the world map, and I want to see more girls like Bilquis represent the country. '' said Bilquis Mir.&nbsp;

Bilquis was bestowed with an award by the government of Jammu and Kashmir. She has also been the recipient of the Devi Award.

Bilquis Mir, known as the aqua woman of Kashmir Valley, has added one more feather in her cap. Bilquis, a water sports champion of Kayaking & Canoeing from the Kashmir Valley has become the first woman from India to be a jury member at the forthcoming Summer Olympics in Paris.

Bilquis Mir, known as the aqua woman of Kashmir Valley, has added one more feather in her cap. Bilquis, a water sports champion of Kayaking & Canoeing from the Kashmir Valley has become the first woman from India to be a jury member at the forthcoming Summer Olympics in Paris. Bilquis Mir is a former water sports champion and trainer from Srinagar who has represented the country at dozens of National and International water sports championships. Bilquis started her journey on the world-famous Srinagar's Dal Lake at the age of six. 'It's a proud moment not only for me but the whole country that India will be a part of the upcoming jury at the Olympics in 2024. It's a dream come true, I started my sports career at the age of six and finally, we are there, India is there. Everyone has a dream of reaching there and I will be the first woman to be there from my country,'' said Bilquis. Also read: Stage set for India's first election 'Open Debate'? Shashi Tharoor accepts Rajeev Chandrasekhar's challenge The Indian Olympic Association (IOA) has confirmed the appointment of Bilquis Mir in a letter sent to the Jammu and Kashmir government. Bilquis has represented the country multiple times, including as the coach for the women's canoeing team. She was also the only Indian woman and the first from Jammu and Kashmir to be appointed as a jury member at the 19th Asian Games held at Hangzhou in China. ''It was not easy to excel at the International level, being a Kashmiri girl and starting from Dal Lake when there is no awareness about water sports, especially for girls. But I believe never give up on your dreams and keep going and trust yourself. Nobody can stop you from achieving your goal. I want to see my UT and country on the world map, and I want to see more girls like Bilquis represent the country. '' said Bilquis Mir. Bilquis was bestowed with an award by the government of Jammu and Kashmir. She has also been the recipient of the Devi Award.

Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay

Swiggy became the latest company to announce the layoff of its employees. The company is firing 380 employees as part of its latest layoff process. The impacted people received emails from Swiggy that is planning to sack hundreds of employees. Earlier reports that surfaced in December, have said that Swiggy may lay off more than 250 employees or up to 5 per cent of its workforce, starting January.

The food delivery company's CEO Sriharsha Majety has given several reasons for the layoff and apologised for the decision that Swiggy has taken to reduce headcounts.

"We’re implementing a very difficult decision to reduce the size of our team as a part of a restructuring exercise. In this process, we will be bidding goodbye to 380 talented Swiggsters. This has been an extremely difficult decision taken after exploring all available options, and I’m extremely sorry to all of you for having to go through with this", the company's CEO said.

<h2>Why Swiggy is firing hundreds of its employees?</h2>

According to many media reports, Swiggy is planning to cut around 600 more jobs trimming its workforce by 8-10 per cent.&nbsp;One of the major reasons that the company has mentioned is the challenging macroeconomic conditions that it is facing. It revealed that the growth rate for food delivery has slowed down which has resulted in lower profits and reduced income. The executive has also blamed "overhiring" for its decision to layoff people.&nbsp;

"Over the last year, under challenging macroeconomic conditions, companies around the world (public and private ) are adjusting to the new normal, with refreshed investment horizons and accelerated timelines for profitability. We’re no exception here and have already advanced our own timelines for profitability on food delivery and Instamart. While our cash reserves allow us to be fundamentally well positioned to weather harsh circumstances, we cannot make this a crutch and must continue identifying efficiencies to secure our long-term", the CEO said.

The CEO also explained that the growth rate for food delivery has slowed down, which is totally against the company's projections. So, the company had to revisit our overall indirect costs to hit our profitability goals.

The development at Swiggy comes just two months after Zomato fired around 3 per cent&nbsp;of its 3,800 workforces in November 2022.

Swiggy became the latest company to announce the layoff of its employees. The company is firing 380 employees as part of its latest layoff process. The impacted people received emails from Swiggy that is planning to sack hundreds of employees.

