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<ul><li><keyword id="19897758" type="General" weightage="100" keywordseo="samsung" source="keywords">Samsung</keyword> will lay off over 200 people in India</li><li>Employees across various departments will be affected</li><li>Affected employees will receive three months of salary</li></ul> The tech industry has seen a wave of layoffs in the recent months and another company has now joined the fray. <keyword id="19945681" type="General" weightage="20" keywordseo="samsung-electronics" source="keywords">Samsung Electronics</keyword>, known across the world for its smartphones, appliances, and much more, has now decided to cut more than 200 jobs in India. The layoffs come at a time when the company is grappling with lesser sales due to lower consumer demand, a report in ET reveals. <h2>Samsung plans to lay off people in India </h2> Industry insiders told ET that the layoffs will affect various departments including mobile phones, home appliances, and consumer electronics. The cuts are part of Samsung’s broader effort to lower costs and maintain profitability during this challenging period. The layoffs represent around 9-10 percent of Samsung’s managerial staff in India, where the company employs about 2,000 executives. Those affected will receive three months’ salary along with a severance package offering one month’s salary for every year of service. <h2>Samsung's restructuring plans </h2> As part of its cost-cutting measures, Samsung is also considering merging some of its business divisions, such as television and home appliances. This restructuring, which aims to streamline operations and reduce inefficiencies, could lead to further layoffs. While no official decision has been made yet, reports suggest that the final plan will be confirmed after Diwali, a key festival season in India. The report also mentioned that Samsung has already frozen new hires, and positions left vacant by executives who have resigned are not being filled. Additionally, the company is expected to reduce the number of off-roll employees to further cut costs. <div type="Article" hostid="261" msid="112853351" title="Samsung launches AI-powered washing machines, all you need to know" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div> <div type="Article" hostid="261" msid="112165411" title="India&amp;#39;s smartphone shipments dip 2% in Q2 2024 as heatwave, slower demand takes toll" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div>

Samsung Electronics plans to lay off over 200 Indian employees to reduce costs, details inside

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

Global <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> services firm <keyword id="6370971" type="General" weightage="100" keywordseo="accenture" source="Orion">Accenture</keyword>, which has a large presence in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, on Thursday announced to lay off of nearly 19,000 employees amid the challenging global macro-economic conditions and slow revenue growth. Delivering its quarterly results for the second quarter of fiscal 2023, the company also reduced its annual revenue growth and profit forecasts. "We are also taking steps to lower our costs in fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead," Julie Sweet, <keyword id="6415823" type="General" weightage="50" keywordseo="chair" source="Orion">Chair</keyword> and CEO, Accenture, said in a statement. The company said its revenues were $15.8 billion, an increase of 5 per cent in US dollars. The new bookings were at $22.1 billion, a 13 per cent increase. During the second quarter of fiscal 2023, Accenture initiated actions to streamline operations, transform non-billable corporate functions and consolidate office space to reduce costs. The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024. "Accenture estimates $1.2 billion for severance and $300 million for consolidation of office space, with approximately $800 million expected in fiscal 2023 and $700 million in fiscal 2024," said the company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/now-sync-your-air-travel-with-uber-via-email-integration-in-india/articleshow/98942821.cms">Now sync your air travel with Uber via email integration in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/heres-how-meesho-zepto-pepperfry-and-icertis-cracked-hyperscaling/slidelist/98943189.cms">Here’s how Meesho, Zepto, Pepperfry and Icertis cracked ‘hyperscaling’</a>

