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☆ Former students say a California school district 'ignored and concealed' sexual abuse
▼ + stars: | 2024-05-08 | by ( Matt Drange | ) www.businessinsider.com time to read: +14 min

Three former students have filed suit, saying a SoCal school district failed to protect them from "rampant" sexual abuse. AdvertisementA group of sexual abuse survivors have filed suit in Los Angeles Superior Court, saying their high school district failed to protect them from predatory teachers for years. Administrators failed to properly supervise employees, the lawsuit claims, and repeatedly "ignored and concealed the sexual abuse of minor students." "It's about protecting the interests of the school district over protecting children." After leaving a job as PE teacher in the Lake Washington School District outside of Seattle, Scott Nelson was coaching basketball in the Issaquah school district.

Persons: —, Clara, Wing Chan, Alex Rai, Jane Doe, Eduardo Escobar, Escobar, I've, Michael Carrillo, Carrillo, Mark Abramson, Edward Zuniga, Chan, Rai, Edwin Reyes Villegas, Villegas, David Pitts, Pitts, Cindy, Ross Perry, Pitts didn't, didn't, Kristy, Sofia Hernandez, EMUHSD, Lee, William Riddell, Riddell, Lee couldn't, they'd, Jason Miyares, Erin Sucher O'Grady, Sucher O'Grady, Tony Arnold, Eric Burgess, she'd, David Brobeck, Brobeck, he'd, Nicole Miller, Burgess, Scott Nelson, He'd, Nelson, Lax, Matt Drange Organizations: Business, Rosemead, Service, Los Angeles Superior Court, Southern, Los, Los Angeles County Sheriff's Department, El Monte Union High School District, Business Insider, LA County Probation Department, Gabrielino, Ceanothus, High School, Fairfax County Police, Virginia Attorney's, Virginia, Fairfax County Police Department, Clayton High School, Laguna Beach High School, Laguna Beach Unified School District, Associates, Lake Washington School District, Issaquah, of Education, Los Angeles County Sheriff's, Temple City Locations: Los Angeles, Southern California, LA, California, Loudoun County , Virginia, Spokespeople, Fairfax, Louis County , Missouri, Laguna, Rosemead, Seattle, Issaquah, Lake Washington, Temple

☆ Condé Nast has reached a deal with its union, and some call it bittersweet
▼ + stars: | 2024-05-06 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Read previewThe labor union representing Condé Nast employees reached a tentative agreement with the company, hours before the union was set to strike ahead of one of fashion's biggest events of the year, the Anna Wintour-cohosted Met Gala. AdvertisementThe win is bittersweet for some union members. Union members who spoke with Business Insider expressed relief and elation over the contract achievement and resulting employment benefits at Condé Nast, historically known for its low starting pay. Related stories"There's just not going to be any more, 'You're going to make 30 grand a year and work your fingers to the bone,'" said one Condé Nast staffer. "I'm definitely thinking about layoffs," a second Condé Nast staffer said.

Persons: —, Condé, Anna Wintour, cohosted, repped Condé, Roger Lynch, There's, Condé Nast, couldn't, Nast, Mark Alan Burger, we're Organizations: Service, Condé Nast, Business, Union, Vogue, GQ, New York, Metropolitan Museum of Art Locations: New York, New York City, Bon, Union

☆ The US may already be in recession as job cuts accelerate, research CEO says
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The US economy may already be mired in recession, Danielle DiMartino Booth told Bloomberg TV. Downside labor revisions and rising job losses indicate a downturn has hit, the QI Research CEO said. AdvertisementThe US is already mired in recessionary downturn, and rising job losses prove it, veteran forecaster Danielle DiMartino Booth told Bloomberg TV. AdvertisementBy that standard, the rule was triggered in October of last year, according to recently published labor revisions through the third quarter of 2023, indicating job losses of 192,000. Other analysts have also projected rising recession risk, hand-in-hand with a labor market fallout.