Swiggy became the latest company to announce the layoff of its employees. The company is firing 380 employees as part of its latest layoff process. The impacted people received emails from Swiggy that is planning to sack hundreds of employees. Earlier reports that surfaced in December, have said that Swiggy may lay off more than 250 employees or up to 5 per cent of its workforce, starting January. The food delivery company's CEO Sriharsha Majety has given several reasons for the layoff and apologised for the decision that Swiggy has taken to reduce headcounts. "We’re implementing a very difficult decision to reduce the size of our team as a part of a restructuring exercise. In this process, we will be bidding goodbye to 380 talented Swiggsters. This has been an extremely difficult decision taken after exploring all available options, and I’m extremely sorry to all of you for having to go through with this", the company's CEO said. Why Swiggy is firing hundreds of its employees? According to many media reports, Swiggy is planning to cut around 600 more jobs trimming its workforce by 8-10 per cent. One of the major reasons that the company has mentioned is the challenging macroeconomic conditions that it is facing. It revealed that the growth rate for food delivery has slowed down which has resulted in lower profits and reduced income. The executive has also blamed "overhiring" for its decision to layoff people. "Over the last year, under challenging macroeconomic conditions, companies around the world (public and private ) are adjusting to the new normal, with refreshed investment horizons and accelerated timelines for profitability. We’re no exception here and have already advanced our own timelines for profitability on food delivery and Instamart. While our cash reserves allow us to be fundamentally well positioned to weather harsh circumstances, we cannot make this a crutch and must continue identifying efficiencies to secure our long-term", the CEO said. The CEO also explained that the growth rate for food delivery has slowed down, which is totally against the company's projections. So, the company had to revisit our overall indirect costs to hit our profitability goals. The development at Swiggy comes just two months after Zomato fired around 3 per cent of its 3,800 workforces in November 2022.

Swiggy lays off 380 employees, CEO apologises for the 'extremely difficult decision'

According to reports, Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance. Watch this to know more.

Vodafone plans hundreds of job cuts in cost-saving measures

Amazon has revealed plans to shut three UK warehouses in a move which will impact 1,200 jobs. Watch this video to know more.

Amazon plans to shut three UK warehouses, 1200 jobs likely to be impacted

In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

The company anticipates restructuring costs to range between $149 million and $163 million.

More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession.

The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures.

The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny.

"We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters.

"We will be shutting down several projects where we have a lower probability of success."

Coinbase stated that it had nothing else to say regarding the programmes it intended to halt.

Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months.

This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles.

Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June,

In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year.

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In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters. The company anticipates restructuring costs to range between $149 million and $163 million. More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession. The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures. The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny. "We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters. "We will be shutting down several projects where we have a lower probability of success." Coinbase stated that it had nothing else to say regarding the programmes it intended to halt. Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months. This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles. Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June, In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year. WATCH WION LIVE HERE:

More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.&nbsp;The crypto exchange company told Reuters that&nbsp;it&nbsp;plans to lay off 20 per cent of its workforce.&nbsp;Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward."

<a href="https://www.wionews.com/world/amazon-to-cut-over-18000-workers-says-ceo-andy-jassy-549539">Also read |&nbsp;Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18</a>

The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has&nbsp;not started, but is expected to complete by the first quarter.

The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire'&nbsp;in the "(crypto) winter" despite the deteriorating macro environment.&nbsp;

When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm.&nbsp;

<a href="https://www.wionews.com/technology/tech-giant-salesforce-joins-the-layoff-bandwagon-fires-10-of-its-workforce-549485">Also read |&nbsp;Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce</a>

Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months.&nbsp;

Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko.&nbsp;

As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million.&nbsp;

However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. 
 
&nbsp;

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Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply. The crypto exchange company told Reuters that it plans to lay off 20 per cent of its workforce. Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward." Also read | Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18 The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has not started, but is expected to complete by the first quarter. The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire' in the "(crypto) winter" despite the deteriorating macro environment. When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm. Also read | Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months. Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko. As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million. However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. WATCH WION LIVE HERE

Crypto exchange firm Huobi to lay off 20% of workforce amid industry slump

Salesforce plans to cut its workforce by 10% and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with ‘too many people’ amid an economic slowdown.

World Business Watch: Salesforce to cut staff by 10% in latest layoffs

Cloud computing firm Salesforce announced on Wednesday that it was closing numerous offices and laying off roughly 8,000 workers, or nearly 10 per cent&nbsp;of its workforce. As the global economy enters a slump, Salesforce will now join fellow US digital giants like&nbsp;Twitter, Amazon, and Facebook-owner Meta in implementing layoffs. The California-based company claimed that last year's revenue decreased due to rife inflation and rising interest rates after experiencing excellent growth during the coronavirus pandemic.