Global IT services firm Accenture slashes 19,000 jobs, tech mayhem deepens

<ul class="summary-list"><li><keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>'s intended visit to <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> involved his meeting with PM Modi this month.</li><li>Musk cited "heavy <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword> obligations" in an X post on Saturday as the cause for the delay. </li></ul><a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has postponed his trip to India amid the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tesla-rough-year-sales-slump-layoffs-china-ev-competition-2024-4">ongoing chaos at Tesla.</a> Musk announcement the decision <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1781541775183610310">via X</a> — the social media site he purchased two years ago — on Saturday. The Tesla CEO was expected to visit India early next week to <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1778116984137245137?s=43&amp;t=UxKjJPmEjJhI62R8aL9cBQ">meet with Prime Minister Narendra Modi.</a> "Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk wrote. Musk didn't publicly share many details about the trip, but sources <a target="_blank" class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/teslas-musk-likely-unveil-2-3-bln-india-investment-during-visit-sources-say-2024-04-17/#:~:text=NEW%20DELHI%2C%20April%2017%20(Reuters,familiar%20with%20the%20discussions%20said.">told Reuters</a> he planned to announce a $2 to $3 billion investment in India. Musk wants to build a new factory in India, where the <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> is tiny but gaining steam, the outlet reported. The planned visit from Elon Musk coincided with the ongoing National Lok Sabha Elections in India. He confirmed on X that his visit would include a possible meeting with Prime Minister Narendra Modi, after which it was expected that they would together announce Tesla's official entry to India. While this might have benefitted the ruling party amid the crucial elections, the opposition is now capitalising on the delay in Musk's visit. On Saturday, senior Congress leader Jairam Ramesh <a href="https://twitter.com/Jairam_Ramesh/status/1781641711111803382" data-type="tilCustomLink">wrote on X</a>, "It was odd that Elon Must was coming all the way to India to meet an outgoing Prime Minister. He too has now read the writing on the wall and decided to put off his visit. INDIA’s PM will welcome him soon, and the INDIA Government will promote electric vehicles even more aggressively - I myself am a user of one!" Musk hinted at India's growing EV market in an <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/870411649621999617?s=43&amp;t=UxKjJPmEjJhI62R8aL9cBQ">X post</a> last week. "India commits to sell only electric cars by 2030. It is already the largest market for solar power," he wrote. Musk's decision to <keyword id="20881838" type="General" weightage="20" keywordseo="postpone" source="keywords">postpone</keyword> <a target="_blank" href="https://www.businessinsider.com/tesla-rough-year-sales-slump-layoffs-china-ev-competition-2024-4">coincides with Tesla sharing its Q1 earnings on April 23</a>, when Musk and investors will reckon with the company's tumultuous start to 2024. <div type="image" title="A parking lot outside a Tesla building." height="609" width="1024" msid="109463369" hostid="261"></div> BI reported in early April that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/china-electric-cars-ev-elon-musk-tesla-byd-price-war-2024-4">Musk's Tesla has struggled to compete in China's EV market</a> as rival companies make "aggressive price cuts." An equities strategist told BI that Tesla's troubles in China likely contributed to the company's first-quarter delivery miss. Around that time, <a target="_blank" class="editor-rtfLink" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-q1-vehicle-delivery-miss-expectations-tsla-musk-2024-4">Tesla stock slid 7%</a>. By mid-April, Musk announced that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">Tesla would layoff 10% of its global workforce</a> in an internal memo to staff. The recent layoffs were further bogged down by reports that some employees <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-tesla-apologizes-severance-packagaes-layoffs-2024-4">received "incorrectly low" severance packages</a>. Another round of layoffs <a target="_blank" href="https://www.businessinsider.com/tesla-layoffs-continue-recruiters-2024-4">hit its recruiting department</a> on Friday. Tesla also recently recalled<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tesla-recalls-cybertrucks-accelerator-fault-pad-pedal-electric-vehicle-truck-2024-4#:~:text=Tesla%20is%20voluntarily%20recalling%20almost%204%2C000%20Cybertrucks%20over%20a%20fault,%2C%20and%20April%204%2C%202024."> almost 4,000 of its Cybertrucks</a> over faulty accelerator pedals. Musk wrote on X that Tesla was unaware of any "injuries or accidents" related to the problem. "We are just being very cautious," <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1780778694535192598">Musk wrote</a>. Musk did not immediately respond to a request for comment from Business Insider.

