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Shopify announced Thursday that it is cutting 20% of staff and selling off its logistics business. Shopify's CEO Tobi Lütke announced early Thursday that the company is cutting 20% of its workforce and selling the majority of its logistics business to supply chain technology company Flexport. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with. Analysts and insiders had also been expecting a major change to Shopify's logistics division, Insider reported Wednesday. But 6 River Systems, a warehouse automation and robotics company Shopify purchased in 2019 for $450 million, is being sold to UK grocery firm Ocado for an undisclosed sum.

☆ Top US CEO pay rose 7.7% last year, outpacing inflation, study finds
▼ + stars: | 2023-05-03 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

May 3 (Reuters) - Median pay for top U.S. CEOs rose 7.7% last year to a record $22.3 million, a new study found, as big stock awards helped the group stay ahead of inflation while U.S. workers' pay fell behind. Pay among the CEOs rose faster than for U.S. workers in 2022 despite tight labor markets. Total return for the companies whose CEO pay was studied was negative 11%. He added that amid the macroeconomic uncertainty, "There's still a little more of this incentivizing of executives that's leading to the increases in CEO pay." "Our CEO’s compensation is and will continue to be 100% performance based," the spokesperson said.

☆ Shopify will release earnings earlier than planned as employees ready themselves for more layoffs
▼ + stars: | 2023-05-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +2 min

Employees told Insider they fear layoffs are on the way. Shopify has moved up the timing of its quarterly earnings call as employees brace for possible layoffs. Fear has been growing among employees that Shopify plans to lay off workers within the next several days. Company leadership told workers in the fall that it planned to change how it evaluated employees' performance. In March, Shopify announced a new framework that would classify employees as either managers or "crafters," with the goal of incentivizing more employees to be individual contributors.

☆ Tech group urges Biden administration to keep child care requirement for chips funding
▼ + stars: | 2023-05-01 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

Standing against conservative critiques of the Biden administration's conditions on computer chip-manufacturing funding, the tech industry group Chamber of Progress urged the government to maintain its requirements, which include providing child care for workers. MacKenzie said the group aimed to push back on GOP attacks on so-called wokeness in business. But the Commerce Department has maintained that the rules are necessary to protect taxpayer dollars and ensure a stable workforce. "We simply will not be successful in achieving the national security goals of the CHIPS initiative unless we invest in our workforce, period. WATCH: Commerce Department sees more than 200 companies interested in CHIPS Act funds

☆ Shopify employees brace for more layoffs as the company cancels in-person gatherings ahead of earnings
▼ + stars: | 2023-04-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +2 min

Fear is growing among Shopify employees that more layoffs are on the way. Fear is spreading among Shopify employees that the Canadian e-commerce company is planning to lay off more workers within the next few days. Employees said that the company has canceled a number of upcoming "bursts," which is Shopify's name for team off-sites, and other in-person events. Shopify laid off 10% of its workforce — or roughly 1,000 people — last July. The company also quietly laid off several dozen employees before and after the mass layoff was announced.

☆ Startups want to use blockchain technology to improve the carbon-credit markets. Here's why big names in the climate industry are warming up to the idea.
▼ + stars: | 2023-04-22 | by ( April Joyner | ) www.businessinsider.com time to read: +8 min

Startups including Toucan and Topl are building blockchain tools for issuing carbon credits. Several companies, including Toucan, Return, Topl, and Open Forest Protocol, are now aiming to improve the transparency and reliability of carbon credits by coupling climate initiatives with blockchain technology. Erin MurphyThe need for greater transparency in carbon marketsCompanies buy carbon credits to offset the amount of greenhouse-gas emissions their business activity generates. Aureus EarthThe potential benefits of credits on the blockchainThat's where blockchain technology comes in, Murphy and other proponents said. Despite the flaws of that initial attempt, it showed ample market demand for blockchain-based carbon credits, Hoopes said.

