tech industry

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Donations to Trump Illustrate a Big-Business Shift
What a $1M Donation
Gets at the Inauguration
the rundown
Dec 25, 2024 8:31 AM CST

What a $1M Donation Gets at the Inauguration

Perks include 'candlelight dinner' with Trump, with big automakers the latest to sign up

(Newser) - "Everybody wants to be my friend," President-elect Trump has said of his 2024 transition to the White House. Judging by the fast-growing list of companies making major donations to his inauguration festivities, it's hard to argue the point. On Tuesday, Toyota became the latest with a pledge...

Guy Who Killed, Dismembered His Ex-Boss Learns His Fate

Tyrese Haspil was convicted in June

(Newser) - The former executive assistant to tech entrepreneur Fahim Saleh was on Tuesday sentenced to 40 years to life behind bars for Saleh's 2020 murder. Tyrese Haspil, 25, was convicted in June of stabbing and dismembering his ex-boss at Saleh's Manhattan condo, where his body was found, the AP...

Cisco Systems Announces Mass Layoffs
Cisco Systems Announces
Mass Layoffs
Feb 15, 2024 12:30 AM CST

Cisco Systems Announces Mass Layoffs

More than 4K employees to be let go, following 2022 layoffs of 5K

(Newser) - Internet networking pioneer Cisco Systems is jettisoning more than 4,000 employees, joining the parade of technology companies in a trend that has helped boost their profits and stock prices while providing a sobering reminder of the job insecurity hanging over an industry increasingly embracing artificial intelligence, the AP reports....

Yes, Getting Fired on TikTok Is Now a Trend

Amid tech layoffs, remote workers are metaphorically packing up their desks online

(Newser) - Remote work has made getting laid off from a job a lonely affair. As people virtually pack up their desks, there are no rounds of drinks from commiserating co-workers or a chance for personal goodbyes. Young workers are bridging this gulf, the New York Times reports, by streaming recordings of...

eBay Staff Told to Work at Home Today for 'Space and Privacy'

9% of its workforce will be laid off, CEO Jamie Iannone said Tuesday

(Newser) - The bloodletting in the tech sector continues to creep into 2024. On Tuesday, eBay employees were told via an internal letter that the company will shave its workforce by 9%, or by about 1,000 full-time jobs, reports CNBC . CEO Jamie Iannone blamed a mismatch between "overall headcount and...

DA Condemns 'Horrific' Killing of Cash App Founder

Bob Lee was fatally stabbed in San Francisco

(Newser) - This story has been updated with new developments. San Francisco Mayor London Breed has condemned the killing of a tech luminary who was reportedly stabbed to death in the city early Tuesday. Breed described the death of Bob Lee, founder of Cash App and chief product officer of crypto startup...

Largest Bank Collapse Since 2008 Just Went Down

FDIC shutters Silicon Valley Bank, seizes its assets

(Newser) - The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of SVB and immediately took possession of all deposits at the bank. The bank had...

Spotify Plans Layoffs, After Boss Concedes Miscalculation

Streaming platform will cut about 600 employees

(Newser) - Chief executive Daniel Ek told employees Monday that Spotify has been cutting costs for months. "It simply hasn't been enough," the staff memo said. So about 600 employees, 6% of the workforce, will lose their jobs, the New York Times reports. Government filings show the audio streaming...

Microsoft Added 40K Jobs in 2022. Now, an About-Face

Company on Wednesday announced 10K jobs would be cut

(Newser) - Add Microsoft to the ever-growing list of tech companies announcing 4- and 5-figure layoffs. The company on Wednesday said it would lay off 10,000 employees, or roughly 5% of its 221,000-person workforce, by the quarter ending March 31, with layoffs beginning this week, reports CNBC . CEO Satya Nadella...

DoorDash Becomes Next Tech Player to Shed Jobs
The Bloodletting
Comes to DoorDash
Nov 30, 2022 2:25 PM CST

The Bloodletting Comes to DoorDash

More than 1K corporate employees were laid off Wednesday

(Newser) - DoorDash shares are down more than 60% for the year but saw a bump on Wednesday after the company announced it was axing 1,250 corporate employees as a cost-cutting measure. CNBC reports it had 8,600 such employees at the end of last year; the AP reports the cuts...