Elon Musk cancels trip to India as Tesla's struggles continue in the US

As office rentals drop significantly in the city of San Francisco amid remote work and massive <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword>, <keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) and <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> are now vacating office buildings in <keyword id="64863" type="General" weightage="80" keywordseo="seattle" source="Orion">Seattle</keyword> and Bellevue in Washington State. The Seattle Times reported that Meta is reviewing "leases for Seattle-area office buildings." Facebook has confirmed plans to sublease its offices in downtown Seattle and in the Spring District in Bellevue. Microsoft also confirmed that it won't renew its lease at the 26-story City Center Plaza in Bellevue when that lease ends in June 2024, the report mentioned. The ongoing work-from-home and layoffs have cut into demand for office space in Seattle and other tech cities in the US. In November, Meta announced layoffs of 726 Seattle-area workers. A Meta spokesperson said that given the economic climate, it is trying to be financially prudent." The Seattle office market is now struggling "where total office vacancy now stands at around 25 per cent," according to a report by commercial real estate agency Colliers. Even non-vacant offices are often half empty, owing to remote work.A "Given the macroeconomic conditions and the hybrid work trend, we believe we'll see an uptick in office vacancy over the next couple of quarters," Connor McClain, senior vice president and leasing expert at Colliers," was quoted as saying in the report. Twitter CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> said last week that office rentals in San Francisco will drop further. David Sacks, Co-founder and partner at Craft Ventures, tweeted that he got offered office space in San Francisco for the same price as 2009. Musk replied: "It will go lower". Twitter has also been sued for failing to pay $136,250 as rent for one of its office spaces in San Francisco, and is vacating office spaces in Singapore and India. The company's headquarters are located at 1355 Market St, where Twitter has also reportedly fallen behind on rent. Amid global recession fears, San Francisco stands to lose the most as work-from-home in the last three years of the pandemic at tech companies and expensive real estate has stalled the city's growth.

Meta, Microsoft vacating offices in Seattle amid remote work, layoffs

<ul><li>Massive layoffs across sectors has deepened the unemployment crisis in India. But there would have been more layoffs if India did not have a massive 'mismatch' of talent and the right job roles. </li><li><keyword id="259654" type="PERSON" weightage="20" keywordseo="Hitesh-Oberoi">Hitesh Oberoi</keyword>, MD &amp; CEO of <keyword id="218117" type="COMPANY" weightage="20" keywordseo="Naukri-com">Naukri.com</keyword> says that the jobs that companies offer in India and the skills that the graduates bring to the table vary largely. </li><li>This may be because of poor quality of <keyword id="6355445" type="UNKNOWN" weightage="20" keywordseo="education">education</keyword> at the university level and lack of skills.</li></ul>Massive layoffs across sectors has deepened the unemployment crisis in India. But, this is not all. There would have been more layoffs if India did not have a massive ‘mismatch’ talent and right job roles. “The jobs that companies offer in India and the skills that the graduates bring to the table vary largely. And it widens when we talk of salaries and expectations of the employer,” Hitesh Oberoi, MD and CEO of Naukri.com told Business Insider. Oberoi said that the slowdown which was earlier limited to certain sectors is now spreading its wings as the companies become more cautious towards hiring. The only reason a few of them are looking to hire is the prevailing skill gap across industries. “It's very hard to hire people. Even today, when you put up a job on Naukri platform, there are over 1,000 applications. But it's still hard to find even five people that the employer is actually looking for,” Oberoi said. K P Krishnan, former secretary of the <keyword id="2485309" type="COMPANY" weightage="20" keywordseo="Ministry-of-Skill-Development">Ministry of Skill Development</keyword> and Entrepreneurship also agrees with the demand-supply gap in the job market. “India’s unemployment challenge is partly because of a low level of education, high dropout rates, labour market asymmetries, a mismatch between the supply of skills and demand and the high aspirations of young people,” he said. Quality of education and government initiatives Poor quality of education is one of the many risks that India faces — adding to its unemployment crisis.“What we have to do as an economy is focus on imparting the right set of skills and education at the university level. If that is done, there are enough jobs for these graduates to get hired,” he added. Even the ambitious Skill India mission is unable to plug the gap. As of July 2019, 1.5 million people gained skills and jobs, thanks to the country’s Skill India mission. However, this accounts for merely 21% of the total trainees — 7.2 million — who enrolled for the programme. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 The <keyword id="2802809" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Kaushal-Vikas-Yojana">Pradhan Mantri Kaushal Vikas Yojana</keyword> (PMKVY) is yet another scheme to impart employability skills. The PMKVY 2.0 — which targets to train 10 million people by 2020 — has placed merely 1.2 million candidates so far. Skill gap needs urgent attention as unemployment swells in India This is a worry for the country’s economic situation as well. The Centre for Monitoring Indian Economy (CMIE) pegged the unemployment rate at <a href="https://unemploymentinindia.cmie.com/">7.1% in January</a> 2020. This joblessness is hitting the youth the most. Only 37% of people in the 20-24 age group are employed. This is despite the fact that India has 35% of its working population in the 5 to 30 year age bracket. “This should get much more attention from policymakers. Allowed to persist this can leave scars on India’s economy and polity for long years,” said Kaushik Basu, former Chief Economist of the World Bank. Over and above it, as many as 25 million people who lost jobs were under the age of 30 — that is 29% India also has fewer salaried jobs to start with — accounting to 21% of the total employment. This includes industrial workers, white collar workers, managers and support staff. See also: <a href="https://www.businessinsider.in/careers/news/young-and-jobless-63-indians-between-20-24-are-unemployed/articleshow/73999969.cms">Young and Jobless: 63% Indians between 20-24 are unemployed</a> <a href="https://www.businessinsider.in/budget/news/education-budget-2020-the-rise-in-budget-allocation-for-education-is-just-not-enough/articleshow/73182288.cms">The rise in budget allocation for education is just not enough</a> <a href="https://www.businessinsider.in/budget/news/indias-education-budget-2020-allocation-news-and-updates/articleshow/73824561.cms">Education Budget 2020 gets ₹99,300 crore allocation, new schemes introduced — including 'INSAT' to enroll Asian and African students</a>

