IBM will halt hiring in non-customer-facing positions that could be carried out by artificial intelligence, the company’s CEO Arvind Krishna told Bloomberg. Krishna said the job cuts will primarily affect roles such…
Startups
American Airlines to Buy 20 Boom Supersonic Jets
Boom Supersonic, the aircraft maker seeking to bring back supersonic commercial flights, has sold 20 jets to American Airlines. Boom’s Overture four-engine jet promises speeds of up to Mach 1.7 over water…
Meta Suffers First Ever Year-on-Year Revenue Decline
Meta, the parent company of Facebook, WhatsApp and Instagram, posted its first yearly decline in revenue in the firm’s history this week, as advertising sales fell in the three months to July. …
Esports Giant FaZe Clan Goes Public Via SPAC
Esports company FaZe Clan has completed a SPAC merger deal worth $725 million, and began trading on the Nasdaq on Wednesday. FaZe Clan is an online media and digital entertainment company, looking…
Stripe Lowers Internal Valuation as Private Startups Re-Evaluate Worth
The payments startup Stripe has lowered its internal valuation by 28%, according to reports, becoming the latest private company to readjust amid tech sell-offs on the public markets. Last year investors valued…
Climate Tech Funds Emerge at Record Pace, but Is It Too Late?
Global investors have already closed more climate-technology related funds in 2021 than the previous five years combined, according to PitchBook data. But the latest scientific report from the U.N. has raised fears…
Bezos’s Blue Origin Sells Seat on First Spaceflight for $28 million
An unnamed bidder has paid $28 million for a seat on the first crewed spaceflight by Jeff Bezos’s Blue Origin. On Saturday the company hosted an online auction, inviting wealthy space enthusiasts…
Construction Startup Katerra to Shut Down After More Than $2bn in Funding
SoftBank-backed construction startup Katerra is to shut down, after receiving more than $2 billion in funding. The company told employees it will be shutting down operations, according to a report in The…
Klarna Set for New Funding Round at $40 billion Valuation
Swedish fintech startup Klarna is reportedly close to securing a new round of funding that would value the company at more than $40 billion. Klarna offers a buy-now-pay-later service to retailers and…
Israel’s YL Ventures Sells Axonius Stake for $270m, Just a Week After Unicorn Valuation
Israeli venture capital fund YL Ventures has sold its stake in compatriot cybersecurity firm Axonius – just days after the latter was valued at over a billion dollars. The stake, worth around…