"As our revenue accelerated through the pandemic, we hired too many people...and I take responsibility for that," Salesforce boss Marc Benioff said in a letter to employees.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/technology/from-reach-is-earned-not-bought-to-cause-based-advertising-twitter-to-lift-ban-on-political-advertising-549220">Shifting gears from reach is 'earned not bought' to 'cause-based advt', Twitter lifts ban on political ads</a>

The majority of the layoffs, according to the firm, will occur in the upcoming weeks and will cost between $1.4 billion and $2.1 billion.

Also watch |&nbsp;Gravitas: PM Sunak makes Maths mandatory for UK students

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Salesforce, a company that focuses on business software and cloud computing, claimed to have 79,000 employees worldwide as of December 2022.

This was a significant increase from the 49,000 employees in January 2020, right before the coronavirus epidemic drove office work online and gave Salesforce a substantial boost.

Following the news, Salesforce's stock increased by more than three per cent. The stock has dropped by around 44% in the last year.

(With inputs from agencies)

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Cloud computing firm Salesforce announced on Wednesday that it was closing numerous offices and laying off roughly 8,000 workers, or nearly 10 per cent of its workforce.

Cloud computing firm Salesforce announced on Wednesday that it was closing numerous offices and laying off roughly 8,000 workers, or nearly 10 per cent of its workforce. As the global economy enters a slump, Salesforce will now join fellow US digital giants like Twitter, Amazon, and Facebook-owner Meta in implementing layoffs. The California-based company claimed that last year's revenue decreased due to rife inflation and rising interest rates after experiencing excellent growth during the coronavirus pandemic. "As our revenue accelerated through the pandemic, we hired too many people...and I take responsibility for that," Salesforce boss Marc Benioff said in a letter to employees. Also read | Shifting gears from reach is 'earned not bought' to 'cause-based advt', Twitter lifts ban on political ads The majority of the layoffs, according to the firm, will occur in the upcoming weeks and will cost between $1.4 billion and $2.1 billion. Also watch | Gravitas: PM Sunak makes Maths mandatory for UK students Salesforce, a company that focuses on business software and cloud computing, claimed to have 79,000 employees worldwide as of December 2022. This was a significant increase from the 49,000 employees in January 2020, right before the coronavirus epidemic drove office work online and gave Salesforce a substantial boost. Following the news, Salesforce's stock increased by more than three per cent. The stock has dropped by around 44% in the last year. (With inputs from agencies) WATCH WION LIVE HERE:

Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce

In the face of looming layoffs, a leading newspaper's Pulitzer Prize-winning Indian-American editor has decided to step down from his position. The editor has made this choice in the hopes that other employees would be able to keep their jobs if his compensation is cut from the company's budget. The Detroit Free Press is owned by the media corporation Gannett, and Peter Bhatia is its editor. After two losses in a row, the company&nbsp;is cutting staff.

At earlier this week's employee gathering, Peter Bhatia made his departure from the company known.

“We’re in a difficult period economically. The company is going through a layoff process and I essentially made the decision to lay myself off in the interest of saving other jobs," Peter Bhatia said.

“I do have other opportunities that will probably come to work out at some point," Peter Bhatia added.

“But if by getting my salary out of the budget it saves some jobs of people on the staff, I think that’s the right thing for the Free Press,” he said.

Peter Bhatia will exit&nbsp;the newspaper early in the next year as a result. The number of paid subscribers to the Free Press website increased substantially during his direction. The father of Peter Bhatia is a native of Lucknow who attended Stanford University to study history and communication before working as an editor and reporter for a number of websites in the US.

In addition, he oversaw The Oregonian from 2010 to 2014, making history as the first person of South Asian heritage to lead a renowned American newspaper.

(With inputs from agencies)

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In the face of looming layoffs, a leading newspaper's Pulitzer Prize-winning Indian-American editor has decided to step down from his position. The editor has made this choice in the hopes that other employees would be able to keep their jobs if his compensation is cut from the company's budget.