There would be more layoffs in India if not for this irony

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! You can rest easy knowing Costco's beloved $1.50 hot dog combo is "safe," <a target="_blank" href="https://www.businessinsider.com/costcos-hot-dog-combo-price-safe-cfo-2024-6">according to its new CFO</a>.<a target="_blank" href="https://www.businessinsider.com/trump-guilty-verdict-what-it-means-hush-money-felon-sentencing-2024-05">In Friday's newsletter</a>, I asked whether your opinion of former President Donald Trump had changed in light of his recent felony conviction. More than 78% said it hadn't.In today's big story, we're examining <a target="_blank" href="https://www.businessinsider.com/paramount-skydance-agree-merger-terms-reports-2024-6">Skydance's acquisition of Paramount</a> and what it means for the streaming race.What's on deck:<ul><li>Markets: Tech's run as the stock market's golden child <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stock-outlook-ai-earnings-sp500-growth-vs-value-stocks-2024-6">could be coming to an end</a>.</li><li>Tech: Layoffs hit <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">Microsoft's cloud business</a>.</li><li>Business: Inside a tight-knit circle of judges and attorneys that fueled a <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">spectacular rise, and fall, of a Texas bankruptcy court</a>.</li></ul>But first, cut to black.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Paramount's happy ending</h2><div type="image" title="An illustration of two TVs overlapping." height="1440" width="1920" msid="110709401" hostid="261" sizebytes="43130"></div>In a town known for storylines, Paramount's sale didn't disappoint.The media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. And just like its movies and television shows, Paramount's sale included twists, turns, and a slew of characters.In the end, media company Skydance, with help from RedBird Capital Partners and KKR, secured the goods. The deal is expected to be announced in the coming days and <a target="_blank" href="https://www.businessinsider.com/paramount-skydance-agree-merger-terms-reports-2024-6">values Paramount at $8 billion</a>.Paramount had no shortage of high-profile suitors. Warner Bros. Discovery chief David Zaslav, media entrepreneur Byron Allen, and private-equity giant Apollo, in collaboration with Sony, were among those who considered buying the company.Skydance might not be as recognizable a name, but the company's owner and CEO David Ellison is. As the son of <a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-larry-ellison-tech-2024-4">billionaire Oracle founder Larry Ellison</a>, he's basically tech royalty.But all the interest in Paramount this year didn't equate to smooth sailing. The day after broadcasting the Super Bowl <a target="_blank" href="https://www.businessinsider.com/paramount-global-sale-media-trouble-digital-streaming-redstone-viacom-2024-2">it announced companywide layoffs</a>. A few months later its CEO <a target="_blank" href="https://www.businessinsider.com/paramount-ceo-bob-bakish-out-2024-4">was shown the door</a>. At least one high-profile investor <a target="_blank" href="https://www.businessinsider.com/warren-buffett-paramount-billion-dollar-loss-2024-5">headed for the exits as well</a>.All the while, Paramount's stock suffered. Even with a nice bump from reports of the deal, shares in Paramount are still down more than 11% on the year.<div type="image" title="David Ellison in front of the Hollywood sign." height="1440" width="1920" msid="110709403" hostid="261" sizebytes="108366"></div>To make sense of the deal, I turned to one of Business Insider's media experts: <a target="_blank" href="https://www.businessinsider.com/author/peter-kafka">Peter Kafka</a>.Talks of Paramount's sale have been brewing for a while. What are your initial thoughts on Skydance being the one to seal the deal?Well, it's not sealed yet. This thing may still get derailed by a lawsuit from cranky investors. But if it does go through: It's the least-bad version for Hollywood, since owner-to-be David Ellison wants to keep Paramount making movies and TV shows, and that isn't a foregone conclusion with any other buyer.Paramount has fallen pretty far behind its peers in streaming. What is its biggest pain point that Skydance will look to address?Paramount loses money on streaming, like many of its peers. That's fixable. It has a subscale audience, and I don't know how a new owner fixes that.The deal means one of the richest people in the world is tangentially connected to Paramount. How could that play a factor?<a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-larry-ellison-tech-2024-4">As I've written</a>, the most important thing about David Ellison being Larry Ellison's son is that his dad is helping to finance the deal (what a dad!). But suggestions that Larry Ellison's tech background will help his son run a Hollywood studio make no sense.As for other streamers, are any happy, or upset, by the outcome of this deal?The most important question for Paramount isn't "who owns Paramount?" It's "is Paramount big enough to survive on its own?" And that question remains unanswered and unchanged by this deal.