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☆ New Speaker Confident of Bipartisan Support in Plan to Avert Shutdown
▼ + stars: | 2023-11-14 | by ( Katy Stech Ferek | ) www.wsj.com time to read: +1 min

WSJ explains why the growing divide in Congress is leading to threats of a shutdown nearly every year. Photo illustration: Madeline MarshallWASHINGTON—House Speaker Mike Johnson (R., La.) expressed confidence that he would get broad bipartisan support Tuesday for his proposal to temporarily extend government funding and avoid a partial shutdown this weekend. Johnson’s two-step plan is scheduled for a vote later Tuesday that will require a two-thirds supermajority for approval. Lawmakers missed their initial annual deadline of Sept. 30 to finish that work, prompting the need for an initial extension to Nov. 17 and now another one.

Persons: —, Madeline Marshall, Mike Johnson Organizations: —, Defense Department, Lawmakers

☆ German union calls for strike at Deutsche Bank's DB Direkt over wages
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: 1 min

Companies Deutsche Bank AG FollowBERLIN, Nov 14 (Reuters) - Germany's Verdi union has called on workers at Deutsche Bank's DB Direkt GmbH subsidiary to go on a one day strike on Wednesday, it said, raising pressure in wage talks. "Employers left the first round of negotiations without an offer. This is an affront to the workers, who are suffering from persistent high prices in light of low wages," said Jan Duscheck, head of Verdi's banking group said in a statement. Writing by Madeline Chambers; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Verdi, Jan Duscheck, Madeline Chambers, Matthias Williams Organizations: Deutsche Bank, BERLIN, Deutsche Bank's DB Direkt, Employers, Thomson

☆ German government supports Siemens Energy with $8 bln guarantees
▼ + stars: | 2023-11-14 | by ( Christian Kraemer | ) www.reuters.com time to read: +3 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. Private banks were expected to provide Siemens Energy with guarantees worth 12 billion euros while Siemens Energy would seek another 3 billion from other sources, the statement said, adding it was conditional on the final sign-off of all parties. "We are pleased with the German government's clear support for Siemens Energy and the commitment to the rapid implementation of projects to make the energy transition a success," Siemens Energy said in a statement. Shares in Siemens AG rose 2.7% at 1517 GMT on the deal while Siemens Energy shares were up 0.3%. Siemens AG, which spun off Siemens Energy in 2020, is also expected to provide support by buying most of the 24% stake Siemens Energy owns in Siemens Ltd (SIEM.NS), an Indian joint venture, sources have told Reuters.

Persons: Dado, Marco Buschmann, Buschmann, Christian Kraemer, Alexander Hübner, Christoph Steitz, Linda Pasquini, Madeline Chambers, Matthias Williams, Kirsti Knolle, David Evans Organizations: Siemens Energy, REUTERS, Rights, Siemens AG, Reuters, Siemens Ltd, Siemens, RTL, ntv, Thomson Locations: Indian

☆ Sharing the mental load: Men are talking about how they can take part
▼ + stars: | 2023-11-13 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +9 min

But slipping into habits like these can leave one partner feeling as if they are carrying the bulk of the mental load, he said. The father and content creator based in Marlborough, Massachusetts, has been sharing his experiences trying to divide the mental load — those tasks that take planning, preparation and keeping track to maintain the family — more equally with his wife. Men are starting to hold themselves accountable, and like Watson, going online to teach other men to take on more of the mental load. So many of them say, ‘This is exactly why I divorced my husband,’” referring to the inequality of the mental load one partner can experience in keeping a relationship or family going. “If mental load is universally understood, accepted and appreciated, I think we will live in a very different world,” Watson said.

