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☆ Recruiter PageGroup sees 29% slump in annual profit on tough market conditions
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies First-quarter gross profit down 2.4% at 262.7 mln poundsQuarterly gross profit in U.S. market declines 15%Sees FY operating profit of 140 mln poundsApril 17 (Reuters) - PageGroup (PAGE.L) on Monday became the latest recruiter to warn of tough conditions in the labour market as it forecast a near 29% slump in 2023 profit, partly hit by weakness in the technology and banking sectors in the United States. PageGroup along with peers Hays and Robert Walters have flagged weakness in the permanent hiring market because employers were turning to interim hires to ride out market uncertainty amid a tough economic outlook. PageGroup's gross profit in permanent recruitment fell 7.2% in the first quarter on constant currency terms, while temporary jobs jumped about 15%. It now expects annual operating profit to be in line with a company-compiled consensus of 140 million pounds ($173.9 million), way below the 196.1 million pounds it reported for fiscal year 2022. The FTSE midcap (.FTMC) firm also posted a 2.4% decline in gross profit at 262.7 million pounds for the three months to March 31.

☆ OpenAI CEO Sam Altman: Letter from Elon Musk, others calling for AI development pause 'lacked technical nuance'
▼ + stars: | 2023-04-14 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

OpenAI CEO Sam Altman responded to the open letter calling for a pause on AI for one of the first times Thursday. Speaking at MIT, Altman said safety is important to OpenAI, and the letter "lacked technical nuance." The letter called for a six-month pause on AI development, and was signed by tech leaders like Elon Musk. In one of his only public responses to the open letter signed by Elon Musk and hundreds of others in the tech industry about concerns over AI, OpenAI CEO Sam Altman said it "lacked technical nuance about where we need the pause." The OpenAI CEO also said his company will continue to be as honest as possible about its developments with AI.

☆ Elon Musk has registered X.AI in Nevada and is reportedly talking to SpaceX and Tesla investors about backing his planned AI startup
▼ + stars: | 2023-04-14 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Elon Musk is reportedly planning an AI startup amid the chatbot craze kicked off by OpenAI's ChatGPT. He is talking to Tesla and SpaceX investors about backing the startup, FT reported. Musk has recruited AI experts and obtained graphics processing units, Insider previously reported. Musk did not respond to emailed requests for comment sent to his Tesla and SpaceX email addresses. Insider's Kali Hays has also previously reported that Musk has brought on artificial intelligence experts, and obtained roughly 10,000 graphics processing units.

☆ Meta is recovering from Apple's privacy changes, Wall Street expects a return to major business growth
▼ + stars: | 2023-04-14 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Meta has struggled since last year to rebound from "ad signal loss" due to Apple's privacy changes. It's expected to be a boon to revenue growth, while major layoffs and cost-cutting continue. "When times are tough, marketers revert to the tried-and-true channels – namely Google and Meta," Evercore said. In the fourth quarter of 2022, Meta's ad impressions increased by 23% compared to the previous year. Evercore, however, anticipates a swift "return to double digit revenue growth" – something the company hasn't seen since the fourth quarter of 2021.

☆ MLB roundup: Ryan Mountcastle's 9 RBIs propel Orioles to win
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +11 min

Austin Hays also homered and went 4-for-5 as the Orioles won for the second night in a row. Kyle Schwarber hit a solo home run and Bryson Stott added two hits and two RBIs for Philadelphia. Guardians starter Hunter Gaddis (0-1) allowed eight runs on eight hits with three strikeouts and two walks in three-plus innings. Blue Jays 9, Tigers 3Alejandro Kirk hit a three-run home run and had four RBIs as Toronto won its home opener, beating Detroit. Detroit right-hander Matt Manning (1-1) allowed four runs on six hits with one walk and three strikeouts in six innings.

☆ Elon Musk says the 'constant attack' from the media about him being a 'horrible person' has been hurtful, but it's better than no free speech
▼ + stars: | 2023-04-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Elon Musk told the BBC that reports about him being a "horrible person" have been "hurtful." Musk went on to speak about the importance of free speech and holding power to account. Musk didn't refer to any specific reports, but his management style has come under scrutiny several times. Tuesday's interview also saw Musk clash with the BBC's technology correspondent, James Clayton, in a discussion about free speech and misinformation. But Musk also spoke about having a "love/hate relationship" with the press, speaking to the importance of free speech and holding power to account.