<h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A cellphone open to a trading app. There are $100 bills floating around the illustration." height="600" width="1200" msid="110709405" hostid="261" sizebytes="124004"></div><ol><li>The tech industry's crown as the stock-market king could be slipping. Tech stocks have had an incredible run in the market over the past decade. But Bank of America equity strategist Savita Subramanian sees a shift by year-end that favors other sectors <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stock-outlook-ai-earnings-sp500-growth-vs-value-stocks-2024-6">due to several factors</a>, including higher-for-longer interest rates.</li><li>How to hedge your portfolio against market volatility. Wall Street legend Gary Shilling offered investment rules to follow <a target="_blank" href="https://markets.businessinsider.com/news/stocks/recession-stock-market-crash-investing-strategy-economy-downturn-gary-shilling-2024-6">to avoid getting blindsided by the markets' sudden movements</a>. That includes pivoting out of China and into India and betting on the US dollar.</li><li>Roaring Kitty is at risk. Trader Keith Gill, known as Roaring Kitty on social media, <a target="_blank" href="https://www.businessinsider.com/e-trade-may-ban-roaring-kitty-gamestop-stock-surge-2024-6">could get barred from E*Trade</a>, sources told The Wall Street Journal. It comes after he posted a screenshot that appeared to show he had a $116 million stake in GameStop, causing the stock to surge.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A three-headed dog guarding a data center" height="1000" width="2000" msid="110709406" hostid="261" sizebytes="172356"></div><ol><li>The future of AI is in the hands of three tech giants. About <a target="_blank" href="https://www.businessinsider.com/amazon-google-microsoft-ai-future-data-centers-monopoly-tech-industry-2024-6">65% of global data centers' capacity is owned by three companies</a>: Amazon, Google, and Microsoft. The rush to corner the market on data centers is a move by Big Tech to secure the keys to the coming AI kingdom.</li><li>Layoffs are hitting Microsoft. The company is <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">cutting hundreds of jobs</a> in its Azure cloud business, sources say. In a <a target="_blank" href="https://www.businessinsider.com/microsoft-exec-blames-azure-layoffs-on-ai-wave-leaked-memo-2024-6">leaked memo</a> viewed by BI, Microsoft exec Jason Zander blamed layoffs on the 'AI wave' and said they'll be doubling down on quantum computing.</li><li>Apple's big event is almost here. Apple's highly anticipated Worldwide Developers Conference kicks off next week, and it's gearing up to deliver some big announcements. <a target="_blank" href="https://www.businessinsider.com/apples-wwdc-2024-expect-ai-news-siri-updates-new-homes-screen-more-2024-6">Here's what we're expecting</a>, from more on its AI strategy to iOS 18 and Siri updates.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="An illustration of David Jones, Marvin Isgur, and Elizabeth Freeman" height="1200" width="2400" msid="110709407" hostid="261" sizebytes="246528"></div><ol><li>In a Texas bankruptcy court, conflicts of interest ran deep. New details have emerged about the tight-knit circle of attorneys and judges that fueled the rise — <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">and spectacular fall</a> — of one of the most influential bankruptcy courts.</li><li>Are we seeing a BuzzFeed-ification of the Washington Post? The struggling newsroom <a target="_blank" href="https://www.businessinsider.com/washington-post-pivot-social-media-buzzfeed-2024-6/">is launching a new news site focused on social media</a>, for a broad audience. Creating another newsroom, while still operating the original one, is going to be hard to pull off.</li><li>'Promised land' jobs are falling apart. Big Tech, finance, and consulting jobs are becoming harder to come by, upending the job search for young people. One survey found 21% of companies at large <a target="_blank" href="https://www.businessinsider.com/landing-dream-jobs-tech-consulting-banking-are-harder-than-ever-2024-5">expect to decrease hiring</a> this academic year, up from 6% in 2023 — and that's just the tip of the iceberg.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">India's election is turning out far closer than expected, with Modi unlikely to win by a landslide</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ai-software-code-should-you-still-study-computer-science-2024-5">With AI writing so much code, should you still study computer science? This new data point provides an answer</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/us-state-economies-ranking-best-worst-wallethub-washington-utah-massachusetts-2024-6">Washington and Utah are the states with the best economies in 2024, while many in the South are struggling</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/spotify-ceo-daniel-ek-comments-about-creators-content-costs-2024-6">Spotify CEO does damage control after his 'reductive' comments about creators spark backlash</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Today's earnings: Hewlett Packard Enterprise and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/annie-smith">Annie Smith</a>, associate producer, in London.