Persons: Danielle DiMartino Booth, —, there's, it's, Booth, Goldman Sachs, payrolls, David Rosenberg Organizations: Bloomberg TV, Downside, QI, Service, Bloomberg, Fox Business

☆ When my husband was laid off, we tried to reassure our kids everything would be OK. Meanwhile, I wasn't so sure.
▼ + stars: | 2024-05-05 | by ( Liz Alterman | ) www.businessinsider.com time to read: +7 min

Unintentionally, they sat on the living room couch in order of age from left to right: Sam, Ben, Charlie. Sam and Charlie both had chocolatey brown hair like Rich and chestnut eyes while Ben was all vanilla with blond hair and light blue eyes. Our kids had a hard time understanding what had happened"So, wait, wait, Dad was fired?" "I just mean the group I was part of decided that they don't need as many people anymore," Rich said. Sam and Ben dashed to the kitchen with Charlie on their heels, ever the little brother.

Persons: —, Ben, Charlie, Rich, I've, Dad, Charlie giggled, Sam, he'd, I'd, who'd, they'd, He'd, dibs, Liz Alterman Organizations: Service, Business, Sad, Vine Leaves Press

☆ Read the email Fisker sent to staff warning of layoffs if the company can't correct course
▼ + stars: | 2024-04-30 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFisker warned employees on Monday that they could be laid off in two month and the company's facility could close if the company is unable to course correct. The company told staff it was bringing in a restructuring officer last week, according to a previous email viewed by BI. AdvertisementThree current employees told BI that everyone they had spoken to at Fisker said they had received the notice. Should this possibility materialize, the Company has an obligation to provide "conditional notice" that employees — including yourself — will be terminated on June 28, 2024.

Persons: —, Fisker, John DiDonato Organizations: Service, Business, BI, Worker, Fisker, Inc, Company Locations: Manhattan Beach , California, La Palma , California, Munich, Vienna, ____________

☆ Elon Musk had a 'hilarious' way of asking if an ex-Twitter exec wanted to work for him
▼ + stars: | 2024-04-30 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Elon Musk had a strange way of phrasing a job offer to a former Twitter exec. Beykpour said Musk asked if he wanted to "swipe right" and "hang out and work on the product." During one of their conversations, Musk asked if Beykpour would be interested in continuing to work on product at Twitter. Musk asked Beykpour to "swipe right on whether you want to be here," the Periscope cofounder said. He used the swipe right, swipe left Tinder metaphor and I thought that was kind of hilarious coming from him," Beykpour said.

Persons: Elon Musk, Kayvon Beykpour, Musk's, Beykpour, Musk, —, Parag Agrawal, Elon Musk's, Getty, Noam Galai Beykpour, Walter Isaacson, Isaacson, Elon, I'm, I've Organizations: Twitter, Service Locations: Elon

☆ Volkswagen’s electric car orders double in Europe
▼ + stars: | 2024-04-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Volkswagen’s orders for electric vehicles shot up in Europe in the first quarter of 2024 compared with a year ago, countering suggestions that drivers may be losing interest in EVs. New orders for electric cars more than doubled in Europe, Volkswagen said in an earnings statement Tuesday. He acknowledged, however, that the pace of EV sales growth in Europe and the United States had been slower than the German carmaker had originally anticipated. As for Volkswagen’s EV deliveries, they declined 16% in Europe in the first quarter compared with the same period in 2023. “With these actions and our highly profitable combustion engine car business, we are well-prepared to continue to play a leading role in China,” Antlitz said.

Persons: London CNN —, Arno Antlitz, carmaker, ”, Antlitz, ” Antlitz Organizations: London CNN, Volkswagen, Europe’s, CNN, EV, ” Locations: Europe, EVs ., United States, China

☆ Elon Musk is going hardcore again
▼ + stars: | 2024-04-30 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

Elon Musk said Tesla needs to be "absolutely hard core about headcount," The Information reported. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk wants there to be no doubt that Tesla needs to be "hardcore." This isn't the first time Musk has sent a threatening late-night email to his employees or talked about the importance of a "hardcore" culture. AdvertisementThe latest cuts at Tesla arrive weeks after Musk announced Tesla layoffs that would impact more than 10% of its workforce.