☆ MLB roundup: Solo HR sends Rays to 10-0
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +11 min

Muncy also singled, all after Mookie Betts had led off the game with his second homer of the season for the Dodgers, who snapped a three-game losing streak. Reds starter Graham Ashcraft allowed two runs on six hits in six innings with seven strikeouts and three walks. Ryan Mountcastle drilled a two-run homer in the first inning and Austin Hays added a solo shot in the sixth. Alvarez drove in two runs to boost his major-league-leading RBI total to 16, plating a pair in the second inning with a single. Jake Cave hit a solo homer and double while Nick Castellanos added three hits and three RBIs.

☆ Big Tech employees are getting culled. Their European colleagues get stronger labor laws and softer landings.
▼ + stars: | 2023-04-11 | by ( Riddhi Kanetkar | Jyoti Mann | ) www.businessinsider.com time to read: +11 min

European Big Tech employees have better labor protections"There are regulations in Europe that apply to collective situations, based on European law: the so-called Mass Dismissal Directive," said Dr. Jordan. But in January, Twitter employees were reported to have been paid just one month's severance, according to CNN. Twitter employees in other European hubs such as Germany, Spain, Ireland, and the UK are also pushing back, with the help of the countries' labor laws and unions. Twitter employees in Germany have also worked with the Verdi union to push Twitter into making a better severance offer, Fortune reported. The process could take months instead of weeks, Brittin added — another testament to Europe's stronger labor protections for its employees.

☆ Elon Musk is moving forward with a new generative AI project at Twitter after purchasing thousands of GPUs
▼ + stars: | 2023-04-11 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Tech companies typically use GPUs to work on large AI models, given the computational workload the newer technology requires. Musk, however, has criticized the recent development of generative AI, saying the technology is powerful and needs regulation to make sure it's operating within "the public interest." It's unclear exactly what Twitter will use generative AI for, the people familiar said. Generative AI has the capability, if trained for the use, to create new advertising images and text to target specific audiences. Nvidia, which is estimated to have 95% of the market, manufactures a GPU for large AI models that costs $10,000.

☆ Employees would rather return to the office for a four-day workweek than have five days of hybrid work, a survey shows
▼ + stars: | 2023-04-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Two-thirds of staffers prefer RTO for a four-day work week than work hybrid for five days, per a survey. One-third of employers would be more likely to consider a four-day work week if staff RTO every day. The UK trialed a four-day work week from June to December last year with 3,300 workers at 70 firms. And employers seem to agree — about one-third would be more likely to consider offering a four-day workweek if employees came to the office daily. On top of that, just under 90% of survey respondents said a four-day workweek could improve employee mental health and well-being.

☆ CHART: Twitter's revenue per employee crashed 60% in the years leading up to Musk's drastic firings
▼ + stars: | 2023-04-03 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Twitter's revenue per employee crashed 60% in the years before Elon Musk's takeover. Twitter's revenue per employee cratered by almost 60% between 2018 and the period of 2022 before Musk's takeover of the embattled social media company, Insider analysis of the firm's SEC filings found. Revenue per employee is a simple measure of efficiency that was previously in vogue in the aftermath of the 2008 financial crash. A growing number of influential tech executives and investors say tech firms, bloated by over-hiring, should re-prioritize the metric. Since 2018, Twitter has seen a drastic fall in the revenue generated per employee.

☆ MLB roundup: Trayce Thompson's 3 HRs power Dodgers' rout
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +10 min

Rangers 16, Phillies 3Mitch Garver hit a pair of three-run home runs in Texas' rout of Philadelphia in Arlington, Texas. Blue Jays starter Kevin Gausman (0-1) struck out seven and walked one in six innings. Nationals starter Josiah Gray (0-1) allowed five runs on seven hits -- including three home runs -- in five innings. Gray (1-0) allowed three hits, struck out one and walked four in the second game of the three-game series. The Rays scored the seven runs on six hits, and Yandy Diaz added two runs with a home run the following inning.