With Paramount's long and winding sales process coming to an end, here's what comes next for the media giant

Online rental platform <keyword id="20045635" type="General" weightage="100" keywordseo="frontdesk" source="keywords">Frontdesk</keyword> has become the first tech startup to lay off employees in 2024 -- its entire 200-person workforce -- during a "two-minute Google Meet call". The layoffs included full-time, part-time workers and contractors and the proptech startup is now on the verge of shutting down, <keyword id="19895623" type="General" weightage="50" keywordseo="techcrunch" source="keywords">TechCrunch</keyword> reported on Wednesday. Frontdesk CEO Jesse DePinto apparently told employees that the company would be "filing for a state receivership, an alternative to bankruptcy". The startup was yet to comment on the report. Founded in 2017, the startup managed more than 1,000 furnished apartments across the US. Frontdesk had raised about $26 million from investors such as <keyword id="20045638" type="General" weightage="50" keywordseo="jetblue-ventures" source="keywords">JetBlue Ventures</keyword>, <keyword id="20045636" type="General" weightage="50" keywordseo="veritas-investments" source="keywords">Veritas Investments</keyword> and <keyword id="20045637" type="General" weightage="50" keywordseo="sand-hill-angels" source="keywords">Sand Hill Angels</keyword>. The startup aimed to raise fresh capital but failed in its attempt. "Frontdesk was apparently still optimistic about its ability to raise more capital; the startup had posted on LinkedIn openings for several jobs, including a chief of staff role, just two months ago," said the report. Tech companies, including startups, around the world fired more than 425,000 employees in the last two years, with more than 36,000 employees being sacked in India in the same time period. In 2023, nearly 2.6 lakh employees were laid off in the global technology and startup sector. Citing the global macroeconomic conditions, Big Tech firms and startups across the spectrum have sacked employees, and layoffs continue to happen. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/new-upcoming-smartphones-in-india-in-2024-apple-samsung-google-mobiles-in-the-list/slidelist/106489936.cms">Apple to Samsung and many more – smartphones set for launch in 2024</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-series-with-improved-telephoto-lens-exynos-2400-chipset-expected-mid-january/articleshow/106484424.cms">Samsung Galaxy S24 series with improved telephoto lens, Exynos 2400 chipset expected mid-January</a> <a href="https://www.businessinsider.in/business/auto/news/new-creta-to-punch-ev-cars-hitting-indian-market-in-january-2024/slidelist/106479554.cms">New Creta to Punch EV – Cars hitting Indian market in January 2024</a>

