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☆ BRUTAL JOB CUTS JANUARY: More than 55,000 tech workers are being laid off as Microsoft, Google, and others make deep cuts
▼ + stars: | 2023-01-20 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Microsoft, Google, and Salesforce have all announced layoffs this year. All told, some 55,300 employees from more than a 154 tech companies have been affected this year. Microsoft said it's letting go of 10,000 workers over the next few months, while Google will let go of 12,000 employees. The layoffs foreshadow more cuts and potential pay reductions in store for workers this year. Read Insider's coverage of the latest wave of tech layoffs:Google is laying off around 12,000 workers as tech giants continue to slash jobs.

☆ Microsoft held an invite-only Sting concert for execs in Davos the day before the company announced layoffs of 10,000 employees
▼ + stars: | 2023-01-19 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

Microsoft held a private Sting performance this week, The Wall Street Journal reported. The tech giant's executives attended the concert, which took place on Tuesday, per the report. Microsoft announced on Wednesday that it would be laying off 10,000 employees. Earlier this month, Amazon CEO Andy Jassy said it plans to lay off some 18,000 employees, while Salesforce also announced anticipated layoffs of about 10 percent of its employees. This month, Goldman Sachs also began laying off the more than 3,000 employees it planned to cut, just ahead of bonus season.

☆ 39 more Regal theaters are closing in the US amid bankruptcy. See the full list.
▼ + stars: | 2023-01-19 | by ( Travis Clark | Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Over three dozen Regal Cinemas locations in the US are expected to close. Cineworld detailed the plan to reject the leases starting February 15 in a new bankruptcy filing on Tuesday. Regal is the second-largest cinema chain in the US, behind AMC, with over 500 theaters. The company's plan to close locations during its bankruptcy is fairly routine. Cineworld filed for bankruptcy at a time when the larger theatrical industry is struggling to fully rebound from the pandemic.

☆ Self-proclaimed 'Crocodile of Wall Street' gets tech job while under house arrest
▼ + stars: | 2023-01-18 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Heather Morgan, aka "Razzlekhan," has been in house arrest facing charges in a massive crypto scheme. A D.C. federal court is now letting her leave home just to work at a tech company's NYC office. Morgan has managed to wrangle some freedoms during her house arrest so far. "While awaiting resolution of this matter, Ms. Morgan has sought to be productive," her lawyer told the court in November. Morgan wore a few hats in her past life, calling herself the "Crocodile of Wall Street," and writing columns.

☆ Elon Musk is still a big fan of 'The Battle of Polytopia,' a video game where the goal is world domination
▼ + stars: | 2023-01-17 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Elon Musk and DeepMind CEO Demis Hassabis are both fans of "The Battle of Polytopia," per Hassabis. "Polytopia" is a strategy game where players can direct their "tribe" to colonize territory. Some Tesla cars even used to have a feature allowing the game to run during drives. An email to Musk's Tesla email address by Insider didn't immediately receive a response on Tuesday morning. The goal is to compete with other tribes, which can be controlled by bots, to fight for control over territories.

☆ If you still aren't sure what ChatGPT is, this is your guide to the viral chatbot that everyone is talking about
▼ + stars: | 2023-01-14 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Open AI, the AI company behind the AI art generator DALL·E, released the viral bot Chat GPT. Other researchers seem to be taking more measured approaches with generative AI tools. He told Insider he's helping to experiment with a chat bot called "Rentervention," which is meant to support tenants. Linna said he's experimenting with Chat GPT to help "Rentervention" come up with better responses and draft more detailed letters, while gauging its limitations. "I think there's so much hype around Chat GPT, and tools like this have potential," said Linna.