☆ Leaked document shows Shopify's plan to use 'stealth spear-fishing' recruiting tactics as it flattens its org
▼ + stars: | 2023-04-18 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

A leaked internal document detailed Shopify's plan to overhaul its recruiting strategy. It said that recruiters needed to raise the bar for the quality of candidates they were bringing on to the company. "To do this, we will exhaustively seek out world class talent, scorching the earth with thoroughness and precision," it continued. The leaked internal document from Shopify cited a January conversation with CEO Tobi Lütke where he emphasized the need to hire fewer people managers and more people who had deep technical knowledge. It also said that Lütke instructed org leaders to "avoid high drama negative talent."

☆ Tesla and other automakers are giving hefty discounts to make up for shrinking EV tax credits
▼ + stars: | 2023-04-07 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Not very many electric cars are expected to qualify for the EV tax credits as new rules set in. Automakers, who are pouring billions of dollars into making their product lineups electric, can't afford for their customers to not go EV. Lucid has already offered customers $7,500 off certain trims of its vehicles, which do not qualify for the federal tax credits by requirements around sticker price alone. And Tesla on Friday lowered the price of many of its vehicles, some of which will likely now no longer qualify for the tax credits. GM isn't anticipating turning a profit on electric cars until 2025.

☆ Lawmakers meet with Apple, Disney CEOs as part of talks on competition with China
▼ + stars: | 2023-04-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +7 min

High-profile tech and media executives shared their experiences of working in and competing with China with lawmakers who visited California this week. Over the three-day trip that kicked off on Wednesday, lawmakers were scheduled to meet with Disney CEO Bob Iger and Apple CEO Tim Cook, as well as high-level executives from Google , Microsoft , Palantir and Scale AI. The trip highlights the key role tech and media industries play in America's increasingly complex relationship with China. In Hollywood, the group of lawmakers from the select committee learned about a range of topics related to competition with China. The group was also slated to meet with venture capitalists on Thursday, including Andreessen Horowitz, Khosla Ventures and SV Angel.

☆ How you could save thousands on an electric car, even without tax credits
▼ + stars: | 2023-04-06 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Not very many electric cars are expected to qualify for the EV tax credits as new rules set in. It will take time for car companies to prepare their EVs and supply chains in order to qualify. Automakers, who are pouring billions of dollars into making their product lineups electric, can't afford for their customers to not go EV. Lucid has already offered customers $7,500 off certain trims of its vehicles, which do not qualify for the federal tax credits by requirements around sticker price alone. GM isn't anticipating turning a profit on electric cars until 2025.

☆ These organizations are selling plastic offsets to help build recycling infrastructure
▼ + stars: | 2023-04-06 | by ( Katie Brigham | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThese organizations are selling plastic offsets to help build recycling infrastructureFor-profit companies Plastic Bank and RePurpose Global are incentivizing plastic collection and recycling in developing nations, and selling plastic credits to consumer goods companies looking to offset new plastic production. But while developing recycling ecosystems in areas with poor waste management infrastructure is undeniably positive, some experts are concerned that the emerging plastic credits market could distract from the systemic changes that are needed to end plastic pollution.

☆ EV startup Lucid plans to lay off hundreds of workers at every level of the company, leaked memo says
▼ + stars: | 2023-03-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Lucid is planning to lay off hundreds of workers, the company told staff Tuesday. The cuts will affect about 18% of the company, according to five sources and a copy of an internal memo seen by Insider. Lucid CEO Peter Rawlinson told employees the company will cut about 18% of its workforce, per the sources and the internal memo, which was sent after the short meeting. Given Lucid employed approximately 7,200 employees globally as of the end of 2022, according to regulatory filings, that would be about 1,290 employees. Lucid has also emailed customers about utilizing the commercial EV tax credit for leasing, given its EV does not currently qualify for the new EV purchase credit.