Gone in 2 minutes: Frontdesk lays off entire staff over a short GMeet call

<ul class="summary-list"><li>Nokia said on Thursday it is planning to cut up to 14,000 jobs — or around 16% of its workforce.</li><li>The company is planning to lower costs by up to 1.2 billion euros by 2026.</li></ul>Finland-based mobile company Nokia is planning to cut between 9,000 to 14,000 jobs amid a sales slump and reduced demand for 5G equipment, it <a href="https://www.globenewswire.com/en/news-release/2023/10/19/2762852/0/en/Inside-Information-Nokia-accelerates-strategy-execution-streamlines-operational-model-and-takes-action-to-protect-profitability.html" target="_blank" rel="noopener">said</a> on Thursday. The higher end of these cuts is likely to impact around 16% of the company's current global workforce of 86,000.The layoffs are part of cost-cutting measures to reduce expenses by 400 million euros, or $421 million, in 2024 and a further 300 million euros in 2025. The company wants to reduce total costs by 1.2 billion euros by 2026.In a separate<a href="https://www.globenewswire.com/en/news-release/2023/10/19/2762850/0/en/Nokia-Corporation-Interim-Report-for-Q3-2023.html" target="_blank" rel="noopener"> statement</a>, Pekka Lundmark, the CEO of Espoo-based Nokia, said that the company's third-quarter sales of 4.9 billion euros had declined by 15% compared to the previous year due to macroeconomic challenges and higher interest rates. The company reported operating profits of 424 million euros in the third quarter, a 36% drop from the same period last year."Resetting the cost base is a necessary step to adjust to market uncertainty and to secure our long-term profitability and competitiveness," Lundmark said.Nokia — which sold its mobile phone business to Microsoft in 2014 — expects to meet the lower end of its sales targets in the third quarter, which were set in the range of 23.2 billion to 24.6 billion euros.Nokia also slashed its outlook for the overall mobile networks market in 2023 and is now expecting a 9% reduction, compared to a previous forecast of a 2% drop. The company's slowing 5G growth in India could no longer compensate for the similar slowdown in North America, said Lundmark.A Nokia spokesperson directed Insider to the company statement in response to a request for comment.

