By Donie O’Sullivan and Clare Duffy, CNN Twitter on Friday laid off thousands of employees in departments across the company, in a severe round of cost cutting that could potentially upend how one of the world’s most influential platforms operates one week after it was acquired by billionaire Elon Musk. Numerous Twitter employees began posting
Continue ReadingCNN By Clare Duffy and Catherine Thorbecke, CNN Elon Musk said Friday that Twitter has seen a “massive drop in revenue,” as a growing number of advertisers pause spending on the platform in the wake of his $44 billion acquisition. “Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even
Continue ReadingBy Clare Duffy, CNN Business In 2009, after Twitter was sued by then-St. Louis Cardinals manager Tony La Russa for being impersonated on the platform, the young company introduced a new feature: a blue and white check mark. The check indicated that Twitter had verified the accounts of artists, athletes, government officials and agencies and
Continue ReadingBy Catherine Thorbecke, CNN Business Amazon is pressing pause on corporate hiring and expects to keep the policy in place for months, in the latest sign that even the biggest tech companies are rethinking staffing in an uncertain economic climate. The e-commerce giant has decided to implement a “pause on new incremental hires in our
Continue ReadingBy Catherine Thorbecke, CNN Business Lyft on Thursday said it will lay off 13% of its staff, or nearly 700 employees, as it rethinks staffing amid rising inflation and fears of a looming recession. In a memo to staffers on Thursday, a copy of which was shared with CNN Business, Lyft co-founders Logan Green and
Continue ReadingBy Brian Fung, CNN TikTok updated its privacy policies for European users on Tuesday, adding explicit disclosures that personal data from the app may be viewed by employees in China. The update aligns with what TikTok executives have said publicly. But the addition reflects the intense scrutiny TikTok has faced over its international data flows.
Continue ReadingBy Brian Fung, CNN The US government should ban TikTok rather than come to a national security agreement with the social media app that might allow it to continue operating in the United States, according to Brendan Carr, a commissioner at the Federal Communications Commission. A string of news reports this year about TikTok’s handling
Continue ReadingCNN By Brian Fung, CNN TikTok updated its privacy policies for European users on Tuesday, adding explicit disclosures that personal data from the app may be viewed by employees in China. The update aligns with what TikTok executives have said publicly. But the addition reflects the intense scrutiny TikTok has faced over its international data
Continue ReadingBy Clare Duffy, CNN Business On October 27, the same day Elon Musk completed his $44 billion deal to buy Twitter, the company’s chief customer officer, Sarah Personette, tweeted that she “had a great discussion” with the social network’s new owner. The next day, Personette resigned. In less than a week since Musk acquired Twitter,
Continue ReadingBy Clare Duffy, CNN Business Elon Musk indicated on Wednesday that the Twitter account of former President Donald Trump will not be restored ahead of the US midterm elections next week, answering one of the biggest unknowns following his takeover of the social media company. Musk confirmed early Wednesday morning that “Twitter will not allow
Continue ReadingBy Clare Duffy, CNN Business Twitter co-founder and former CEO Jack Dorsey stepped down from the company’s board earlier this year, but he’s staying involved with the social platform following its takeover by Elon Musk. Dorsey rolled over his more than 18 million shares in Twitter (a roughly 2.4% stake) into the new Musk-owned company
Continue ReadingBy Jennifer Korn After facing criticism for his plan to charge Twitter users $19.99 a month to get or keep a verified account, Elon Musk has a counteroffer. Musk on Tuesday said he planned to charge $8 a month for Twitter’s subscription service, called “Twitter Blue,” with the promise to let anyone pay to receive
Continue ReadingCNN, CNN BUSINESS By Clare Duffy, CNN Business Hours before news broke on Thursday that he had completed his $44 billion acquisition of Twitter, Elon Musk wrote an open letter to advertisers stressing that he doesn’t want the platform to become a “free-for-all hellscape.” But that attempt at reassuring the advertising industry, which makes up
Continue ReadingBy Clare Duffy, CNN Business Hours before news broke on Thursday that he had completed his $44 billion acquisition of Twitter, Elon Musk wrote an open letter to advertisers stressing that he doesn’t want the platform to become a “free-for-all hellscape.” But that attempt at reassuring the advertising industry, which makes up the vast majority
Continue ReadingBy Catherine Thorbecke, CNN Business If a recession is looming, you wouldn’t know it from looking at Uber’s business. Uber on Tuesday reported $8.3 billion in revenue for the three months ending in September, a 72% increase from the prior year, fueled by strong demand for rides and meal deliveries even as inflation and recession
Continue ReadingCNN By Diksha Madhok, Michelle Toh and CNN’s Beijing bureau Foxconn, one of Apple’s largest suppliers, is wrestling with major disruption at its biggest iPhone assembly factory in China, as anxious workers reportedly flee the locked-down facility, according to social media videos. The Taiwanese company is racing to control a Covid outbreak at its campus
Continue ReadingBy Diksha Madhok, Michelle Toh and CNN’s Beijing bureau Foxconn, one of Apple’s largest suppliers, is wrestling with major disruption at its biggest iPhone assembly factory in China, as anxious workers reportedly flee the locked-down facility, according to social media videos. The Taiwanese company is racing to control a Covid outbreak at its campus in
Continue ReadingCNN By Clare Duffy, CNN Business In 2009, after Twitter was sued by then-St. Louis Cardinals manager Tony La Russa for being impersonated on the platform, the young company introduced a new feature: a blue and white check mark. The check indicated that Twitter had verified the accounts of artists, athletes, government officials and agencies
Continue ReadingBy Matt Egan Democratic Sen. Chris Murphy is calling on the federal government to investigate national security concerns raised by Saudi Arabia’s role in Elon Musk’s takeover of Twitter. Saudi Arabian Prince Alwaleed bin Talal helped Musk finance the $44 billion acquisition of Twitter (TWTR) by rolling over his existing $1.9 billion stake in the
Continue ReadingBy Catherine Thorbecke Thousands of Instagram users reported issues with accessing the platform on Monday morning. Approximately 7,000 users reported the app was down around 10:15 a.m. ET, according to outage-tracking site Down Detector. After about 45 minutes, however, the number of reports had dipped noticeably. Instagram said in a tweet Monday that it had
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