☆ Billionaire investor Bill Ackman says the public shouldn't 'rush to convict' Sam Bankman-Fried
▼ + stars: | 2023-01-13 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Bill Ackman, known for his lucrative bet on COVID-19 crashing the market, extolled due process for SBF. He said defendants like Sam Bankman-Fried deserve the presumption of innocence at this stage. "Let's not sacrifice our core values in a rush to convict @SBF_FTX as it does no one any good," he wrote. After FTX's bankruptcy filing in November, Ackman tweeted in support of cryptocurrency, saying it could still "enable the formation of useful businesses and technologies." In his own Substack post this week, former FTX CEO Bankman-Fried insisted that he "didn't steal" from the company.

☆ Who are the two people who helped bail out Sam Bankman-Fried? Insider and other media organizations are asking a judge to unveil the secret
▼ + stars: | 2023-01-12 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

News organizations, including Insider, are asking a court to unveil Sam Bankman-Fried's bail backers. Bankman-Fried's lawyers told the court earlier this month that the backers of his release should stay secret for their "privacy and safety." At Bankman-Fried's January 3 arraignment hearing, Kaplan had granted a request from Bankman-Fried's lawyers to keep the names and addresses of those two people under seal. Christian Everdell, one of Bankman-Fried's lawyers, also represented Maxwell in her criminal case. But lawyers representing the media organizations said the cases were significantly different.

☆ Who are the 2 people who helped bail out Sam Bankman-Fried? Insider and other news organizations asked a judge to unseal their names.
▼ + stars: | 2023-01-12 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

News organizations, including Insider, are asking a court to unveil Sam Bankman-Fried's bail backers. Bankman-Fried's lawyers told the court earlier this month that the backers of his release should stay secret for their "privacy and safety." The two other backers sponsored "separate bonds in lesser amounts," according to a court filing earlier this month by Bankman-Fried's lawyers. At Bankman-Fried's January 3 arraignment hearing, Kaplan had granted a request from Bankman-Fried's lawyers to keep the names and addresses of those two people under seal. Christian Everdell, one of Bankman-Fried's lawyers, also represented Maxwell in her criminal case.

☆ JPMorgan sues the founder of the college financial-planning website it acquired, alleging she falsely inflated its user numbers
▼ + stars: | 2023-01-12 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

JPMorgan alleged that college financial-planning website Frank lied about its growth and users. JPMorgan's suit accused Frank's founder Charlie Javice and its former chief growth officer Olivier Amar of being in on a scheme to juice its user numbers. The pair used that list to make the inflated user numbers seem credible. The bank claimed that the startup provided the false user numbers while it was conducting due diligence when looking into acquiring the company. As of Thursday morning, JPMorgan had closed down Frank's website, a representative for the bank confirmed to Insider.

☆ Some Olaplex users say their hair broke and fell out after using the TikTok-famous luxury hair brand. Experts question a connection to the products.
▼ + stars: | 2023-01-12 | by ( Allana Akhtar | Alex Bitter | Sindhu Sundar | ) www.businessinsider.com time to read: +14 min

Insider interviewed 10 former Olaplex users who voiced concerns about Olaplex on social media and in emails to Insider. Asked about the symptoms that the Olaplex users experienced, an Olaplex spokesperson told Insider: "We take each and every customer inquiry very seriously. Aftering switching to a drugstore brand of hair products, she said she saw an immediate reduction in hair loss. Keannia Johnson said her hair fell out and turned straw-like in texture after using Olaplex products. She started using Olaplex products in April.

☆ A Cleveland law firm fired a lawyer over his text to a female attorney accusing her of 'collecting a salary from the firm while sitting on your ass' during maternity leave
▼ + stars: | 2023-01-11 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

A Cleveland law firm fired a partner after his text message to a former coworker was posted online. The partner's text berated a female attorney for leaving the firm after her maternity leave. The firm, Zashin & Rich, confirmed in a LinkedIn post on Tuesday that it let go of partner Jon Dileno. Zashin didn't provide further comment beyond the statement in the firm's LinkedIn post, and Dileno didn't respond to a LinkedIn message on Wednesday morning. Barnett did not immediately respond to a LinkedIn message Wednesday by Insider.