Persons: CNN — Zachary Watson, ”, “, ’ ” Watson, Alyssa, Watson, ’, Eve Rodsky, Rodsky, Will, it’s, ” Rodsky, you’ve, ” Watson, Paige Bellenbaum, Bellenbaum, “ Let’s Organizations: CNN, Play Locations: Marlborough , Massachusetts, New York City, “

☆ Peter Nygard trial verdict: Former fashion mogul found guilty on 4 counts of sexual assault
▼ + stars: | 2023-11-12 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

CNN —Former fashion mogul Peter Nygard was found guilty of four counts of sexual assault in a Toronto court on Sunday, following a six-week trial. The accusers were then “forcibly sexually assaulted, drugged, and/or coerced into sexual contact with Nygard,” according to the US indictment. Nygard consented to be extradited to the United States in 2021 but in 2023 he appealed against extradition, according to court documents reviewed by CBC. Nygard served as chairman of Winnipeg-based women’s clothing company Nygard International, which he founded in 1967. In March 2020, Nygard International filed for bankruptcy protection in Canada and the United States after the sex trafficking allegations.

Persons: Peter Nygard, Nygard, “, Ken Frydman, CNN’s Sheena Jones, Madeline Holcombe, Laura Ly, Sonia Moghe, Ray Sanchez Organizations: CNN, of, Prosecutors, CBC, Nygard International, Nygard Locations: Toronto, United States, Southern, of New York, Winnipeg, Canada

☆ Why So Many Controversial Supreme Court Cases Come From the Fifth Circuit
▼ + stars: | 2023-11-08 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Why So Many Controversial Supreme Court Cases Come From the Fifth CircuitThe Supreme Court has some really controversial cases on its docket —including whether domestic abusers should have access to guns and whether the abortion pill should be legal. They all came from one lower court: the Fifth Circuit. WSJ explains why. Photo illustration: Madeline Marshall

Persons: Madeline Marshall Organizations: Fifth Circuit

☆ Bob Iger admits Disney's movies aren't all that good anymore
▼ + stars: | 2023-11-08 | by ( Madeline Berg | ) www.businessinsider.com time to read: +2 min

Bob Iger's second run as Disney's CEO has been mired with challenges. One of them: The movies his company has been making just aren't that good. AdvertisementAdvertisementDisney movies aren't the magic that they used to be — and Bob Iger is well aware. It's nice to see Iger admit what many fans of Disney's favorite properties — Marvel and Pixar, to name a few — already know. AdvertisementAdvertisementIger's plan to overhaul the film studio includes being more selective of both the sequels that get made and the new original movies Disney introduces, he said on the call.

Persons: Bob Iger's, —, Bob Iger, There's, Indiana Jones, Michael Nathanson, Iger, Nathanson Organizations: Service, Marvel, Pixar, Disney

☆ A Skeptical Supreme Court Considers Whether Domestic Abusers Have Gun Rights
▼ + stars: | 2023-11-07 | by ( Jess Bravin | ) www.wsj.com time to read: +1 min

The Supreme Court has some really controversial cases on its docket—including whether domestic abusers should have access to guns and whether the abortion pill should be legal. They all came from one lower court: the Fifth Circuit. WSJ explains why. Photo illustration: Madeline MarshallWASHINGTON—Supreme Court justices showed little sympathy Tuesday for a violent domestic abuser arguing he had a Second Amendment right to keep a semiautomatic rifle and a .45 caliber pistol at home, in arguments over the scope of a 2022 precedent holding gun regulations unconstitutional unless they are analogous to those in force in the founding era. “You don’t have any doubt that your client’s a dangerous person, do you?” Chief Justice John Roberts asked Matthew Wright, a federal public defender representing Zackey Rahimi, who was sentenced to more than six years for violating a federal law prohibiting people under domestic-violence protective orders from possessing firearms.

Persons: Madeline Marshall WASHINGTON, John Roberts, Matthew Wright, Zackey Rahimi Organizations: Fifth Circuit, Madeline Marshall WASHINGTON —

☆ Signature Loan Sale Likely to Lower Commercial-Property Values
▼ + stars: | 2023-11-07 | by ( Peter Grant | Will Parker | ) www.wsj.com time to read: 1 min

The Federal Deposit Insurance Corp. is doing what it was designed to do when banks like Silicon Valley and Signature go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallThe sale of Signature Bank ’s $33 billion in commercial-property loans and other assets is expected to attract bids as much as 40% below face value, offering new evidence of how much property prices have eroded. Regulators closed Signature Bank in March after a run on its deposits, marking the fourth-largest bank failure in U.S. history. Now, the Federal Deposit Insurance Corp. is auctioning off thousands of Signature loans backed by apartment buildings and other commercial properties primarily in the New York region.

Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corp, Signature Bank, Bank Locations: Silicon, New York

☆ Shopify's new marketplace takes a markedly different approach than Amazon's
▼ + stars: | 2023-11-07 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Like on the app, shoppers using the new site can search for and purchase products from across Shopify's merchant base. Shop Cash can only be redeemed on Shop. The app and website also display special offers from merchants where shoppers' Shop Cash rewards are multiplied. Shopify's web app and Shop app before it are as much marketplaces as Amazon," Juozas Kaziukėnas, CEO of e-commerce intelligence firm Marketplace Pulse, told Insider. We're not disclosing just yet, but the Shop app is becoming much more popular," company president Harley Finkelstein said in response.

Persons: Shopify, Rick Watson, Watson, they've, Siti Panigrahi, Harley Finkelstein Organizations: Google, RMW Commerce Consulting, Cash, Shopify, Shoppers, Shop, Mizuho Securities, LTV, Amazon

☆ Why you snooze on the couch but then can’t sleep
▼ + stars: | 2023-11-07 | by ( Madeline Sprajcer | Sally Ferguson | ) edition.cnn.com time to read: +6 min

So by the end of the day, sleep pressure is strong, your circadian rhythm is telling you it’s time for sleep and your environment is cozy and comfortable. Instead of having more than 16 hours of wakefulness behind you, you have just woken up and therefore have less sleep pressure. They start with light sleep, progress to deep sleep and then end with light sleep again. It might be easier to fall asleep on the couch, where there is less stress involved. This will ensure all the sleep pressure you build up during the day will be directed toward a deep sleep in your bed.

Persons: you’re, groggy, Madeline Sprajcer, Sally Ferguson Organizations: CNN, Bank, CQUniversity, Appleton Institute, CQUniversity Australia Locations: CQUniversity Australia

☆ Why it can be so hard to stay sober
▼ + stars: | 2023-11-02 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +8 min

To understand why the problem is so widespread, people must recognize the complexities around not just getting sober — but staying sober, Kelly said. Those predispositions can combine with a history of trauma or developmental experiences to make someone much more likely to develop an addiction, Kelly added. For some people, mental illnesses such as depression or anxiety occur alongside but independent of their addiction, Kelly said. “It does not mean that this individual is never going to be able to achieve recovery,” Dick said. “The devious nature of drugs means that when an individual has been using heavily, it also changes their brain and that makes it harder to maintain recovery,” Dick said.

Persons: Matthew Perry, “, “ I’ve, ” Perry, ‘ Will, ’ ”, Danielle Dick, Dr, John F, Kelly, ”, ‘, ’, ” Dick, Dick, ” Kelly, —, they’ve, Dick said, you’ve, Don’t, Nancy Diazgranados, relapses, ” Diazgranados, Matt Organizations: CNN, Hollywood, Rutgers Addiction Research, Harvard Medical, Hospital Recovery Research, US Centers for Disease Control, Addiction, CDC, National Institute on Drug, National Institute, Alcohol Locations: Piscataway , New Jersey, Massachusetts, United States

☆ Wholesale marketplace Faire, which raised $416 million 18 months ago, laid off 250 workers in a company-wide restructuring
▼ + stars: | 2023-11-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Faire, the wholesale marketplace company, laid off about 250 employees on Wednesday. This is the second time in just over a year that the company has laid off workers, although this second restructuring appears to be bigger. Faire is an online marketplace that connects independent brands with retailers that can stock their products in their stores. Faire recently announced a partnership with Shopify that established Faire as the preferred wholesale marketplace for Shopify merchants. Shopify also became a shareholder in Faire as part of the deal, which Insider first reported on in July.