In the face of looming layoffs, a leading newspaper's Pulitzer Prize-winning Indian-American editor has decided to step down from his position. The editor has made this choice in the hopes that other employees would be able to keep their jobs if his compensation is cut from the company's budget. The Detroit Free Press is owned by the media corporation Gannett, and Peter Bhatia is its editor. After two losses in a row, the company is cutting staff. At earlier this week's employee gathering, Peter Bhatia made his departure from the company known. “We’re in a difficult period economically. The company is going through a layoff process and I essentially made the decision to lay myself off in the interest of saving other jobs," Peter Bhatia said. “I do have other opportunities that will probably come to work out at some point," Peter Bhatia added. “But if by getting my salary out of the budget it saves some jobs of people on the staff, I think that’s the right thing for the Free Press,” he said. Peter Bhatia will exit the newspaper early in the next year as a result. The number of paid subscribers to the Free Press website increased substantially during his direction. The father of Peter Bhatia is a native of Lucknow who attended Stanford University to study history and communication before working as an editor and reporter for a number of websites in the US. In addition, he oversaw The Oregonian from 2010 to 2014, making history as the first person of South Asian heritage to lead a renowned American newspaper. (With inputs from agencies) WATCH WION LIVE HERE:

Amid layoff season, Indian-American Pulitzer-winning editor steps down so his staff can keep their jobs

Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards.&nbsp;Quoting an anonymous source familiar with the matter, Electrek reported that the layoffs will happen in the first quarter of next year.

Watch |&nbsp;World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

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Tesla has communicated to some employees that it will be stopping hiring.&nbsp;

However, with Tesla planning to expand in some manufacturing locations, it is not known how extensive the hiring freeze will be as no further details were made available.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-breaks-silence-after-damning-poll-called-for-his-resignation-as-twitter-ceo-544678">Elon Musk breaks silence after damning poll called for his resignation as Twitter CEO</a>

The current spate of layoffs comes after Tesla CEO Elon Musk implemented a 10 per cent staff cut in June. At the time, Musk reportedly gave different reasons to different people for the layoffs. He even chalked it up to a "very bad feeling" about the economy.

In the last year, since September and especially after Musk's acquisition of Twitter, Tesla stock has experienced a steady fall which might be contributing to the hiring freeze. This year, the company's shares have lost nearly 60 per cent of their value so far.

Also read |&nbsp;<a href="https://www.wionews.com/technology/tesla-reports-two-new-crash-fatalities-in-model-3-cars-linked-to-advanced-driver-assistance-systems-534811">Tesla reports two more crash fatalities in Model 3 cars linked to advanced driver assistance system</a>

On Wednesday, Tesla's shares tumbled to around $137 per share, it's lowest ever as Elon Musk blamed global macroeconomic conditions. Shares of Tesla as per Reuters rose 1 per cent to $139.25 in Thursday's trading before the bell.

(With inputs from agencies)

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Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards.

Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards. Quoting an anonymous source familiar with the matter, Electrek reported that the layoffs will happen in the first quarter of next year. Watch | World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report Tesla has communicated to some employees that it will be stopping hiring. However, with Tesla planning to expand in some manufacturing locations, it is not known how extensive the hiring freeze will be as no further details were made available. Also read | Elon Musk breaks silence after damning poll called for his resignation as Twitter CEO The current spate of layoffs comes after Tesla CEO Elon Musk implemented a 10 per cent staff cut in June. At the time, Musk reportedly gave different reasons to different people for the layoffs. He even chalked it up to a "very bad feeling" about the economy. In the last year, since September and especially after Musk's acquisition of Twitter, Tesla stock has experienced a steady fall which might be contributing to the hiring freeze. This year, the company's shares have lost nearly 60 per cent of their value so far. Also read | Tesla reports two more crash fatalities in Model 3 cars linked to advanced driver assistance system On Wednesday, Tesla's shares tumbled to around $137 per share, it's lowest ever as Elon Musk blamed global macroeconomic conditions. Shares of Tesla as per Reuters rose 1 per cent to $139.25 in Thursday's trading before the bell. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Tesla plans to implement hiring freeze, lay off more employees in 2023: Report

According to a report, electric-car maker Tesla will lay off employees in the next quarter. Reports also said Tesla is going to freeze hiring.

World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

China's Xiaomi Corp has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%.

World Business Watch: China smartphone maker Xiaomi to slash 15% of jobs, says report

Amazon is planning to fire 20,000 employees currently working in the company. In the coming months, Amazon will go through a huge layoff and the employees will be fired from their distribution centers located in several regions.

Amazon set to fire 20,000 employees, including top managers

As per reports, Amazon is planning to fire 20,000 employees currently working in the company. In the coming months, Amazon will go through a huge layoff and the employees will be fired from their distribution centres located in several regions. The corporate executive and technology staff will also be fired by the company, the DNA reported.

CEO Andy Jassy had earlier hinted about the layoff, however, he had not clearly specified the number of employees to be laid off. The New York Times had, in November, reported that the company was considering laying off employees.