☆ Democrats want to make electric bikes much cheaper by giving you up to $1,500 to buy one
▼ + stars: | 2023-03-27 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

A new bill would give Americans up to $1,500 off the purchase of an electric bicycle. The Senate cut this legislation out of the 2022 Inflation Reduction Act, but included subsidies for electric cars and SUVs. Biking advocates argue that electric bikes should be subsidized just as electric cars have been for years. Electric bikes have boomed in popularity in the US over the last several years. E-bike tax credits introduced by cities and states around the country have become hugely popular in recent years.

☆ Why Blackouts, Power Outages Are Becoming More Common
▼ + stars: | 2023-03-23 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +14 min

Power outages have increased 64% from the early 2000s, and weather-related outages — many driven by the worsening climate crisis — have increased 78%. A record-breaking blizzard in Buffalo, New York, this winter caused power outages throughout the city, resulting in the deaths of 47 residents. In 2021, a heat wave led to power outages and the deaths of hundreds in the Pacific Northwest. While regional organizations might use fees to penalize companies for power outages, it's now much harder to pinpoint and hold a person or entity responsible. In the meantime, the climate crisis will continue to wreak havoc on an aging grid system that puts profits over reliability.

☆ I've made almost $10,000 a month from Shopify and YouTube. Here's how I built 2 income streams in college.
▼ + stars: | 2023-03-20 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +7 min

Tammy Dinh started her art business, Uncomfy, on Etsy in 2020 before moving it to Shopify in 2022. I grew up watching YouTube videos of people making things with polymer clay. I started making clay figurines when I was 9. While the business was in my name, we worked in partnership for the first few months and split the income. I started making Instagram Reels and TikToks — but it's a lot of workWhen I started posting photos on Instagram, I didn't want to use my face or voice.

☆ Just Capital: Companies investing in diversity are outperforming their peers
▼ + stars: | 2023-03-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJust Capital: Companies investing in diversity are outperforming their peersAlison Omens, chief strategy officer at Just Capital, details new data on the increasing number of companies that are disclosing their workforce diversity demographics, and how investors play a key role in incentivizing more firms to do so.

☆ A rash of proposed Florida laws use 'genocidal rhetoric' to attack trans people, legal experts say
▼ + stars: | 2023-03-13 | by ( Katherine Tangalakis-Lippert | Katie Balevic | ) www.businessinsider.com time to read: +11 min

If passed, the bills would restrict access to gender-affirming care and classify it as child abuse. Experts told Insider the bills are posturing ahead of the 2024 presidential race. New legislation 'short circuits existing law'The proposed new bills go further to expand anti-trans legislation than others across the nation, disrupting established custody and health care precedent, legal experts told Insider. "I think that's important, just to note how brazen the language has become — it's genocidal rhetoric," Caraballo told Insider. "This is all about politics, and this is all about bolstering DeSantis is run for the presidency," Caraballo told Insider.

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

☆ Inside the fierce debate over clean hydrogen, with $100 billion in federal subsidies on the line
▼ + stars: | 2023-03-03 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +13 min

The impact of the tax credit on emissions reductions depends on how federal agencies implement it. On one side of the debate, some energy providers say that making the rules too strict could kill the clean hydrogen industry before it ever gets off the ground. CERAWeek returned in-person to Houston celebrating its 40th anniversary with the theme "Pace of Change: Energy, Climate, and Innovation." This hourly approach to energy accounting has been adopted by Google, which has been a forerunner in adopting clean energy, for example. In the long run, Garabedian says, his stance is about protecting his company, the industry's reputation, and the tax credit.