Persons: Shopify, We're, who've, Layoffs.fyi Organizations: Dragoneer Investment, Sequoia Capital, Founders Fund, Forerunner Ventures, Tech Locations: mstone@insider.com

☆ Amazon and Shopify sellers are using AI to save time, better understand their customers, and improve their profit margins
▼ + stars: | 2023-11-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

They're using AI to write product descriptions and analyze reviews to understand their customers. Sellers using e-commerce platforms like Amazon and Shopify are experimenting with AI to help them write product descriptions, optimize for SEO, and collate reviews so they can better understand how customers feel about their products. Matt Rollens owns a drinking-glass brand called Dragon Glassware and sells his wares on Amazon, Shopify, Etsy, and Walmart. Matt RollensHe told Insider he uses Perci, which uses AI to generate optimized product listings for Amazon sellers. Amazon, Shopify, and eBay have all launched their own AI tools and integrated them directly into the platform.

Persons: —, Matt Rollens, Rollens, there's, Mikey Kim, Olivier Toubia, Toubia, Robert Gomez, Gomez, hasn't, Kaffe, they're, Miqdad Organizations: Service, Walmart, Columbia Business School, Target, QVC, eBay Locations: Shopify

☆ There's one thing Taylor Swift isn't talking about
▼ + stars: | 2023-11-01 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

Taylor Swift is officially a billionaire, thanks in part to her lucrative Eras tour. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. There's one thing she's not showing off — or at least not directly: How much money all this is making her. Swift has been through many eras, but her reputation has always been one of relatability. Through her tour, Swift has earned hundreds of millions of dollars on a show for which tickets at face value cost an average $254 in the US — more than double the average concert ticket price of $120, according to Pollstar .

Persons: Taylor Swift, Swift hasn't, —, Taylor Swift's, she's, Travis Kelce, Swift, Jay, Kylie Jenner, — Swift hasn't, Pollstar, hasn't, Adam Aron Organizations: Service, Bloomberg, Forbes, Big

☆ Compassion fatigue: What it is and how to beat it, according to experts
▼ + stars: | 2023-10-31 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +5 min

But those who are watching traumatic things unfold in communities they are connected to as well as those they empathize with from afar may also feel the impact of compassion fatigue, Sachs said. That can lead to exhaustion, irritability and difficulty continuing to engage with their empathy if not attended to, Sachs said. To be the best you can be for yourself, your loved ones and the issues you support, it is important to check in with yourself and prevent compassion fatigue, Figley said. “It’s not like, ‘Oh, I’m going to the spa for three days, and I’m going to rejuvenate, and then I’m ready to come back.’”Figley often recommends finding someone who you feel connected with for support. “There are going to be times where I am going to really feel that suffering,” Sachs added.

Persons: Rebecca Sachs, Charles Figley, Kurzweg, Figley, Sachs, I’ve, ’ ”, “ It’s, “, ” Sachs, ’ ” Figley, ”, That’s Organizations: CNN, Mental Health, Tulane University Locations: Israel, Gaza, New York City, New Orleans

☆ AMC's CEO thought he was texting naughty photos to a former ballerina fling. Then everything went haywire.
▼ + stars: | 2023-10-27 | by ( Madeline Berg | ) www.businessinsider.com time to read: +11 min

This "resentment toward her abusers" may have led her to text Aron — a wealthy, powerful man in the public eye, her lawyers said. "Send me a naughty picture," Blackwood texted, a couple weeks into their flirty exchange. When he asked for photos in return, Blackwood sent him images of an unnamed Russian model that she pulled from Instagram. "Ceo scandal is apparently lucrative," Blackwood texted, posing as Brian. AdvertisementAdvertisement"I was shown some images and I was wondering if you're available to speak," the fake reporter texted Aron.

Persons: Adam Aron's, Mia, Aron, Sakoya Blackwood, Adam Aron, Matthew Belloni, Blackwood, She'd, Evander, —, Aron —, paramour, Koya Blackwood Fews, Lila Cohen, Brian, Blackwood texted, he'd, they'd, Brian —, He'd, Brian didn't, there's, he's, abt, Aron didn't, Blackwood didn't, texted Aron, hadn't, Jeff Bezos, Bezos, fiancée Lauren Sanchez —, Aron hasn't, hasn't, Taylor, unfazed, He's Organizations: of, United States, Court Southern District of, Hollywood, AMC, Evander Childs High School, —, Instagram, Arizona, National Enquirer, ppl, FBI, Twitter, Amazon Locations: Southern, of New York, Court Southern District of New York, Bronx, Jamaica, Russian, York City, California, Sinai, Aron