Persons: Elon Musk, Tesla, Musk, —, Rebecca Tinucci, Daniel Ho, Tinucci Organizations: Service, Twitter, EVs

☆ A tax compliance startup raised millions. Then it abruptly shut down, and the founder cut off contact.
▼ + stars: | 2024-04-29 | by ( Ben Bergman | ) www.businessinsider.com time to read: +13 min

Even the human-resources firm retained to help employees with offboarding, Tandem, quit soon after the layoffs because it never got paid. Shannon Flynn Bevers, Tandem's president and founder, said that she tried to help employees but that Johnson stopped responding. "When startups go out of business, they will pay employees their final paycheck. Johnson told employees to take a weeklong furlough and blamed the issue on a technical snafu. She also told employees they could file a claim with their state labor department or hire an employment lawyer.

Persons: Slack, Shiloh Johnson, Johnson, they'd, Benjamin Matthews, Shannon Flynn Bevers, I've, Flynn Bevers, VCs, Josh Felser, Aerin Paulo, ComplYant's, I'd, ComplYant, podcaster David Sacks, Michael Tam, Tam, Matthews, Ryan Cady, Lusely Martinez, Martinez, Cady, paychecks, wasn't, Taliah McGuire, McGuire, what's, Shiloh Luckey, Penelope, We've Organizations: Business, offboarding, . Venture, BI, Craft Ventures, ComplYant, Mucker, Slauson, — Mucker, Fika Ventures, Employees Locations: Los Angeles, Shiloh, San Francisco, Colorado, New York, TikTok

☆ Influencer-marketing startup Grin has laid off staffers in a new round of cuts
▼ + stars: | 2024-04-25 | by ( Amanda Perelli | Sydney Bradley | ) www.businessinsider.com time to read: +2 min

The influencer-marketing platform Grin has laid off "many" staffers — in the company's third round of layoffs in recent months — a spokesperson confirmed to Business Insider. As the company grew, "a distance also grew" between the platform and its customers, the Grin spokesperson said in a statement. First, in November 2022, the company laid off 60 staffers, mostly in Grin's sales department, the company confirmed to BI at the time. Then, in March 2023, the company laid off several staffers across multiple departments, sources close to the company told Business Insider. The impacted staffers in this latest round of cuts will receive a three-month severance package and extended healthcare benefits, the Grin spokesperson said.

Persons: —, Grin, Brandon Brown Organizations: Business, Red, BI Locations: France

☆ PIPs do more harm than good. In my 30-year HR career, here's the best alternative I've seen.
▼ + stars: | 2024-04-23 | by ( Steve Cadigan | ) www.businessinsider.com time to read: +5 min

Read previewOver the past three decades, I've witnessed various approaches to performance-improvement plans (PIPs) as an HR executive across five different industries and three countries. Once the PIP process begins, this fracture in trust is seldom repaired. AdvertisementA better approach involves choiceFrom 1998 to 2004, I was an HR executive at Cisco Systems, where I encountered a novel approach to the traditional PIP process. Prior to my arrival, Cisco had recognized that something was broken in the PIP process. Looking at the data and listening to employees, the HR team developed a new approach that involved choice.

