BUSINESS
Copycat founders mimicking Musk in sacking employees: Ashneer
Musk has fired almost half of Twitter employees, apart from sacking thousands of contractual workers. More than 1,200 employees have resigned on their own owing to the fear of working in an "extremely hardcore" work environment, bringing the once 7,800-strong Twitter workforce to less than 3,000 workers as of now. "First @elonmusk took over company, fired incompetent mgmt and then did layoffs in a bloated organisation," Grover said in a tweet.
Elon Musk kicks off Twitter poll on reinstating Donald Trump
The new Twitter CEO said that the Trump poll was getting a massive 1 million votes per hour. "Fascinating to watch the Twitter Trump poll. The bot attack is impressive to watch," tweeted Elon Musk. "Bot & troll armies might be running out of steam soon. Some interesting lessons to clean up future polls," he added.
Zomato plans to lay off 3% of its workforce
The decision comes after many tech giants and social media sites announced layoffs. Zomato stated that layoffs will be based on regular performance. "There has been a regular performance based churn of under 3 per cent of our workforce, there's nothing more to it," said a Zomato spokesperson.
Accounting profession must remain in tune with technological changes, says CAG
Addressing the 21st World Congress of Accountants hosted by the Institute of Chartered Accountants of India, putting spotlight on "Building Trust and Enabling Stability, he said that this is necessary as the economy is going through massive transformation with evolution of new and innovative tools in doing business and these will challenge the conventional accounting traditions and thinking.
Multicoin expects FTX contagion to grip crypto industry for weeks
Multicoin said there is a chance the firm will recover some of its funds from FTX, but because these assets are now wrapped up in bankruptcy proceedings, it expects them to be marked below zero, reports CNBC. It's an abrupt reversal for Multicoin, which recently announced its third and largest fund, $430 million.
Government withdraws export duty on steel
Officials said that the current measures will provide a fillip to the domestic steel industry and boost exports. With effect from Saturday, exports of iron ore lumps and fines with less than 58 per cent Fe will attract nil export duty and with more than 58 per cent Fe will attract lower export duty of 30 per cent.
FTX CEO pocketed $300 mn after big funding raise: Report
According to The Wall Street Journal, the beleaguered crypto exchange secured $420 million in October 2021. "Nearly three-quarters of the money, $300 million, went instead to FTX founder Sam Bankman-Fried, who sold some of his personal stake in the company," the report mentioned, citing FTX financial records and sources.
India can't be just seen as a land for making and taking profits out of its geographic boundaries: Gautam Adani
Speaking at the 21st World Congress of Accountants in Mumbai, Adani said as both, domestic companies and multinationals take advantage of India's market size, we will need stronger mandates wherein corporates are compelled to rise to the challenge of enabling a social structure that recognizes the core of our culture and is aligned with our national needs.
Declaration, Bangkok Goals issued at APEC economic leaders' meet
The declaration, adopted after the two-day 29th APEC Economic Leaders' Meeting, affirmed the members' long-standing commitment to promoting strong, balanced, secure, sustainable and inclusive growth, as well as their commitment to realising the APEC Putrajaya Vision of an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, reports Xinhua news agency.
Theranos founder Elizabeth Holmes sentenced to over 11 years in prison
She faced sentencing after being found guilty of defrauding investors and endangering patients. According to media reports, she will have to report to prison on April 27, 2023, and will have an additional three years of supervised release once she's out from the prison. Judge Edward Davila declared that the charges she had been found guilty of made her responsible for defrauding 10 victims out of $121 million, according to The New York Times.
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