However, a recent report now claims that the number of employees likely to be fired has now increased to 20,000 and that people at all levels are likely to be fired by the company. Recently, Amazon’s CEO announced that they would continue the process of a layoff and that the employees who will be impacted will be informed after everything is assessed by the company.

ALSO READ|&nbsp;<a href="https://www.wionews.com/world/china-services-activity-shrank-to-six-month-lows-in-november-caixin-pmi-540062">China services activity shrank to six-month lows in November: Caixin PMI</a>

So, it is highly likely that the number of employees to be fired has increased as all the departments in various regions are being reviewed rigorously so as to do cost cutting.&nbsp;

“Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments. Those decisions will be shared with impacted employees and organisations early in 2023. We haven’t concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down. And, as has been the case this week, we will prioritise communicating directly with impacted employees before making broad public or internal announcements,” Andy stated.

"We haven’t concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down," Jassy had written in the message sent on November 17.

Recently, while attending The New York Times DealBook conference, Jassy clarifying the reason for layoffs had said, “We just felt like we needed to streamline our costs.”&nbsp;

(With inputs from agencies)

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As per reports, Amazon is planning to fire 20,000 employees currently working in the company. In the coming months, Amazon will go through a huge layoff and the employees will be fired from their distribution centres located in several regions.

As per reports, Amazon is planning to fire 20,000 employees currently working in the company. In the coming months, Amazon will go through a huge layoff and the employees will be fired from their distribution centres located in several regions. The corporate executive and technology staff will also be fired by the company, the DNA reported. CEO Andy Jassy had earlier hinted about the layoff, however, he had not clearly specified the number of employees to be laid off. The New York Times had, in November, reported that the company was considering laying off employees. However, a recent report now claims that the number of employees likely to be fired has now increased to 20,000 and that people at all levels are likely to be fired by the company. Recently, Amazon’s CEO announced that they would continue the process of a layoff and that the employees who will be impacted will be informed after everything is assessed by the company. ALSO READ| China services activity shrank to six-month lows in November: Caixin PMI So, it is highly likely that the number of employees to be fired has increased as all the departments in various regions are being reviewed rigorously so as to do cost cutting. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments. Those decisions will be shared with impacted employees and organisations early in 2023. We haven’t concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down. And, as has been the case this week, we will prioritise communicating directly with impacted employees before making broad public or internal announcements,” Andy stated. "We haven’t concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down," Jassy had written in the message sent on November 17. Recently, while attending The New York Times DealBook conference, Jassy clarifying the reason for layoffs had said, “We just felt like we needed to streamline our costs.” (With inputs from agencies)

It appears to be the ‘layoff season’ in the United States, as a Mississippi-based furniture company abruptly fired all of its 2,700 of its employees ahead of Thanksgiving, according to multiple media reports. Employees were reportedly sent an email or a text message asking them to not come to work the next day.&nbsp;

“At the instruction of the board of directors…we regret to inform you that due to unforeseen business circumstances, the company has been forced to make the difficult decision to terminate the employment of all its employees, effective immediately, on November 21,” said the United Furniture Industries (UFI), in one of the messages sent to workers, reported the New York Post.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/google-to-lay-off-at-least-10000-poor-performing-employees-report-536482">Google to lay off at least 10,000 ‘poor-performing’ employees in 2023: Report</a>

“Your layoff from the company is expected to be permanent and all benefits will be terminated immediately without provision of COBRA,” said the UFI, in the message. The provision referred to is a federal law which gives employees an option (in some cases) to retain their health insurance, which is paid for by the employer.

The messages were sent right before midnight on November 21 while several employees were asleep, said a report by the Guardian. However, the “over-the-road drivers” that were out of delivery were an exception to the immediate termination and were told that they will be paid for the rest of the week but they should “return equipment, inventory and delivery documents,” immediately, said the New York post citing the memo.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/how-to-lay-off-proof-your-finances-6-ways-to-manage-money-after-job-loss-534378">How to lay-off proof your finances: 6 ways to manage money after job loss</a>

The company was at least two decades old and had reportedly fired three of its top executives earlier this year. This was followed by UFI firing at least 500 employees across three states, North Carolina, Mississippi and California, said media reports.&nbsp;

A company spokesperson told FreightWaves that the employees were asked to come on Tuesday to gather their belongings. The email said, “We are not certain of the timeframe for this but will communicate proactively.” Reportedly, no other explanation was given to the workers for their abrupt termination and the employees have since expressed shock and anger.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/electrolux-to-lay-off-4000-people-worldwide-citing-heavy-losses-in-third-quarter-529290">Electrolux to lay off 4,000 people worldwide citing heavy losses in third-quarter</a>

“It’s not fair to the labourers who seriously worked so hard to be blindsided like this. It’s not fair to the mom who just had a baby to wonder if she even has health insurance to cover it…not fair to the cancer patient in the midst of chemo about how to pay for her treatments,” said one of the employees to FreightWaves.&nbsp;

Meanwhile, a former employee in Mississippi has reportedly filed a lawsuit against UFI alleging that they violated federal law, according to which a worker must be given a 60-day notice before the company shuts its operations.

