Warner Bros. Discovery Cuts ✂️ Around 70 Jobs
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Here’s what’s happening:
- Warner Bros. Discovery cuts around 70 jobs
- Apple to implement a hybrid work model
- Eqonex shuts down its crypto exchange
- E-commerce customer service platform secures funding
- Music Streaming Platform Spotify is Offering 3-Month Free Service For Premium Users
Warner Bros. Discovery Cuts ✂️ Around 70 Jobs
We have our next job cutter: Warner Bros Discovery
Warner Bros. Discovery is cutting around 14 percent of staff (about 70 jobs) at HBO Max
Why did the media conglomerate lay off around 70 jobs at HBO Max?
According to the memo from Casey Bloys, HBO Max’s chief content officer, it was a call taken with restructuring in mind.
“As we contemplate the Discovery content offering joining HBO Max for an eventually combined platform, we have had to make the incredibly difficult decision to disband or restructure the following teams, none of which reflects the contributions of the individuals impacted here,” the memo read.
Who will get affected?
Some of the job cuts are reportedly focused on HBO Max’s reality unit, which overlapped with Discovery’s own reality team following the completion of WarnerMedia and Discovery’s merger in April this year.
HBO Max’s casting, acquisitions, and business affairs teams are also among those affected by the cuts.
Apple to Implement 👀 a Hybrid Work Model
Tech giant Apple has informed its employees that they will be expected to return to the office three days per week starting September 5.
“In terms of timing, many locations around the world are in different phases and you will hear more details shortly. For Santa Clara Valley, we plan to begin our new adjusted pilot with all employees in the office three days beginning the week of September 5th,” read the memo sent to Apple staff.
Key Highlights 🔦:
- Apple staff will be asked to visit their offices on Tuesday and Thursday.
- Individual teams will pick an additional third day for in-person work.
- Employees have the option of working remotely twice a week.
Why does this matter? 🤔
The move marks the start of Apple’s much delayed hybrid work model, which was announced in June 2021.
The company’s work culture has always heavily emphasized in-person meetings and demos, and it develops and sells hardware, which requires staff to be physically present in work locations.
Eqonex Shuts Down Its Crypto Exchange 🔒
Nasdaq-listed financial services firm Eqonex Ltd. (EQOS) will shut down its cryptocurrency exchange operations.
But why? The company was doing good, right?
The crypto exchange has cited falling trading volume, intense market competition, and low margins for its closure.
What should you know?
- The crypto exchange, which started in 2020, will stop trading at 08.00 AM UTC on August 22, and customers will have until September 14 to withdraw their funds.
- This will give customers one week to close their derivatives trading positions, after which all trading on the platform will cease.
- All withdrawal fees will be waived during this time.
Statement from Eqonex CEO Jonathan Farnell:
“Closing the Exchange will significantly simplify our business, narrow our focus, free up resources, and allow us to operate as a more efficient organization with capacity to aggressively go after market segments that offer the most potential.”
A focus on structured products
The company will reportedly shift its focus to its asset management, cryptocurrency custody business lines, and lending division.
E-Commerce Customer Service Platform Secures Funding 💰
Gorgias, a US-based customer service platform designed for e-commerce, has raised $30 million in its Series C funding round.
Who invested in the round?
The funding was led by Transpose Platform and Shopify, along with participation from insider Jason Lemkin from SaaStr & Rajeev Dham from Sapphire Ventures, CRV, and Alven.
Where will the money go?
Gorgias intends to use the funds for advanced development of its automation and revenue suites for e-commerce customer experience, complementing its all-in-one helpdesk for merchants on Shopify and other commerce platforms.
Specifically, the funding will be used to accelerate the development of Gorgias’ Automation Add-on and for a new Revenue Add-on.
Founded in 2015 by Romain Lapeyre and Alex Plugaru, Gorgias provides a platform that unifies all channels that shoppers use to contact online stores, bringing those conversations into one feed for each company.
Since its inception, the startup has scaled to more than 10,000 dedicated merchants.
The company has more than 200 employees across 16 countries, with offices in San Francisco, Paris, Toronto, New York City, Sydney, Belgrade, and Charlotte.
Music Streaming Platform Spotify 🎙 is Offering 3-Month Free Service For Premium Users 🎉🎊
The good news:
The offer is available for new individual and student subscribers, while new Spotify Duo and family subscribers can receive one free month.
The bad news:
The offer isn’t available to former Premium members.
However, Spotify is giving those who canceled before July 15 a chance to revamp their subscription at a steep discount, receiving their first three months for $9.99.
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