Persons: —, I've, Steve Cadigan Organizations: Service, Business, underperformance, Cisco Systems, Cisco

☆ Tech's earnings bonanza this week shines spotlight on growing troubles at Tesla, Google
▼ + stars: | 2024-04-22 | by ( Hayden Field | ) www.cnbc.com time to read: +10 min

Justin Sullivan | Getty ImagesAs tech's behemoths get set to report earnings this week, they do so facing a mountain of drama. Tesla kicks off tech earnings season after the close of trading on Tuesday, with shares of the electric vehicle maker trading at their lowest since January 2023. When it comes to AI, Meta debuted its assistant — Meta AI — on WhatsApp, Instagram, Facebook and Messenger last week. Loren Elliott | Bloomberg | Getty ImagesOn a busy Thursday for tech earnings, Alphabet is likely to capture the most attention. On Thursday, Alphabet CEO Sundar Pichai announced a consolidation of the company's AI teams, including responsible AI and related research teams, under the Google DeepMind umbrella.

Persons: Sundar Pichai, Justin Sullivan, tech's behemoths, Tesla, Microsoft's, Lip, CNBC's, we've, Brandon Bell, Drew Baglino, Rohan Patel, Musk, John Murphy, Meta, Mark Zuckerberg, Wall, OpenAI's ChatGPT, Joe Biden, Republican Donald Trump, Loren Elliott, Ruth Porat, Thomas Kurian's, livestreamed, Pichai, that's, Satya Nadella, Sam Altman, Altman, OpenAI, chatbot, MSFT Organizations: Inc, Government, Society, Google, Big Tech, Nvidia, BakerAvenue Wealth Management, Tech, Meta, Microsoft, Getty, Elon Musk's EV, Bank of America, Reality Labs, Facebook, Republican, Bloomberg, CNBC, Google Cloud, Union, Apple, Guggenheim Locations: Stanford , California, Austin , Texas, New York, Sunnyvale , California, Sunnyvale, Seattle, San Francisco , California, OpenAI, Mistral, U.S

☆ Elon Musk cancels trip to India as Tesla struggles at home
▼ + stars: | 2024-04-20 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +3 min

AdvertisementElon Musk has postponed his trip to India amid the ongoing chaos at Tesla. The Tesla CEO was expected to visit India early next week to meet with Prime Minister Narendra Modi. Musk wants to build a new factory in India, where the EV market is tiny but gaining steam, thet outlet reported. BI reported in early April that Musk's Tesla has struggled to compete in China's EV market as rival companies make "aggressive price cuts." Musk wrote on X that Tesla was unaware of any "injuries or accidents" related to the problem.

Persons: Elon, Tesla, Cybertruck, —, Elon Musk, Narendra Modi, Musk, Antonio Masiello, Musk's Tesla, Justin Sullivan Organizations: Service, Getty, Reuters, EV, Business Locations: India, China

☆ Tesla sends some laid-off workers new severance offers after Elon Musk said some were 'incorrectly low' the first time
▼ + stars: | 2024-04-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewSome laid-off Tesla workers received new severance offers that included more money and longer coverage of benefits on Thursday night. Tesla CEO Elon Musk appeared to acknowledge the company had initially sent out faulty severance packages. Related storyUnlike early severance offers that were sent to some workers on Tuesday night, the new packages appear to vary between employees. Within a few hours, the workers received severance offers with slightly higher pay, those workers said. Another worker said they were offered three months' worth of severance pay and three months of paid COBRA coverage.

Persons: —, Tesla, Elon Musk, Musk, who'd, they'd Organizations: Service, Business, Tesla, Worker, BI

☆ Tesla tells some laid-off employees their separation agreements are canceled and new ones are on the way
▼ + stars: | 2024-04-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Tesla sent notices canceling some separation agreements, according to two laid-off employees and a notification seen by Business Insider. The cancellations came after some workers received severance offers for two months of pay. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSome laid-off Tesla workers received a notification that their separation agreements had been canceled on Thursday and to expect new ones, two laid-off workers told Business Insider. The workers received a notification about a document titled "Your separation agreement," with "status: canceled," according to one of the emails obtained by BI.

