Ride-hailing giants Uber and Lyft both reported promising Q2 results this week, as they took advantage of a post-Covid boom in travel. Uber posted its first ever cash-flow positive quarter. The Silicon…
Robinhood to Cut 23% of Workforce, Revenue falls 44%
Online brokerage Robinhood announced plans to lay off 23% of its workforce this week, amid falling revenues. It’s been a miserable week for the company, as its second quarter earnings report revealed…
SEC Swoops on Massive Cryptocurrency Pyramid Scheme
The US Securities and Exchange Commission (SEC) announced it has charged 11 people for their role in an alleged Ponzi scheme called Forsage, which defrauded retail investors for more than $300 million. …
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. …
Microsoft Earnings Fall Short of Lowered Expectations
Microsoft’s quarterly earnings fell short of expectations on Tuesday, as global uncertainty and production slowdowns hit the company hard. The company posted $51.9 billion in sales for the quarter ending June 30,…
Google Fires Engineer Who Claimed Artificial Intelligence Technology was Sentient
Google has fired the engineer who claimed an artificial intelligence chatbot had gained consciousness. Blake Lemoine, raised ethical concerns with the company last month after he became convinced the AI chatbot he…
Tesla Sells Off Majority of Bitcoin Holdings
Electric car maker Tesla has ditched 75% of its holdings in Bitcoin, after the cryptocurrency fell in value by more than 50% this year. In February last year Tesla boss Elon Musk…
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…
Musk Attempts to Withdraw from Twitter Deal
Elon Musk will withdraw from his $44 billion agreement to buy social media platform Twitter, the billionaire has stated, although it remains to be seen whether he may yet be forced to…