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☆ Elon Musk says he will broadly restore previously banned Twitter accounts
  + stars: | 2022-11-24 | by ( Clare Duffy Catherine Thorbecke | Clare Duffy | Catherine Thorbecke | ) edition.cnn.com   time to read: +3 min
CNN Business —Elon Musk said Thursday that he will begin restoring most previously banned accounts on Twitter starting next week, in his most wide-reaching move yet to undo the social media platform’s policy of permanently suspending users who repeatedly violated its rules. It is not immediately clear how Musk and his team at Twitter will sort out which accounts had been banned for illegal or spam content versus other violations, nor how many total accounts will be restored. Musk has also restored the accounts of several other controversial, previously banned or suspended users, including conservative Canadian podcaster Jordan Peterson, right-leaning satire website Babylon Bee, comedian Kathy Griffin and Rep. Marjorie Taylor Greene. Shortly after acquiring Twitter, Musk said he would create a “content moderation council” with “widely diverse viewpoints,” and that no major content decisions would be made until it was in place. Musk has said the departure of key Twitter advertisers in recent weeks has led to a “massive drop in revenue” for the company.
☆ What is Hive? I tried the latest Twitter alternative to gain steam
  + stars: | 2022-11-23 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +6 min
This week, Hive Social garnered the top spot in the social networking category on the US App Store. As I tried to download the Hive app on my Apple device, however, I was greeted with a series of errors. Hive Social, which lists just two employees on LinkedIn, did not respond to CNN Business’ requests for an interview or further comment. On its website, Hive Social also outlines goals for keeping the community respectful. To be fair, Hive started in 2019 and never sought to be a Twitter clone or to welcome a sudden influx of disgruntled Twitter users.
☆ HP says it will lay off thousands of workers over the next couple years
  + stars: | 2022-11-22 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: 1 min
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☆ As Meta and Twitter slash staff, TikTok plans to keep hiring
  + stars: | 2022-11-21 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN —While much of Silicon Valley is grappling with hiring freezes and job cuts, at least one social media company is still planning to keep hiring: TikTok. News of TikTok’s hiring plans was first reported by The Information. The shift in the hiring landscape in Silicon Valley could help TikTok as it looks to appease critics and cement its position in the United States, and also as it works to expand into new product categories. TikTok’s career portal website currently lists more than 4,000 global positions, though it is not clear how often the hiring site is updated. “We are still hiring,” Chew said at the conference last week, “although, you know, at a pace that we think has corresponds with the global challenges that we’re facing.”
☆ What to do if you’re worried about your Twitter account going away
  + stars: | 2022-11-18 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +3 min
Here are steps you can take if you’re worried about losing your Twitter account. Downloading your Twitter archiveIf you want to preserve your past tweets, you can start by downloading your Twitter archive. Users can download their archive by going to their account setting pages, clicking on the “more” icon and then selecting “Your account” from the options menu. Staying in touch with Twitter contacts on other platformsAmid the uncertainty surrounding Twitter, the social media app Mastodon has seen its popularity skyrocket in recent weeks. Some other tools have emerged, such as Twitodon, which helps users find their Twitter followers and the accounts they followed on Mastodon.
☆ Amazon CEO says job cuts will continue into 2023
  + stars: | 2022-11-17 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN Business —Amazon CEO Andy Jassy said job cuts at the e-commerce giant would continue into early next year, in his first public remarks since the company began widespread layoffs earlier this week. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments,” Jassy wrote in a letter to staff Thursday. Facebook-parent Meta recently announced 11,000 job cuts, the largest in the company’s history. Twitter also announced widespread job cuts after Elon Musk bought the company for $44 billion. “It’s not lost on me or any of the leaders who make these decisions that these aren’t just roles we’re eliminating, but rather, people with emotions, ambitions, and responsibilities whose lives will be impacted,” Jassy wrote.
☆ Amazon CEO says job cuts will continue into next year
  + stars: | 2022-11-17 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN Business —Amazon CEO Andy Jassy said job cuts at the e-commerce giant would continue into early next year, in his first public remarks since the company began widespread layoffs earlier this week. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments,” Jassy wrote in a letter to staff Thursday. Facebook-parent Meta recently announced 11,000 job cuts, the largest in the company’s history. Twitter also announced widespread job cuts after Elon Musk bought the company for $44 billion. “It’s not lost on me or any of the leaders who make these decisions that these aren’t just roles we’re eliminating, but rather, people with emotions, ambitions, and responsibilities whose lives will be impacted,” Jassy wrote.
☆ Airbnb CEO on the tech downturn: ‘It’s like we’re all in a nightclub and the lights just came on’
  + stars: | 2022-11-17 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN —After years of seemingly unstoppable growth, the tech industry is now facing the “ultimate reality check” as it confronts broader economic uncertainty and waves of layoffs, Airbnb CEO Brian Chesky told CNN on Thursday. Facebook-parent Meta said last week it was cutting 11,000 jobs after nearly doubling its staff during the pandemic. And Twitter recently cut approximately 50% of its staff as new owner Elon Musk races to bolster its bottom line. Chesky said the company is not undergoing layoffs at this time, and in fact is hiring. “We need more diversity in Silicon Valley, but that diversity should not just be demographic diversity.