Persons: Tesla, Elon Musk, — Organizations: Business Insider, Service, Business, BI

☆ Elon Musk apologized for 'incorrectly low' Tesla severance packages
▼ + stars: | 2024-04-18 | by ( Jyoti Mann | Grace Kay | ) www.businessinsider.com time to read: +3 min

Elon Musk apologized Wednesday to laid-off Tesla employees for incorrect severance packages. Some workers previously told Business Insider they were offered two months' pay as severance. AdvertisementElon Musk apologized in an email to some laid-off Tesla employees after their severance packages were found to be "incorrectly low," according to a screenshot of the email viewed by Business Insider. "As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low," Musk said in the brief email sent Wednesday. Other workers told BI that as of Wednesday night, they'd yet to receive any information about severance packages.

Persons: Elon Musk, —, Musk, they'd, Tesla, Drew Baglino, who'd, he'd, Rohan Patel, They're, Parag Agrawal, Ned Segal, Vijaya Gadde, Sean Edgett Organizations: Service, Business, CNBC, Worker, Twitter Locations: China

☆ We now know more about where Tesla is slashing jobs
▼ + stars: | 2024-04-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Tesla has laid off 280 workers at its Buffalo, New York facility. Elon Musk told Tesla staff he was cutting more than 10% of the company's workforce. The Buffalo site is used for training Tesla's driver-assist software, and energy storage products. On Sunday night, Tesla CEO Elon Musk told staff the company was cutting more than 10% of its workforce. AdvertisementTesla's Buffalo site is used as a site for the company's data analysis to train its Autopilot and so-called Full Self-Driving software.

Persons: Tesla, Elon Musk, —, who'd Organizations: Service, Worker, Business Locations: Buffalo , New York, Buffalo, New York, Tesla, California, Texas

☆ Elon Musk says in email that Tesla sent 'incorrectly low' severance packages to some laid-off employees
▼ + stars: | 2024-04-17 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Tesla CEO Elon Musk sent an internal email on Wednesday, telling staffers that the company sent out some severance packages that were too low to a number of laid-off workers this week. "As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low," Musk wrote in the brief email. His earlier CEO pay plan, worth $56 billion, was voided in a ruling by Delaware chancery court judge Kathaleen McCormick, who decided that, as CEO, Musk controlled Tesla, and the board's compensation committee wasn't independent, among other factors. Tesla shares have dropped about 37% this year as of Wednesday, closing at $155.45. WATCH: This is a 'fork in the road' period for Musk and Tesla

Persons: Elon Musk, Porte, Musk, Tesla, Kathaleen McCormick Organizations: Twitter, Viva Technology, Porte de, Reuters Locations: Paris, France, Delaware

☆ Tesla has begun sending out severance info to laid-off workers. Here's how much they're getting.
▼ + stars: | 2024-04-17 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla has started sending out severance information to laid-off employees. In the individual layoff notices to impacted workers that were sent in the hours after Musk's companywide email, Tesla told workers they'd receive their severance information "within 48 hours," according to emails viewed by BI. Related storiesThe carmaker appears to be offering workers two months of severance — meaning the workers will be paid through June 14, five former workers told Business Insider. Tesla said the severance agreement must be signed within five business days of its receipt and workers will receive their severance pay 45 days after their termination date, according to a severance agreement viewed by BI. AdvertisementWhile the severance information appears to have started going out overnight, several Tesla workers who were impacted by the layoff told BI they had yet to receive a severance information as of Wednesday morning.

Persons: —, Tesla, Elon Musk, they'd, defaming Tesla Organizations: Service, Business, BI

☆ Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
▼ + stars: | 2024-04-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Typically, security guards inspect workers' badges at the site, but don't usually scan them directly, the two workers said. Related storiesThree other former Tesla employees said workers at the Fremont factory were told by security that if their badges didn't work they were no longer employed. The email sent directly to laid-off staff said the cuts would be effective immediately and workers would receive information regarding their severance within 48 hours. Tesla workers aren't the first to unceremoniously discover they've been terminated while trying to access their former place of work. Last year, some former Google employees told BI they learned they'd been laid off when they couldn't badge into the office.

