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+14 +1
Peter Thiel said he had $50M in SVB when it collapsed: report
Despite advising clients to pull their cash from Silicon Valley Bank last week, Peter Thiel, a billionaire tech mogul, said that he had a large sum of his own money tied up in the doomed bank when it collapsed on Friday.
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+14 +1
Silicon Valley finally figured out people don't like it
During the Silicon Valley Bank collapse, people in tech started to realize something: a lot of people really don’t like them. Since the bank started to buckle late last week, tech luminaries have taken time out of their busy schedules of doing innovation to tweet about how everyone rooting against a bailout of Silicon Valley Bank simply doesn’t get it. Silicon Valley had birthed “the greatest wealth generation engine this country has had for the last 2 decades,” said Austin Federa, a spokesperson for the crypto blockchain Solana, and a bailout was essential to save a cornerstone of the American economy.
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+17 +1
America's immigration system is a nightmare, and it's forcing tech companies to move jobs outside of the country
As issues with labor shortages continue, remote work makes it easier for US tech firms to hire anywhere. These companies are relocating more jobs overseas to avoid American's broken immigration system.
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+18 +1
Etsy warns sellers of payments delays due to Silicon Valley Bank collapse
Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments, according to an email from the company shared with NBC News. The online do-it-yourself goods mega shop said it used SVB to facilitate disbursement to some sellers, and that it was working with other payment partners to issue deposits.
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+24 +1
Companies are latching onto the hot new AI trend. The feds are warning they're watching for false claims.
The FTC called AI a "hot marketing" term that some companies won't be able to stop themselves from "overusing and abusing."
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+17 +1
Elizabeth Holmes gives birth to second child ahead of 11-year jail sentence in Theranos scam
Fallen US biotech star Elizabeth Holmes gave birth to her second child as her lawyers fight to delay her imprisonment. The founder and former CEO of Theranos has been sentenced to 11 years in prison for defrauding investors with her Silicon Valley start-up firm. Holmes’ legal team gave the first public acknowledgment that she had indeed given birth in a filing late last week but did not reveal when she gave birth, New York Post reported.
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+28 +1
The Myth of Artificial Intelligence
‘The Age of AI’ advances a larger political and corporate agenda.
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+22 +1
Amazon's corporate employees will be paid up to 50% less in 2023 because of its falling stock price, report says
Some Amazon corporate employees will be be paid as much as 50% less than previously expected in 2023 because of the company's falling stock price, the Wall Street Journal reported on Monday. Salaries this year are likely 15% to 50% lower than the estimations given to Amazon staff, people familiar with the matter told the Journal. Employees' annual salaries are generally made up of cash compensation and awards of restricted stock units, but because of the 35% decline in Amazon's stock this year, total compensation is set to drop sharply.
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+23 +1
Reddit reportedly revives plans to go public, but it's likely to be worth way less than the $15 billion it once hoped for
Reddit, the birthplace of the meme stock craze, is reviving its plan to go public, The Information reported — but the social media platform is likely to be worth way less than its once hoped-for $15 billion valuation. The company is planning to list on the stock exchange in the second half of 2023 through an initial public offering, The Information reported Tuesday, citing people familiar with the matter.
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+18 +1
Salesforce CEO says he took a 10-day 'digital detox' trip to French Polynesia in the wake of company layoffs
Salesforce CEO Marc Benioff told NYT he went to French Polynesia for a device-free trip after layoffs, and said the "digital detox" was "freeing."
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+19 +1
Laid-off Google workers say the impersonal way the company let them go shows it's 'just as cutthroat corporate as anybody else'
"It feels very much like they are just as cutthroat corporate as anybody else," one laid-off employee said. "The crown has fallen here."
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+25 +1
Good news! The AI robots taking our jobs require a lot of humans to serve their needs.
AI has a dirty secret: Chatbots like ChatGPT rely on a hidden fleet of human workers. Instead of taking jobs, robots will create new jobs for the future.
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+24 +1
Tech layoffs shrink ‘trust and safety’ teams, raising fears of backsliding efforts to curb online abuse
“Fewer people means less work is being done in a lot of different spaces,” said one of Twitter’s remaining content moderation staffers.
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+15 +1
Tech giants post disappointing results, facing gloomy outlook
Apple, Amazon and Alphabet all posted disappointing quarterly results this week, while Facebook parent Meta bucked the gloomy trend in technology with better-than-expected revenue. Apple reported its first revenue drop in nearly four years after COVID-19 restrictions on its factories in China curtailed iPhone sales during the crucial Christmas holiday season.
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+3 +1
Silicon Valley needs to stop laying off workers and start firing CEOs
Tech CEOs at companies like Facebook, Google, and Amazon screwed up — but it's the laid-off employees who are paying the price.
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+3 +1
Dell is cutting 6,650 jobs amid falling demand for PCs
Computer manufacturer Dell is set to cut about 6,650 jobs representing 5 percent of its global workforce, according to a report from Bloomberg. Announced in a memo on Monday, Dell Co-Chief Operating Officer Jeff Clarke said that the company’s previous cost-cutting measures, such as a pause on hiring and limitations on travel, have proved insufficient, and that the company is experiencing market conditions that “continue to erode with an uncertain future.”
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+15 +1
Philips to cut 13% of jobs in safety and profitability drive
Dutch health technology company Philips (PHG.AS) will scrap another 6,000 jobs worldwide as it tries to restore its profitability and improve the safety of its products following a recall of respiratory devices that knocked off 70% of its market value. Half of the job cuts will be made this year, the company said on Monday, adding that the other half will be realised by 2025.
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+13 +1
ChatGPT, AI, and the future of privacy
The first month of 2023 has brought brutal layoffs from Big Tech(new window), a potential ban of TikTok in the US(new window), and another Twitter breach(new window). But the biggest development of this new year has to be the ascent of ChatGPT(new window). The chatbot can produce remarkably human-sounding text and, depending on the prompt, even generate creative responses that sound like they could not possibly have come from a computer:
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+19 +1
Working from home might be good for your wallet as well as your mental health
Working from home often pays more than working in an office for jobs in the tech industry, new research has claimed. HR company Remote collected data on more than six million jobs ads from 2022 from employee resource Glassdoor and found that web developer and software engineering roles had the most amount of remote opportunities compared to other professions, making up 37% and 36% of the total remote job market respectively.
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+16 +1
Amazon layoffs hit amid an increase in robot automation: what to know
Amazon maintains that employees and robots will continue to collaborate within its warehouses, however, according to specialists in robotics, the business may eventually be able to rely on robots to carry out much of the jobs that it currently delegates to human workers.
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