☆ These fireball-dropping drones are on the frontlines of wildfire prevention
  + stars: | 2022-11-17 | by ( Natalia V. Osipova Catherine Thorbecke | Natalia V. Osipova | Catherine Thorbecke | ) edition.cnn.com   time to read: +4 min
Drone Amplified, a Nebraska-based startup, is using unmanned aerial technology to improve one of the oldest and most-effective methods of preventing wildfires: prescribed burns. “Then you have helicopters with a whole crew on board, flying really low and slow over the fire,” he added of other methods for prescribed burns. The drones allow firefighters to work at a distance from flames, according to Detweiler, and in areas that are difficult to reach due to terrain or visibility. Precision is a critical element when conducting prescribed burns, because it is crucial for preventing fire escapes. Two recent controlled burns in New Mexico escaped and led to the state’s largest wildfire on record.
☆ Amazon confirms it has begun laying off employees
  + stars: | 2022-11-16 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN —Amazon confirmed on Wednesday that layoffs had begun at the company, two days after multiple outlets reported the e-commerce giant planned to cut around 10,000 employees this week. Amazon and other tech firms significantly ramped up hiring over the past couple of years as the pandemic shifted consumers’ habits towards e-commerce. Facebook-parent Meta recently announced 11,000 job cuts, the largest in the company’s history. Twitter also announced widespread job cuts after Elon Musk bought the company for $44 billion, funded in part by debt financing. After reaching record highs during the pandemic, shares of Amazon have shed more than 40% in 2022 so far.
☆ Premarket stocks: Wall Street bonus outlook is grim
  + stars: | 2022-11-16 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
New York CNN Business —Ferragamo belt-buckles are being tightened across Wall Street as bankers prepare for a gloomy bonus season. “This is a canary in the coalmine for the economy, if the canary dies that’s not good for anybody,” said Johnson. In recent years, Amazon has gradually been growing its footprint in the health care sector. Earlier this year, Amazon agreed to acquire One Medical, a membership-based primary care service, for $3.9 billion. The big picture: Amazon isn’t the only Big Tech company attempting to cash-in on a chunk of the health care industry.
☆ Amazon launches message-based virtual clinic for allergies, acne and hair loss
  + stars: | 2022-11-15 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: 1 min
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☆ Amazon layoffs: Company plans to lay off thousands of employees, New York Times reports
  + stars: | 2022-11-14 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN Business —Amazon is planning to lay off some 10,000 employees in corporate and technology jobs, the New York Times reported on Monday, citing anonymous sources with knowledge of the matter. Amazon did not immediately respond to CNN Business’ request for comment Monday. The Wall Street Journal also reported Monday that Amazon is set to lay off thousands of workers, citing a person familiar with the matter. In its most-recent earnings report, however, Amazon forecast its revenue for the holiday quarter would be lighter than analysts had expected. News of potential layoffs comes at a crucial time for the retail industry, ahead of the holiday shopping season.
☆ Elon Musk’s SpaceX is buying an ad package on Elon Musk’s Twitter
  + stars: | 2022-11-14 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN —While a number of major brands have announced advertising pauses on Twitter in the wake of Elon Musk’s acquisition, the platform has scored a new ad buy from one notable billion-dollar business: Musk’s SpaceX. Musk confirmed on Twitter Monday that his aerospace company, SpaceX, bought a package to advertise its Starlink internet service on Twitter, though he downplayed the size of the ad buy. The ad buy would be the first for any of Musk’s companies, including Tesla, which does not engage in traditional advertising. “SpaceX Starlink bought a tiny – not large – ad package to test effectiveness of Twitter advertising in Australia & Spain,” Musk wrote in a reply to one Twitter user, adding that he did the same on competitors such as Facebook, Instagram and Google. A number of major brands including General Mills, the North Face and several car companies (which compete with Musk’s Tesla) have announced they are pausing ads on the social network.
☆ Analysis: Silicon Valley's greatest minds misread pandemic demand. Now their employees are paying for it.
  + stars: | 2022-11-10 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +9 min
CNN Business —In the early months of the pandemic, Facebook only grew bigger and more central to our lives. On Wednesday, however, Zuckerberg reversed course and laid off more than 11,000 employees, marking the most significant cuts in the company’s history. In a memo to staff, Zuckerberg coughed up some of the hardest words in the English language. The Federal Reserve maintained near-zero interest rates at the time, giving tech companies easier access to capital. And private and public market valuations for tech companies only seemed to go higher.
☆ Premarket stocks: The 5 biggest takeaways from earnings season
  + stars: | 2022-11-10 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
Earnings have been strong: So far, S&P 500 earnings growth has been better than expected. We also saw solid earnings from Apple (AAPL) and record profits from oil giants Chevron (CVX) and Exxon Mobil (XOM). Companies are beating earnings estimates for the third quarter by 1.8% in aggregate, according to FactSet data. More than 50 S&P 500 companies have lowered earnings per share expectations for the fourth quarter, according to FactSet data. Fourth quarter earnings per share predictions have been revised down by 4.3% since October 1, according to Bank of America analysts.