☆ Daylight Saving Time may be a literal headache for you. Here’s why
▼ + stars: | 2023-10-26 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +5 min

The end of Daylight Saving Time is typically a trigger for cluster headaches. Cluster headache attacks can occur every day for six to eight weeks and then go away in a cluster cycle. The theory is that you can actually trigger a cycle by switching the time with Daylight Saving Time. CNN: Why does Daylight Saving Time have such an impact? It’s important to realize that it’s not just Daylight Saving (Time) changes that can trigger these attacks, even changing time zones can trigger cluster headaches.

Persons: Rajkumar Dasgupta, Catherine McQueen, Dasgupta, it’s Organizations: CNN, University of Southern California Keck School of Medicine, Daylight Locations: Los Angeles

☆ Startup employees are reeling as they brace for back-to-back rounds of layoffs: 'When it happens again, you start to lose that confidence and faith in your leadership.'
▼ + stars: | 2023-10-25 | by ( Samantha Stokes | Madeline Renbarger | ) www.businessinsider.com time to read: +9 min

For the startup employees interviewed by Insider, the constant threat of layoffs is having a detrimental effect on company morale. said one employee working at a growth stage startup that's conducted three rounds of layoffs this year. For Reay, the former Sendoso employee, constant rounds of layoffs gave him and his surviving colleagues "strategy whiplash." "When it happens again, you start to lose that confidence and faith in your leadership." Some startup employees are reconsidering their future in the industryAs startup employees brace for the potential of more job cuts, they say that the experience has them second-guessing whether to stay in the industry at all.

Persons: Sean Reay, it's, Reay, SoftBank, Sendoso, what's, I'm, Raey, SchoolMint, I've, you'd, he's, Jackie Xu, Xu Talent, Kleiner Perkins, Xu, you've Organizations: Facebook, Meta, Twitter, Sendoso, GV, Google, Employees Locations: San Diego, That's, SPAC

☆ Startup workers are on edge
▼ + stars: | 2023-10-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at why startups that have navigated multiple rounds of layoffs have left their workers feeling defeated. It's a question more and more startup employees are contemplating amid a historic downturn in the industry coupled with a pullback in VC funding. But as Insider's Samantha Stokes and Madeline Renbarger detail, employees are on edge nowadays because of the threat of multiple layoffs in a short time. Why work for a corporate entity and be a cog in the wheel when you can get hands-on experience at a startup? AdvertisementAdvertisementiStock; Rebecca Zisser/InsiderBut just because layoffs are a necessary evil of the startup industry, that doesn't mean employees' concerns aren't warranted.

Persons: —, Jamie Dimon isn't, JPMorgan's Jamie Dimon isn't, Samantha Lee, Samantha Stokes, Madeline Renbarger, Samantha, Madeline they've, Rebecca Zisser, Severance, Jamie Dimon, David Rosenberg, Myriam, Airism, Arantza Pena Popo, Chris Rondeau, it's, Katy Perry, Pablo Picasso, Kiersten, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, What's, JPMorgan, EV, Microsoft, TikTok, IBM, Boeing, Meta, Mattel Locations: Southern California, New York City, San Diego, London, New York

☆ Read the new letter from Mitt Romney and billionaire Seth Klarman slamming Harvard's 'silence' over 'antisemitism on campus' as 'astounding'
▼ + stars: | 2023-10-24 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

A group of Harvard alum, including Mitt Romney and billionaire Seth Klarman, are condemning its leadership. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On Monday, a group of Harvard alumni including Senator Mitt Romney and billionaire investor Seth Klarman wrote an open letter slamming the school's leadership and its response to purported antisemitism on campus. Other alums condemned Harvard's response to both the terrorist attacks and the student letter.