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It appears to be the ‘layoff season’ in the United States, as a Mississippi-based furniture company abruptly fired all of its 2,700 of its employees ahead of Thanksgiving, according to multiple media reports.

It appears to be the ‘layoff season’ in the United States, as a Mississippi-based furniture company abruptly fired all of its 2,700 of its employees ahead of Thanksgiving, according to multiple media reports. Employees were reportedly sent an email or a text message asking them to not come to work the next day. “At the instruction of the board of directors…we regret to inform you that due to unforeseen business circumstances, the company has been forced to make the difficult decision to terminate the employment of all its employees, effective immediately, on November 21,” said the United Furniture Industries (UFI), in one of the messages sent to workers, reported the New York Post. ALSO READ | Google to lay off at least 10,000 ‘poor-performing’ employees in 2023: Report “Your layoff from the company is expected to be permanent and all benefits will be terminated immediately without provision of COBRA,” said the UFI, in the message. The provision referred to is a federal law which gives employees an option (in some cases) to retain their health insurance, which is paid for by the employer. The messages were sent right before midnight on November 21 while several employees were asleep, said a report by the Guardian. However, the “over-the-road drivers” that were out of delivery were an exception to the immediate termination and were told that they will be paid for the rest of the week but they should “return equipment, inventory and delivery documents,” immediately, said the New York post citing the memo. ALSO WATCH | How to lay-off proof your finances: 6 ways to manage money after job loss The company was at least two decades old and had reportedly fired three of its top executives earlier this year. This was followed by UFI firing at least 500 employees across three states, North Carolina, Mississippi and California, said media reports. A company spokesperson told FreightWaves that the employees were asked to come on Tuesday to gather their belongings. The email said, “We are not certain of the timeframe for this but will communicate proactively.” Reportedly, no other explanation was given to the workers for their abrupt termination and the employees have since expressed shock and anger. ALSO READ | Electrolux to lay off 4,000 people worldwide citing heavy losses in third-quarter “It’s not fair to the labourers who seriously worked so hard to be blindsided like this. It’s not fair to the mom who just had a baby to wonder if she even has health insurance to cover it…not fair to the cancer patient in the midst of chemo about how to pay for her treatments,” said one of the employees to FreightWaves. Meanwhile, a former employee in Mississippi has reportedly filed a lawsuit against UFI alleging that they violated federal law, according to which a worker must be given a 60-day notice before the company shuts its operations. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US-based furniture company fires all 2,700 employees, days before Thanksgiving: Reports

The PC maker, Hewlett-Packard (HP) has said that it would lay off layoff 10 per cent of its global workforce over the next three years. Watch this video to know more.

HP laying off 6000 employees globally over the next three years

Several tech companies are opting for mass layoffs due to uncertainties in the market. WION speaks to Huawei Technologies' Former VP Simon Lacey about the same.

Huawei Technologies' Former VP Simon Lacey on why tech companies are going for mass layoffs?

HP to lay off 10% of global workforce by 2025

Are you one of those who recently lost your job? Here are six ways you can dodge going moneyless after the job loss.

How to lay-off proof your finances: 6 ways to manage money after job loss

Twitter is being sued by the employees over Elon Musk’s plan to cut 3,700 jobs, which is about half of the workforce, reports Bloomberg.

They filed a class-action suit on Thursday in San Francisco federal court, claiming that the company’s decision to retrench the staff is in violation of federal and California law.

The petition has cited the Worker Adjustment and Retraining Notification (WARN) Act which prohibits large companies from eliminating jobs without at least 60 days of advance notice.

In their lawsuit, they have urged the court to issue an order asking Musk to obey the WARN Act and restrict the company from forcing employees to sign documents that could give up their right to participate in litigation.

“We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan, the attorney who filed Thursday’s complaint, said in an interview to Bloomberg.