☆ It might be possible to fight a traffic ticket with an AI 'robot lawyer' secretly feeding you lines to your AirPods, but it could go off the rails
▼ + stars: | 2023-01-10 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

DoNotPay wants to put AI to the courtroom test, and plans to use it to advise defendants in traffic cases. Judges could alert bar associations to a rogue "robot lawyer" on the loose, legal experts said. But DoNotPay's founder Joshua Browder plans to put his app's AI "robot lawyer" to just such a test in an upcoming traffic court case in February, according to a report in the New Scientist that heralds the first AI-powered defense in court. "The traffic court judge might have questions about who's really doing the talking here." As Browder courted headlines with the bold move to take DoNotPay's "robot lawyer" to court, he also tweeted an incredible offer on Sunday.

☆ Frustrated former Twitter staff had to wait 2 months after being laid off to get their severance agreements. Twitter blamed the delay on staff suing the company.
▼ + stars: | 2023-01-09 | by ( Grace Dean | Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Some Twitter staff who were laid off in November finally got their separation agreements on Saturday. When they did finally come through, Twitter blamed the delay on staff taking legal action related to their terminations. That suit was filed by plaintiffs including Emmanuel Cornet, who Twitter laid off in early November, and others who are officially being laid off this month and next. Some former Twitter workers told Insider's Kali Hays that they were disappointed by the severance the company ultimately offered them. Those benefits Twitter had offered before Musk's takeover included two months severance pay or more, along with other bonuses, according to the lawsuit.

☆ McDonald's former CEO lied about 'improper' employee relationships before his firing in 2019, SEC alleges
▼ + stars: | 2023-01-09 | by ( Sindhu Sundar | Nancy Luna | ) www.businessinsider.com time to read: +3 min

The SEC accused the former McDonald's CEO of being untruthful in the chain's internal investigation. McDonald's fired Stephen Easterbrook in 2019 over an employee relationship, then discovered more. During that investigation, Easterbook told lawyers brought in by McDonald's board that he hadn't had any other sexual relationships with McDonald's employees besides the one he was being questioned over at the time. "In July 2020, McDonald's learned that Easterbrook had in fact engaged in other relationships with McDonald's employees in violation of the company's Standards of Business Conduct." In August 2020, McDonald's sued Easterbrook "to recover compensation and severance benefits," alleging he concealed evidence and lied about having other relationships with subordinates.

☆ A columnist easily tricked Elon Musk's new Twitter verification system by posing as a US senator
▼ + stars: | 2023-01-05 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Posing as US Senator Ed Markey, he paid $8 for a Twitter Blue account. Instead, he wanted users to be able to pay for verification through Twitter Blue. At that time, Fowler created his first fake verified Markey account, saying it took mere "minutes." In November, Twitter put Twitter Blue on hold, with Musk saying the platform needed more time to safeguard against impersonation with "high confidence." To help ensure the credibility of paid users, Twitter now asks them to connect a phone number to their accounts, among other requirements.

☆ Coinbase is paying a $50 million fine over allegations it fell behind on a mountain of internal warnings
▼ + stars: | 2023-01-04 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Coinbase is paying a $50 million fine after a New York agency found fault with its crypto platform. It will also invest $50 million into improving its own vetting of customers and transactions. Coinbase said it has taken "substantial measures" to improve its monitoring tech and protocols. The settlement, which the New York Department of Financial Services disclosed on Wednesday, includes a $50 million fine, and also calls for Coinbase to spend another $50 million on a monitoring plan overseen by the agency. Coinbase, a crypto exchange founded in 2012, has more than 100 million users on its platform.

☆ Judge orders Sam Bankman-Fried to be blocked from accessing or transferring any FTX or Alameda assets
▼ + stars: | 2023-01-03 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried denied any role in the recently reported transfers of funds involving Alameda. A federal judge sided with prosecutors and blocked him from accessing Alameda and FTX assets. US district judge Lewis Kaplan, who presided over Bankman-Fried's arraignment on Tuesday in which the FTX and Alameda founder pleaded not guilty, granted prosecutors' request to restrain him from such transactions. Kaplan's ruling blocks Bankman-Fried from those transactions, though it allows him to come to an agreement with prosecutors about a possible different arrangement. On Tuesday, Kaplan set October 2 as a date for a trial, though Bankman-Fried could work with prosecutors to negotiate a plea deal before then.