☆ White House aims to shift cybersecurity burden from individuals and small businesses to tech providers
▼ + stars: | 2023-03-02 | by ( Lauren Feiner | ) www.cnbc.com time to read: +3 min

The White House released its long-awaited National Cyber Strategy on Thursday, providing a road map for how the Biden administration aims to defend the U.S. from a rapidly growing number of online threats. "The president's strategy fundamentally reimagines America's cyber social contract," Acting National Cyber Director Kemba Walden said during a press briefing on Wednesday. The White House is proposing that legislation establish liability for software makers which fail to take reasonable precautions to secure their products and services. The White House said the work has already started. WATCH: Closing keynote: The White House is serious about cybersecurity

☆ Domino's stock tumbles 10% as delivery problems persist
▼ + stars: | 2023-02-23 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

“We experienced significant pressure on our U.S. delivery business in 2022,” CEO Russell Weiner wrote in a statement discussing financial results Thursday. Domino's said its delivery business struggled last year. “Every day, delivery customers will be deciding where to spend their hard-earned dollars. And it raised the price of its “mix and match” deal for delivery orders, but not carryout. And while staffing has improved somewhat, “there is more work to do on staffing that part of the business,” Weiner said of delivery.

☆ Supreme Court set to hear Google case that could impact free speech online
▼ + stars: | 2023-02-21 | by ( Lauren Feiner | ) www.cnbc.com time to read: +3 min

John Roberts, chief justice of the US Supreme Court, from left, Elena Kagan, associate justice of the US Supreme Court, Brett Kavanaugh, associate justice of the US Supreme Court, Amy Coney Barrett, associate justice of the US Supreme Court, and Ketanji Brown Jackson, associate justice of the US Supreme Court, ahead of a State of the Union address at the US Capitol in Washington, DC, US, on Tuesday, Feb. 7, 2023. The Supreme Court is set to hear arguments Tuesday in a potentially groundbreaking case with the potential to alter the force of a key law the tech industry says has been critical to keeping the internet an open place that fosters free speech. That case is known as Gonzalez v. Google, brought by the family of an American who died in a 2015 terrorist attack in Paris. Now that shield is at stake as the petitioners argue it should not apply where Google actively promotes user-generated content, such as through its recommendation algorithms. The Supreme Court will also hear a separate tech case Wednesday that could have implications for how platforms promote and remove speech on their sites.

☆ Republicans want to restore 'dignity' for millions of Americans on food stamps by cutting their benefits even more
▼ + stars: | 2023-02-16 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Millions of Americans are about to see their allocation of food stamp benefits drop in March. For some Americans, especially older ones on fixed incomes, that means $258 will evaporate for their monthly food budgets. "Structural reforms to the Supplemental Nutrition Assistance Program (SNAP) will better position funding for people in need while incentivizing able-bodied people to return to the workforce," they wrote. "These incentives will prevent the condemnation of SNAP beneficiaries to a life of dependency; instead, incentives will restore their dignity." Democratic lawmakers are unlikely to be on board with the Republicans' proposal to cut benefits.

☆ Istanbul bourse rises nearly 10% after quake closure, govt measures
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +4 min

RAPID NEW REGULATIONSTurkish authorities pushed through new regulations including measures incentivizing company share buyback programs, and increasing obligatory pension fund allocation for stocks. The general assembly decision mandate for share buybacks was also waived, allowing listed companies to start share buyback programmes with just a management board decision. Additional measures could still be needed to stabilize the stock exchange, according to Tunc Satiroglu, strategist and founder of financial consulting firm Kanal Finans. The cancellations followed multiple market-wide circuit brakers in the two trading days following the earthquake, which failed to halt the slide to no avail. "I expect the stock market to be more stable...

☆ An entrepreneur who has used Shopify since it was in beta shares how he built an app to solve the biggest problem he faced on the platform while scaling to $1 million in sales
▼ + stars: | 2023-02-08 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

Thomas Bertrand built a Shopify app after years of selling on the e-commerce platform. He launched his Shopify store, Bento&co, where he sells bento boxes and related accessories, in 2008. But he also created an app on Shopify's App Store that was directly inspired by his years as a merchant. Shopify's app store is home to more than 7,000 apps to help merchants with tasks like store design, product sourcing, SEO, marketing, and shipping. Shopify's merchants made $46.2 billion in sales on the platform in the third quarter of 2022 alone.

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