Watch |&nbsp;Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs

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Earlier, the company had shared in a memo to employees that&nbsp;it is going to lay off around 3,700 people and they will be informed via mail. The social media company also asked the employees not to visit the office as they are temporarily closing down. The mail said that it will alert the staff&nbsp;by 9 am&nbsp;(pacific time) on Friday (1600 GMT) about the job cuts.

Also read |&nbsp;<a href="https://www.wionews.com/world/reports-twitter-set-to-begin-mass-layoffs-staff-to-know-employment-status-via-email-531035">Twitter set to begin mass layoffs, staff to know employment status via email: Report</a>

"In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday," the mail seen by Reuters news agency stated.&nbsp;

The mail also said that they want to inform the “impacted individuals as quickly as possible” therefore the news will be communicated via email. It added, “If your employment is not impacted, you will receive a notification via your Twitter email.” On the other hand, if it has "impacted" their employment&nbsp;they would be notified regarding their next steps via their personal email.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/image-shows-twitter-employee-sleeping-on-office-floor-after-musk-takeover-530692">Image shows Twitter employee sleeping on office floor after Musk takeover</a>

The microblogging site said that its offices have been closed temporarily and all badge access will be suspended "to help ensure the safety of each employee as well as Twitter systems and customer data."

(With inputs from agencies)

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Twitter is being sued by the employees over Elon Musk’s plan to cut 3,700 jobs, which is about half of the workforce, reports Bloomberg. They filed a class-action suit on Thursday in San Francisco federal court, claiming that the company’s decision to retrench the staff is in violation of federal and California law.

Twitter is being sued by the employees over Elon Musk’s plan to cut 3,700 jobs, which is about half of the workforce, reports Bloomberg. They filed a class-action suit on Thursday in San Francisco federal court, claiming that the company’s decision to retrench the staff is in violation of federal and California law. The petition has cited the Worker Adjustment and Retraining Notification (WARN) Act which prohibits large companies from eliminating jobs without at least 60 days of advance notice. In their lawsuit, they have urged the court to issue an order asking Musk to obey the WARN Act and restrict the company from forcing employees to sign documents that could give up their right to participate in litigation. “We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan, the attorney who filed Thursday’s complaint, said in an interview to Bloomberg. Watch | Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs Earlier, the company had shared in a memo to employees that it is going to lay off around 3,700 people and they will be informed via mail. The social media company also asked the employees not to visit the office as they are temporarily closing down. The mail said that it will alert the staff by 9 am (pacific time) on Friday (1600 GMT) about the job cuts. Also read | Twitter set to begin mass layoffs, staff to know employment status via email: Report "In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday," the mail seen by Reuters news agency stated. The mail also said that they want to inform the “impacted individuals as quickly as possible” therefore the news will be communicated via email. It added, “If your employment is not impacted, you will receive a notification via your Twitter email.” On the other hand, if it has "impacted" their employment they would be notified regarding their next steps via their personal email. Also read | Image shows Twitter employee sleeping on office floor after Musk takeover The microblogging site said that its offices have been closed temporarily and all badge access will be suspended "to help ensure the safety of each employee as well as Twitter systems and customer data." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's Twitter sued over plans to lay off half of workforce

India layoffs hits Byju's, founder and CEO Byju Raveendran has apologized to firms' employees for the clumsy layoffs. The company stated that around 2,500 job cuts were necessitated to avoid role duplication.

WION Business News | Byju's founder apologizes to employees for clumsy layoffs

Billionaire and Twitter's new owner Elon Musk reportedly fired top management of the social media platform as he wanted to avoid hefty severance payouts, said media reports. The reports also hinted that Musk may be planning mass layoffs at the social media giant.

Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde on completion of a high-profile $44 billion buyout of the social media platform on Thursday.

Musk had accused them of misleading him and Twitter investors over the number of fake accounts.

Citing unidentified people familiar with the matter, The Information reported that Elon Musk terminated four top Twitter executives, including Agrawal and Segal "for cause," in an apparent effort to avoid severance pay and unvested stock awards.

Also Read | <a href="https://www.wionews.com/world/so-demanding-says-elon-musk-after-receiving-management-course-deadline-from-twitter-529662">'So demanding', says Elon Musk after receiving 'management course' deadline from Twitter</a>

Several US mediahouses including The New York Times and the Wall Street Journal reported that Elon Musk had ordered job cuts across Twitter. According to the reports, some teams will be trimmed more than others and layoffs would take place before November 1. Employees are scheduled tp receive stock grants as part of their compensation on November 1.&nbsp;

Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday.