☆ Meta stops offering remote work in new job postings as Mark Zuckerberg pushes the benefits of coming to the office
▼ + stars: | 2023-03-31 | by ( Kali Hays | Ashley Stewart | ) www.businessinsider.com time to read: +4 min

Meta, formerly known as Facebook, is telling managers not to post jobs allowing remote work. Meta has stopped offering remote work when it lists new jobs, at least for the time being. However, Meta is now reevaluating its approach to remote work, after allowing it since the start of the Covid-19 pandemic. A spokesperson for Meta said the halt to remote jobs is "purely temporary" and part of the reorganization happening now. In February of that year, Zuckerberg was much more bullish on the benefits of remote work.

☆ Elon Musk's Twitter made a mistake on tax documents for laid off workers. Now they may miss the tax filing deadline.
▼ + stars: | 2023-03-29 | by ( Kali Hays | Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Former Twitter workers were told this week they likely received incorrect tax information. The error likely won't be rectified until after the IRS tax filing deadline on April 18. The company told them the issue likely won't be corrected until after the IRS deadline to file taxes has passed. To rectify the mistake on the W-2s, Twitter will send a W-2 C form, used to make corrections to W-2s. However, the IRS deadline to file taxes is April 18, so many former employees now must file an extension.

☆ AI 'prompt engineer' jobs can pay up to $335,000 a year and don't always require a background in tech
▼ + stars: | 2023-03-29 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

The rise in generative AI tools like ChatGPT has created a hot market for "prompt engineers." Sam Altman, the CEO of ChatGPT developer OpenAI, has spoken about the need for prompt engineers. Anna Bernstein, a prompt engineer at Copy.ai, was a freelance writer and historical research assistant before she started working with AI tools. Prompt marketplace PromptBase, which launched last June, allows people to hire prompt engineers or sell their prompts. Don't dwell too much on the current state of prompt engineering.

☆ Meta is lowering bonus payouts for some employees and reverting to twice-a-year performance reviews
▼ + stars: | 2023-03-28 | by ( Kali Hays | Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Meta is dropping bonus pay for lower-performing employees. "This is a hunger games situation," a current Meta employee told Insider. "If you survive layoffs, you'll be straight into performance review in June," the employee said. Although Meta has long had bi-annual performance reviews, the company memo as reported by WSJ said the upcoming review in June is "a calibrated performance signal for fairness." Are you a Meta employee or someone else with insight to share?

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

☆ Silicon Valley Bank's CEO and CFO were ousted but other bank executives still have their jobs — and they're wooing new customers, acting CEO told clients.
▼ + stars: | 2023-03-17 | by ( Kali Hays | Darius Rafieyan | Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Clients were told that the CEO and CFO are out of SVB, while other managers remain. His message to them: Silicon Valley Bank was fully operational, protected by unlimited FDIC insurance even for new deposits, and all business was functioning normally, as if the bank run on Friday never happened. In this case, Silicon Valley Bridge Bank is a full-service bank." Retaining management is, perhaps, a good outcome for the moment for SVB employees who have been cast in a pall of uncertainty since last week. SVB employees now seem to fall into three groups, according to the recruiter, who has spoken with SVB employees in recent days.

☆ Twitter employees nicknamed a Tesla executive 'the Elon whisperer' because of his ability to read Elon Musk's mood, report says
▼ + stars: | 2023-03-17 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Twitter staff nicknamed a Tesla exec "the Elon whisperer" because of his ability to read Elon Musk's mood. Omead Afshar, the Tesla exec, joined Twitter late last year, according to the Financial Times. Omead Afshar, who once led Tesla's Gigafactory in Austin, joined Twitter last year and is part of Elon Musk's tight inner circle, according to the Financial Times. Afshar has been helping Musk with "the biggest, stickiest issues at the company," according to the report. According to The Information, Musk's company is at least $70 million behind on a five-year contract it signed with Amazon Web Services in 2020.