Persons: —, Tesla, didn't, Elon Musk, Drew Baglino, Rohan Patel, they've, they'd Organizations: Service, Business, Fremont, BI, Google Locations: Tesla's, Sparks , Nevada, Nevada

☆ Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results
▼ + stars: | 2024-04-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations. Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period. Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate. Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.

Persons: Jane Fraser, Fraser, JPMorgan Chase, Goldman Sachs Organizations: Citi, Milken Institute Global Conference, Citigroup, LSEG Revenue, Revenue, Investment, Services, U.S, JPMorgan Locations: Beverly Hills , California

☆ I was laid off from Lyft and it was a relief. Here's exactly how I used my severance to land somewhere better.
▼ + stars: | 2024-04-12 | by ( Robin Madell | ) www.businessinsider.com time to read: +7 min

Here are the best ways I spent my severance package. Related storyI put $3,000 from the severance package directly toward the business for basic costs to get my idea off the ground. My severance package gave me the chance to attend conferences and events and make connections that guided my next career move. I also used severance funds to join professional organizations related to my new field, giving me networking opportunities and industry resources. My severance package became a pivotal resource not just to weather the immediate storm of my job loss, but for starting a new career narrative.

Persons: Li, —, Ziwei Li, It's, I'd, I've Organizations: Service, Wei, San Diego Zoo Locations: California, San Diego, LA, La Jolla

☆ Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit
▼ + stars: | 2024-04-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +11 min

Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. I've told you this before," said Tanase, according to the transcript. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.

Persons: Bowlero's, Thomas Tanase, Bowlero, Tanase, Thomas Shannon, countersue Bowlero, Brett Parker, Parker, Daniel Dowe, he'd, haven't, I've, Alex Spiro, Quinn Emanuel, Elon Musk, Alec Baldwin, Spiro, Scott Pickus, Pickus, Shannon Organizations: Bowlero, U.S, AMF, Lucky, Federal, CNBC, FBI, Elon Locations: Virginia, North America, Bowlero

☆ Making a TikTok layoff video 'is insanely risky for future job prospects' says ex-Google recruiter
▼ + stars: | 2024-04-09 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

On Jan. 9, TikToker Brittany Pietsch posted a video of her layoff from tech company Cloudflare. The video went viral, with various outlets weighing in both on how the company handled the layoff and Pietsch's choice to post it at all. "I documented my layoff because at that point I was already very active on TikTok," she tells Make It. "I think that this is insanely risky for future job prospects," says Nolan Church, former Google recruiter and current CEO of salary data company FairComp. You could still make a measured, professional post in that moment, but it would be just as easy to get emotional.

Persons: Brittany Pietsch, She's, Joni Bonnemort, Bonnemort, It's, Nolan Church, Phoebe Gavin, Gavin, they're Organizations: Google Locations: Utah

☆ How one real-estate unicorn is getting past gutting layoffs and slowing deals
▼ + stars: | 2024-04-08 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +8 min

Rising interest rates have slammed the brakes on deals, and many real-estate companies have cut staff as revenues slowed. Founded in 2020 by real-estate executives Ryan Stroker and William Martiner, Avenue One was profitable by early 2021, company officials told Business Insider. AdvertisementAvenue One cofounder and CEO Ryan Stroker told BI in an interview how the company is navigating the difficult business environment. "I was told that I wasn't spending enough money six months before the layoffs," Stroker said. Layoffs and Big SpendingBoth Stroker and Avenue One's followup statement said the company is financially secure and described the layoffs as prudent rather than necessary.

Persons: It's, Ryan Stroker, William Martiner, Wall, Stroker, Martiner, John Burns, Ryan, Axel Springer Organizations: Service, KKR, Global, Business, MetLife, Wall, Amherst, John Burns Real Estate Consulting, BI Locations: Manhattan, Axel

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