Persons: Mitt Romney, Seth Klarman, alums, —, Bill Helman, Bain, Mark Nunnelly, Joanna Jacobson, Claudine Gay, Bill Ackman, Les Wexner, Idan Ofer, Batia, Michael Hemesath Organizations: Harvard, Service, Harvard Palestine Solidarity Groups, Harvard's Kennedy School of Government, Ivy League, University of Pennsylvania, Carleton College, Saint John's University Locations: Israel, Gaza

☆ Insider is seeking nominations for the 2023 rising stars of venture capital
▼ + stars: | 2023-10-24 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Insider is putting together a list of the best up-and-coming venture capitalists of 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWe are seeking nominations for Insider's yearly list of rising stars of venture capital, and we want to hear from you. In the past, we've had people with a variety of roles and experiences from VC funds like Founders Fund, Greylock Partners, Lightspeed Venture Partners, Tiger Global, and Spark Capital. Please email Madeline Renbarger at mrenbarger@insider.com or Samantha Stokes at sstokes@insider.com with any questions or issues submitting your nominations.

Persons: VCs, —, we've, Madeline Renbarger, Samantha Stokes Organizations: Service, Founders, Greylock Partners, Lightspeed Venture Partners, Tiger Global, Spark Locations: mrenbarger@insider.com, sstokes@insider.com

☆ Shopify's former head of its app ecosystem business is launching an AI imaging tool for online sellers
▼ + stars: | 2023-10-24 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

She ended up starting two businesses, one of which is ImagineCreate AI, an AI imaging tool that officially launches Tuesday with an undisclosed amount of pre-seed funding from Precursor Ventures. ImagineCreate AI was directly inspired by a brand Yusuf started shortly after leaving Shopify. ImagineCreate AI is launching as a web app that can be integrated into Shopify merchants' admin. Before-and-after images show how ImagineCreate AI generates custom backgrounds. Launching ImagineCreate AI on the Shopify App Store brings Yusuf's entrepreneurial journey full circle.

Persons: Fatima Yusuf, Yusuf, ChatGPT, Shopify, Madeline Stone Organizations: Precursor Ventures Locations: Shopify, mstone@insider.com

☆ Dollar General took back job offers from applicants with high blood pressure and poor eyesight, a federal agency lawsuit claimed
▼ + stars: | 2023-10-23 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Dollar General rescinded job offers to applicants with high blood pressure or poor eyesight, an EEOC lawsuit claims. AdvertisementAdvertisementDollar General violated disability-discrimination laws by rescinding job offers to some applicants with high blood pressure or poor eyesight, a federal agency said in a lawsuit. AdvertisementAdvertisementThe retailer rescinded job offers for some qualified individuals with disabilities, even when these wouldn't affect their ability to safely carry out the job, the EEOC's suit claimed. "Any alleged discriminatory or otherwise unlawful behavior imputed to Dollar General was neither intentional, knowing, reckless, nor malicious," the retailer said. Insider contacted Dollar General for comment, but did not immediately receive a response, outside regular US business hours.

Persons: —, EEOC, GINA, Madeline Hughes Haikala, Bradley Anderson Organizations: Service, Commission, Dollar, Court, Northern, Northern District of, Disabilities Locations: Bessemer , Alabama, Bessemer, Alabama, Northern District, Northern District of Alabama, Birmingham , Alabama

☆ Ex-Shopify and Deliverr workers say layoffs, compensation issues at Flexport capped a 15-month rollercoaster: 'Honestly a bit relieved that it's over'
▼ + stars: | 2023-10-23 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Former Deliverr and Shopify employees told Insider last week's layoffs at Flexport capped the end of a multiyear rollercoaster marked by multiple complicated acquisitions and integrations, compensation issues, and culture clashes. The integration of the Shopify Logistics team into Flexport had been rocky, five employees said. When Shopify completed its acquisition of Deliverr in July 2022, employees' equity converted to Shopify stock on a one-to-one basis. This person added that the conversion from public stock to RSUs meant that the value of their Flexport equity was less than they expected. The structure allows Shopify employees to decide the percentage of their compensation they want to be made up of cash and how much of stock.

Persons: Flexport, Shopify, vesting, Severance, Ryan Petersen, Constant, Dave Clark, Petersen, Clark, Madeline Stone Organizations: Flexport, Shopify Logistics, Deliverr, Employees, US, Shopify Locations: Flexport's, Shopify, Deliverr, Flexport, reorgs, Amazon, mstone@insider.com

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