☆ As Big Tech employees get culled, their European colleagues get stronger labor laws and softer landings
▼ + stars: | 2023-03-15 | by ( Riddhi Kanetkar | Jyoti Mann | ) www.businessinsider.com time to read: +8 min

Big Tech layoffs at Meta, Twitter, Amazon and Snap have laid off thousands of workers globally. Until recently, tech employees haven't had to think too seriously about mass layoffs. European Big Tech employees have better labor protections"There are regulations in Europe that apply to collective situations, based on European law: the so-called Mass Dismissal Directive," said Dr. Jordan. But in January, Twitter employees were reported to have been paid just one month's severance, according to CNN. Twitter employees in Germany have also worked with the Verdi union to push Twitter into making a better severance offer, Fortune reported.

☆ Leaked email: VC giant Andreessen Horowitz says it's sticking with SVB for now — but is setting up accounts at another bank too
▼ + stars: | 2023-03-15 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

a16z said in an email it intends to keep banking with SVB, as the bank is "fully operational." The VC firm noted it is working on a "general diversification plan" and will find anther bank in the future. "We have been working closely with the new leadership at SVB (alongside our existing relationship managers) and are pleased to report that the bank is now fully operational," Andreessen Horowitz, commonly referred to as a16z, wrote. The regional bank was taken over by the government on Friday after a bank run. Most of that is not in cash stored in bank accounts but in other investments.

☆ From using multiple banks to managing VC relationships, these are the 5 lessons every founder should have learned from the Silicon Valley Bank nightmare
▼ + stars: | 2023-03-14 | by ( Julie Bort | ) www.businessinsider.com time to read: +7 min

If something happens to one bank, such as a bank run, your company won't face ruin. Silicon Valley Bank famously required such clauses as CNBC reported, for at least some of its loans. Why Silicon Valley Bank failed: SVB's management surprised the market by unveiling bad news coupled with a planned capital raise that failed, among other factors. How Silicon Valley Bank imploded: There was lots of blame to go around. More of our Silicon Valley Bank coverage can be found here.

☆ Mark Zuckerberg announces second round of layoffs, cutting 10,000 Meta workers across the company
▼ + stars: | 2023-03-14 | by ( Kali Hays | Grace Kay | ) www.businessinsider.com time to read: +5 min

Mark Zuckerberg said the layoffs are a part of the company's "Year of Efficiency." Meta CEO Mark Zuckerberg said the cuts were necessary to improve the company's "financial performance in a difficult environment." In his message to employees, Zuckerberg warned that the company might be looking to pare down expenses for some time to come. With the new cuts, Meta's headcount is closer to where it was two years ago. While the breadth of the November layoffs came as a surprise to many Meta employees, this second round has been expected internally since at least January, as Insider first reported.

☆ SVB is the first social media bank run in history. The crisis will change the banking industry forever.
▼ + stars: | 2023-03-14 | by ( Kali Hays | ) www.businessinsider.com time to read: +7 min

It's an all out bank run," founder Howard Lerman tweeted on Thursday when SVB was trying to raise new capital. "The thing about a bank run is that there's no upside to keeping your money in the at-risk bank," wrote Xavier Helgesen of Enduring Ventures the same day. Another deleted tweet says, "As one of probably the few founders to go through a modern bank run, get your money out now. Some tech types who banked with SVB have even deleted tweets they put out in support of the bank. 'MONDAY, BLOODY MONDAY'Meanwhile, Jason Calcanis and David Sacks, tech founders turned investors, have been tweeting about little but SVB since Thursday.

☆ Mark Zuckerberg's metaverse ambitions are shrinking
▼ + stars: | 2023-03-14 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

In a year, the metaverse went from Meta CEO Mark Zuckerberg's obsession to rarely being mentioned. He mentioned AI four times, positioning the development of that technology as now being Meta's "single largest investment." Executives mentioned it half a dozen times during a call with Wall Street analysts, while the metaverse was not mentioned at all. It's a relief to investors and Wall Street analysts, who last year grew increasingly frustrated with Zuckerberg's once defiant tone on the massive cost of metaverse work. It's set to lose $15 billion this year and is on track to cost the company $20 billion a year going forward.

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