☆ Meta to lay off 11,000 employees, as Zuckerberg says he is 'accountable for missteps'
  + stars: | 2022-11-09 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +4 min
New York CNN Business —Facebook parent company Meta on Wednesday said it is laying off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta confronts a range of challenges to its core business and makes an uncertain and costly bet on pivoting to the metaverse. “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” CEO Mark Zuckerberg wrote in a blog post to employees. “I want to take accountability for these decisions and for how we got here,” Zuckerberg wrote in his post Wednesday. “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” Zuckerberg wrote Wednesday.
☆ Wall Street Journal: Mark Zuckerberg tells employees layoffs coming Wednesday
  + stars: | 2022-11-08 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN Business —Meta CEO Mark Zuckerberg told company executives that major layoffs at the tech giant will begin on Wednesday morning, the Wall Street Journal reported Tuesday afternoon. Citing unnamed sources familiar with the matter, the Journal reported that the upcoming job cuts will likely impact many thousands of employees and mark the first broad headcount reductions in the company’s history. The reports of significant layoffs at Meta come as other tech companies have announced major job cuts. Last week, rideshare company Lyft said it was axing 13% of employees, and payment-processing firm Stripe said it was cutting 14% of its staff. Also last week, Twitter announced sweeping job cuts across the company after Elon Musk took the helm following his acquisition of the company for $44 billion, which required taking on significant debt.
☆ Elon Musk sold nearly $4 billion worth of Tesla stock since Twitter deal closed
  + stars: | 2022-11-08 | by ( Chris Isidore | ) edition.cnn.com   time to read: +4 min
New York CNN Business —Elon Musk sold $3.95 billion worth of Tesla stock since completing his purchase of Twitter late last month. Musk’s Tesla stock sales, totaling 19.5 million shares, have been widely anticipated ever since the Tesla CEO reached a deal to buy Twitter for $44 billion. Musk had sold blocks of Tesla shares worth a total of $15.4 billion earlier this year since his deal to buy Twitter was announced. Musk received an average price of $202.52 for the Tesla shares he sold since the Twitter deal closed, which is down 10% just since he closed on his deal to buy Twitter. Before his interest in Twitter, Musk rarely sold shares of Tesla stock, primarily selling shares necessary to pay taxes when exercising stock options.
☆ Meta said to be planning significant layoffs
  + stars: | 2022-11-07 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN Business —Facebook-parent Meta is said to be planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession. Meta has a headcount of more than 87,000, according to a September SEC filing. Once boasting a market capitalization of more than $1 trillion last year, Meta is now valued at about $250 billion. (After reports of the job cuts, Meta’s stock opened more than 5% higher on Monday morning.) Meta is far from the only tech company said to be rethinking staffing.
☆ Elon Musk said Twitter has seen a ‘massive drop in revenue’ as more brands pause ads
  + stars: | 2022-11-04 | by ( Clare Duffy Catherine Thorbecke | Clare Duffy | Catherine Thorbecke | ) edition.cnn.com   time to read: +5 min
CNN —Elon Musk said Friday that Twitter has seen a “massive drop in revenue,” as a growing number of advertisers pause spending on the platform in the wake of his $44 billion acquisition. On Friday, organizations including the Anti-Defamation League, Free Press and GLAAD, upped their pressure campaign for more brands to rethink advertising on Twitter. Musk, known as both an innovative entrepreneur and an erratic figure, has promised to rethink Twitter’s content moderation policies and undo permanent bans of controversial figures, including former President Donald Trump. Most marketers bristle at the thought of having their ads run alongside toxic content such as hate speech, pornography or misinformation. Ad buying giant Interpublic Group, which works with consumer brands such as Unilever and Coca Cola, earlier this week also recommended its clients pause advertising on the platform.
☆ Amazon will pause corporate hiring for months
  + stars: | 2022-11-03 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: 1 min
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☆ Lyft to lay off 13% of staff
  + stars: | 2022-11-03 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
CNN Business —Lyft on Thursday said it will lay off 13% of its staff, or nearly 700 employees, as it rethinks staffing amid rising inflation and fears of a looming recession. In a memo to staffers on Thursday, a copy of which was shared with CNN Business, Lyft (LYFT) co-founders Logan Green and John Zimmer said the layoffs will impact every part of the company, and pointed to broader macroeconomic challenges that led to the cuts. But a number of tech companies reported slowing growth in the September quarter, as customers and advertisers rethink spending. “We are not immune to the realities of inflation and a slowing economy,” Lyft’s founders wrote in the memo to staffers. Shares for Lyft are down nearly 70% so far this year.
☆ Uber revenue jumps 72% on strong demand for rides
  + stars: | 2022-11-01 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: 1 min
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☆ Instagram goes down for some users
  + stars: | 2022-10-31 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: 1 min
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