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Pink Slips, TikTokers and Billion-Dollar Lawsuits - Oh My!
Tuesday, March 21st, 2023
Amazon Fulfills Delivery of 9,000 Pink Slips
Amazon is back at it again, and this time it's letting go of a whopping 9,000 employees. According to CEO Andy Jassy's memo to staff, the cuts will be affecting those in AWS, Twitch, advertising, and human resources departments. It looks like the uncertain economy has put a dampener on Amazon's plans, as the company has been forced to make this move after laying off 18,000 employees late last year and in January. In addition, Amazon has suspended construction of its second headquarters, closed down some physical Go stores, and halted Fresh stores expansion. It's a tough blow for Amazon, especially after reporting a net loss of $2.7 billion for the whole of 2022 — their first loss since 2014.
YouTube Influencers Get Burned: $1 Billion Lawsuit Filed Against FTX Promoters
A class-action lawsuit has just been filed against not one, not two, but EIGHT YouTube influencers and their agencies for promoting FTX, a bankrupt cryptocurrency platform all thanks to its CEO, Sam Bankman-Fried, being charged with fraud. Ouch. The lawsuit seeks a staggering amount of one billion dollars in damages. That's right, billion with a “B”. Defendants include finance YouTube creators: Graham Stephen (with a cool 4.26m subscribers), “Meet Kevin” YouTuber Kevin Paffrath (1.87m subscribers), and Andrei Jikh (2.21m subscribers), all of whom deny their roles in the matter. Who knew promoting cryptocurrency could be so risky?
US Employers Take Cues From Kindergarteners and Start Sharing: Salary Ranges Included
US employers are finally getting their act together and stating salary ranges upfront on job postings. This new trend is due to a number of factors, including a tight labor market forcing companies to be more competitive with their offers, an increase in remote work opportunities (because who wants to work in an office if they don't have to?), and some new regulation in trendsetter states such as New York, California, Washington, and Colorado requiring companies to disclose compensation. By including this data, employers take the guesswork out of negotiations and level the playing field for everyone. No more trying to read the tea leaves of a job description or awkwardly dance around the salary question in an interview.
TikTok's Influencers: From Dancing to Lobbying in D.C.
TikTok is pulling out all the stops to prevent a potential shutdown of its operations in the US including enlisting the help of its most influential content creators to schmooze lawmakers in Washington DC. These TikTok influencers are expected to make an emotional appeal to Congress, highlighting how proposed restrictions would create economic hardship for Americans who rely on the app. Despite previous attempts by TikTok to win over Washington, concerns about China's potential ability to collect sensitive data or influence users persist. Now, a group of senators is proposing a new law that would give President Biden the power to ban the app altogether. Only time will tell if America can survive without 60-second dances.
Apparently the Fed is Clairvoyant
Look who had the crystal ball all along. According to ABC News and the NYT, the Federal Reserve knew about the risks facing Silicon Valley Bank (SVB) long before it filed for bankruptcy earlier this month. The Fed didn't just warn the bank once, or twice, or thrice; they cautioned the bank several times over many years. As early as 2019, the Fed was already raising concerns about the bank's management. In 2021, the Fed identified some major chinks in the bank's armor, filing six citations after a full supervisory review last July, noting the bank's failure to retain enough accessible cash for a potential downturn. And yet, SVB failed to address these concerns — classic case of "I told you so". Now, the Fed is conducting an internal review of how it supervised and regulated SVB. We wonder if they'll give themselves a slap on the wrist or a pat on the back…
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