☆ Sam Bankman-Fried pleads not guilty in the US government's criminal case over FTX crash
▼ + stars: | 2023-01-03 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried entered a plea of not guilty to the fraud and conspiracy charges against him, according to reports. If Bankman-Fried doesn't reach a deal with the government, the case would head to a trial. "Just because he enters a plea of not guilty, it doesn't mean he's not working with prosecutors." How those cases proceed would also depend on the course of the criminal case. A criminal trial, for instance, could help him put civil suits against him on hold.

☆ Sam Bankman-Fried asks a judge to keep secret the identities of 2 people who helped secure his $250 million bail package
▼ + stars: | 2023-01-03 | by ( Phil Rosen | Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's lawyers requested for a judge to keep confidential the identities of two individuals who helped him secure bail. "If the two remaining sureties are publicly identified, they will likely be subjected to probing media scrutiny," the lawyers wrote. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The two individuals signed on as sureties for Bankman-Fried's massive bail, which was granted after his parents put up their $4 million Palo Alto, California property as collateral. According to the lawyers' letter cited in the report, those individuals haven't signed on yet but intend to do so by January 5.

☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

☆ Former Apple lawyer says in lawsuit she was fired after complaining about company culture and a colleague who sent her 'death threats'
▼ + stars: | 2022-12-29 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

A former lawyer at Apple sued the tech company claiming she suffered harassment and discrimination. She said the company didn't protect her from a male colleague who she alleged sent her death threats. Instead, she was demoted after switching to part-time remote work and eventually fired, she said. When she reported the colleague to Apple, the company conducted an internal investigation in 2021, but concluded it months later without offering her any recourse, she said in her complaint. She alleged that the reorganization decisions showed "discriminatory animus against non-Caucasian and female employees," according to her complaint.

☆ Elon Musk has warned in the past that Twitter could go bankrupt. Here's what would happen if it did.
▼ + stars: | 2022-12-29 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Elon Musk has floated bankruptcy as a possibility for Twitter, but said this week costs are "under control." Twitter reportedly has roughly $13 billion in debt from a group of banks, with $1 billion annual interest payments. Musk has been in intense cost-cutting mode since his Twitter takeover became official on Oct. 27. That can create pressure on lenders to work with Musk to reorganize the debt, whether in court, or privately, experts said. Twitter, whose purchase was facilitated by elite backers including top venture capital firms and foreign investors, could face pressure from secured lenders to figure out a solution.

☆ Elon Musk admits to making mistakes in his first 6 weeks of owning Twitter: 'Hey, I just got here, man.'
▼ + stars: | 2022-12-28 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Elon Musk gave the "All-In" podcast a gently self-deprecating review of his tenure at Twitter. But he quipped that it would be "pretty embarrassing and sad" if the moves tanked the site. "In the beginning, we'll make, obviously, a lot more mistakes, because I'm new to — Hey, I just got here, man," he said on the "All-In" podcast show posted on Saturday. Musk also defended a new "views" feature that Twitter unveiled this month to show how many people saw a particular tweet, which many users criticized for cluttering the interface. And obviously, if I make a bunch of mistakes, then Twitter won't succeed, and that will be pretty embarrassing and sad."

☆ Some US security officials are considering calling for TikTok owner ByteDance to sell US unit, report says
▼ + stars: | 2022-12-26 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

Members of the US government are reportedly mulling whether to call for TikTok's US unit to be sold. Ongoing "security concerns" about TikTok are behind the thinking, the Wall Street Journal reported. TikTok is working to "address all reasonable national security concerns," a representative told Insider. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Security officials who are part of the Committee on Foreign Investment in the U.S. have been considering such a plan, the Wall Street Journal reported.

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