(With inputs from agencies)

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Billionaire and Twitter's new owner Elon Musk reportedly fired top management of the social media platform as he wanted to avoid hefty severance payouts, said media reports.

Billionaire and Twitter's new owner Elon Musk reportedly fired top management of the social media platform as he wanted to avoid hefty severance payouts, said media reports. The reports also hinted that Musk may be planning mass layoffs at the social media giant. Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde on completion of a high-profile $44 billion buyout of the social media platform on Thursday. Musk had accused them of misleading him and Twitter investors over the number of fake accounts. Citing unidentified people familiar with the matter, The Information reported that Elon Musk terminated four top Twitter executives, including Agrawal and Segal "for cause," in an apparent effort to avoid severance pay and unvested stock awards. Also Read | 'So demanding', says Elon Musk after receiving 'management course' deadline from Twitter Several US mediahouses including The New York Times and the Wall Street Journal reported that Elon Musk had ordered job cuts across Twitter. According to the reports, some teams will be trimmed more than others and layoffs would take place before November 1. Employees are scheduled tp receive stock grants as part of their compensation on November 1. Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Musk fired top Twitter execs to avoid payouts, has ordered more job cuts: Reports

Ride-hailing giant Ola is reportedly laying off around 200 staff in another round, this time from its various software verticals of ANI technologies, which operates at Ola Cabs, as sales of its electric two-wheeler decrease.

As part of a bigger reorganisation effort towards its electric ambition, over 200 employees from Ola Electric's software verticals have been asked to leave, leaving its 2,000-strong engineer team with less than 10% of the total.&nbsp;

Multiple employees who were let off as part of the "restructuring exercise" worked on the Ola app, according to a Monday report by CNBC. Nearly 1,100 people worked for the company owned by Bhavish Aggarwal's primary ride-hailing division.

The company denied <a href="https://www.wionews.com/sports/devastated-that-my-time-at-chelsea-has-come-to-an-end-thomas-tuchel-reacts-after-being-sacked-515346">sacking</a> 500 employees, adding that it is “centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions,” said the company.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/as-recession-fears-mount-wall-street-tumbles-to-a-two-month-low-516999">As recession fears mount, Wall Street tumbles to a two-month low</a>

“The company currently has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months,” the company mentioned.

More than 1,000 employees at the <a href="https://www.wionews.com/world/how-intelligent-is-central-intelligence-agency-cias-spotty-record-of-75-years-517112">company</a> were impacted by earlier restructuring initiatives that affected workers in the product, marketing, sales, supply, tech, business, and operations verticals.

However, sources claim that those layoffs only affected 500 workers rather than 1,000, and that they "were a result of restructuring in the Cars and Dash divisions."

(With inputs from agencies)

Ride-hailing giant Ola is reportedly laying off around 200 staff in another round, this time from its various software verticals of ANI technologies, which operates at Ola Cabs, as sales of its electric two-wheeler decrease.

Ride-hailing giant Ola is reportedly laying off around 200 staff in another round, this time from its various software verticals of ANI technologies, which operates at Ola Cabs, as sales of its electric two-wheeler decrease. As part of a bigger reorganisation effort towards its electric ambition, over 200 employees from Ola Electric's software verticals have been asked to leave, leaving its 2,000-strong engineer team with less than 10% of the total. Multiple employees who were let off as part of the "restructuring exercise" worked on the Ola app, according to a Monday report by CNBC. Nearly 1,100 people worked for the company owned by Bhavish Aggarwal's primary ride-hailing division. The company denied sacking 500 employees, adding that it is “centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions,” said the company. Also read | As recession fears mount, Wall Street tumbles to a two-month low “The company currently has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months,” the company mentioned. More than 1,000 employees at the company were impacted by earlier restructuring initiatives that affected workers in the product, marketing, sales, supply, tech, business, and operations verticals. However, sources claim that those layoffs only affected 500 workers rather than 1,000, and that they "were a result of restructuring in the Cars and Dash divisions." (With inputs from agencies)

Report: Ola lays off around 200 employees as part of ‘restructuring exercises’

As it finalizes its new structure, convenience store chain 7-eleven has slashed around 1,000 corporate jobs in the US. Job cuts at support centres, and field support operations were also there.

7-eleven lays off US employees: Job cuts at support centres, field support operations

Netflix has decided to lay off around 4% of the workforce. It lay off 300 employees amid a cost-cutting drive. The layoff has mostly affected the employees in the US.

Netflix lays off 300 employees amid a cost-cutting drive

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