Beware of Chinese Spying, Heads of FBI, MI5 Warn

Tech is most at risk, directors tell business, education leaders in London

(Newser) - Seeking maximum impact, the heads of the FBI and Britain's MI5 stood together Wednesday to warn of the danger of Chinese espionage. Western technology companies are especially at risk of losing intellectual property, the two told chief executives at Thames House, headquarters of the British domestic security agency, in...

Workers in One Sector Are Seeing Lots of Layoffs
Workers in One Sector Are
Seeing Lots of Layoffs
IN CASE YOU MISSED IT
Jun 11, 2022 12:05 PM CDT

Workers in One Sector Are Seeing Lots of Layoffs

The post-pandemic economy isn't turning out the way some investors hoped

(Newser) - Overall, the US job market remains strong, according to the Labor Department’s latest jobs report, which shows US employers added 428,000 jobs in May amid record-high job openings. Meanwhile, per Reuters, layoffs and unemployment claims remain far below levels that might signal an economic downturn. "A low...

Tech Stocks Hit Wrong Kind of Milestone


Is the Tech
Bubble
Bursting?
May 10, 2022 6:30 AM CDT

Is the Tech Bubble Bursting?

Leading companies have lost $1T in value in just 3 days, reports CNBC

(Newser) - Soaring tech stocks hit all kinds of milestones as they led a market resurgence. Now comes a milestone of the opposite variety: CNBC reports that the biggest companies in the sector have lost a combined $1 trillion in value in just the last three days of trading. Apple has fared...

What Happens When Engineers Are Told to Make Deliveries?

At least one six-figure employee had some salty language about DoorDash program

(Newser) - Asking an engineer making a six-figure salary to do a basic job is not the craziest idea—plenty of companies expect senior and management-level employees to work entry-level positions. It’s not an old-fashioned idea, or one alien to tech, either. Zappos has its engineers and execs work customer service...

Apple Flips on Right to Repair, Will Sell Parts to Consumers

Program to start with iPhone 12 and 13 next year, then add Macs

(Newser) - In a victory for the right-to-repair movement, as well as owners of Apple products, the company soon will permit DIY repairs. Apple announced Wednesday that it will provide instructions on home repairs, as well as start selling more than 200 parts and the necessary tools, the Verge reports. Until now,...

Frances Haugen's Fight Has a Billionaire Backer

EBay founder Pierre Omidyar's organizations are giving financial support to Facebook whistleblower

(Newser) - Frances Haugen's fight against Facebook is receiving funding from a billionaire: tech critic and eBay founder Pierre Omidyar. Omidyar's global philanthropic organization Luminate gave $150,000 last year to nonprofit Whistleblower Aid, which is handling Haugen's legal representation , Politico reports. However, Whistleblower Aid is also seeking donations...

Calls for a New 'Moonshot,' This Time for an Earthly Worry

Intel CEO says the US needs to reclaim its leadership on semiconductors

(Newser) - The world is facing a shortage of semiconductor chips, and the ramifications can be seen in the temporary closing of several US auto plants around the country, reports NPR . The chips are crucial to more than automobiles, however, and the supply crunch threatens to slow economic recovery from the pandemic....

Bumble's Debut Makes CEO a Billionaire

Few self-made women have achieved such wealth

(Newser) - Shares of Bumble reached $72 on Thursday afternoon in the company's market debut, making its chief executive not only wealthy but a rarity. That price meant that Whitney Wolfe Herd's shares were worth $1.5 billion. Few tech entrepreuners bursting into such territory are women, Bloomberg reports; 559...

Founder of Electronics Dynasty Has Died

Lee Kun-hee transformed Samsung

(Newser) - The man who turned Samsung into a tech powerhouse—and nearly lost it all amid white-collar crime convictions—died Sunday in Seoul, the Washington Post reports. Lee Kun-hee was 78. "Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local...

Vine Founder Texted 'Candyshop' Before OD Death

6 charged with conspiring to distribute drugs in NYC

(Newser) - Six people who allegedly operated a drug delivery service called Mike's Candyshop have been arrested in connection with the overdose death of Vine founder Colin Kroll. The suspects, ages 25 to 38, each face a mandatory minimum sentence of 10 years in prison on a charge of conspiring to...

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