Nokia says it's going to cut up to 14,000 jobs

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! If you're still curious about what prompted <a target="_blank" href="https://www.businessinsider.com/netflix-movie-studio-chief-scott-stuber-just-left-why-2024-1">Netflix's movie boss to depart</a>, it seems like it <a target="_blank" href="https://www.businessinsider.com/netflix-movie-film-boss-scott-stuber-leaving-reason-why-2024-1">was a dispute over quality versus quantity</a>.In today's big story, we're looking at why this is <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-weekly-preview-outlook-tech-earnings-fed-jobs-report-2024-1">such a big week for the stock market</a>.What's on deck<ul><li>Markets: JPMorgan's succession plans for Jamie Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-leadership-jamie-dimon-succession-2024-1">sort of got an update</a>.</li><li>Tech: When the IPO window reopens, <a target="_blank" href="https://www.businessinsider.com/healthcare-startups-ipo-public-markets-reopens-2024-1">these healthcare startups will be first in line</a>.</li><li>Business: China Evergrande was ordered to liquidate, but experts say there <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1">may be little to recover</a>.</li></ul>But first, it's make-or-break time. If this was forwarded to you, <a target="_blank" rel="" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>A week to remember</h3><div type="image" title="Three trends in the stock market are bound to vault equities higher in 2024, Wall Street strategists say." height="1414" width="2121" msid="107238966" hostid="261" sizebytes="177406"></div>We're less than a month into 2024, but this week could determine the market's trajectory for the rest of the year. Big Tech earnings, a Fed meeting, and the January jobs report are all on tap, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-weekly-preview-outlook-tech-earnings-fed-jobs-report-2024-1">giving investors a slew of data to chew on</a>, Business Insider's Matthew Fox writes. Microsoft and Alphabet report on Tuesday, while Amazon and Apple check in on Thursday. The quartet represents nearly $10 trillion in market cap.At Wednesday's Fed meeting, rate cuts aren't expected, but Jerome Powell's speech will offer clues to the central bank's longer-term plans. And the week rounds out with a jobs report that'll give investors a sense of whether the economy is cooling — indicating a more urgent need for rate cuts — or strong enough to delay the Fed's plans for relief.<div type="image" title="Tim Cook" height="1048" width="1830" msid="107238969" hostid="261" sizebytes="16132"></div>The information overload comes amid an uncertain time for Big Tech and the broader stock market. The S&amp;P 500 is up roughly 3% on the year, but even market experts who predicted a banner 2024 <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-meltup-outlook-fed-interest-rates-inflation-ed-yardeni-2024-1">are hesitant about its short-term future</a>. A key part of that equation is the Magnificent Seven — Apple, Microsoft, Amazon, Alphabet, Nvidia, Meta Platforms, and Tesla — which accounted for over 60% of the S&amp;P 500's 25% gain last year.This year has been more of a mixed bag. Nvidia is already up more than 26% this year, while Tesla is down over 26% <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-market-value-stock-drop-ai-initiatives-wedbush-dan-ives-2024-1">after a brutal earnings miss last week</a>. Other members haven't faced extreme price swings but are still dealing with drama. Apple is on the cusp of its biggest product launch in nearly a decade with <a target="_blank" href="https://www.businessinsider.com/news-today-january-9-apple-vision-pro-2024-1">the Vision Pro's release on Friday</a> and in the midst of a <a target="_blank" href="https://www.businessinsider.com/apple-app-store-shakeup-in-europe-triggers-fury-2024-1">massive change to its App Store</a>. At Google, employees and management are at odds over what some say is the <a target="_blank" href="https://www.businessinsider.com/workplace-loyalty-issues-big-tech-google-2024-1">deterioration of the company's famous culture</a>.Even if company executives don't answer all of the analysts' questions, we'll still get a sense of the tech giants' 2024 plans, which is crucial for the wider market. But focusing entirely on the Magnificent Seven, as tempting as it might be, might not be your best bet. Fundstrat's Tom Lee, who nailed his 2023 market outlook, sees <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-rally-fed-rate-cuts-inflation-housing-fundstrat-2024-1">stocks outside the elite group performing well</a>. And Amundi, one of the largest asset managers in the world, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-magnificent-seven-economy-sp500-amundi-investors-finance-2024-1">actually expects the Magnificent Seven to underperform</a>.Still, <a target="_blank" href="https://www.businessinsider.com/economy-roaring-20s-rapid-growth-stock-market-analysis-ed-yardeni-2024-1">positivity prevails for some</a>. The CEO of one public company I spoke to last week has bought into the chances of the Fed pulling off a soft landing despite their doubts a year ago. "I'm more of an optimist right now," the CEO said.<a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-weekly-preview-outlook-tech-earnings-fed-jobs-report-2024-1">Read more here.</a><h2>News brief</h2>Your Monday headline catchupA quick recap of the top news from over the weekend:<ul><li><a target="_blank" href="https://www.businessinsider.com/trump-trial-verdict-e-jean-carroll-defamation-damages-2024-1">Jury awards E. Jean Carroll $83 million verdict from Donald Trump defaming her</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/nikki-haley-chance-against-trump-ronald-reagan-speechwriter-says-2024-1">Ronald Reagan's speechwriter says Nikki Haley can get the jump on Trump</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/biden-us-troops-killed-jordan-israel-hamas-drone-attack-2024-1">Biden promises retaliation after 3 US troops are killed in Jordan, escalating Middle East conflict</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/kansas-city-chiefs-win-playoffs-taylor-swift-to-super-bowl-2024-1">If fans expect Taylor Swift to be at the Super Bowl given her scheduled concert in Japan, there's only one way to make it happen.</a></li><li><a target="_blank" href="https://www.businessinsider.com/a-convoy-is-heading-to-texas-border-stop-migrant-crossings-2024-1">A convoy calling themselves 'God's army' plans to head to the Texas border to stop migrants from entering the US</a>. <h2>3 things in markets</h2></li></ul><div type="image" title="jamie dimon" height="889" width="1298" msid="107238971" hostid="261" sizebytes="33564"></div>1. Life after Jamie Dimon at JPMorgan. A leadership shuffle at the biggest US bank provides hints about succession plans. Here's what the new roles for Jennifer Piepszak, Marianne Lake, and Troy Rohrbaugh mean for <a target="_blank" href="https://www.businessinsider.com/jpmorgan-leadership-jamie-dimon-succession-2024-1">how the bank thinks about Dimon's eventual replacement</a>. 2. Billionaire Jeffrey Gundlach: Buckle up for a bumpy ride in the markets. The DoubleLine Capital CEO <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jeffrey-gundlach-market-recession-outlook-stocks-cash-economy-fed-valuations-2024-1">believes a recession is imminent and suggests holding onto cash</a>. When he's ready to dive back in, he sees the most value in markets like India and Japan.3. Mohamed El-Erian isn't sold on a soft landing. <a target="_blank" href="https://www.businessinsider.com/us-economy-recession-outlook-consumer-spending-inflation-growth-el-erian-2024-1">The famed economist pointed to headwinds</a> like a slowdown in consumer spending and stubborn inflation as causes for concern. "There's a real risk that growth slows to the one to one and a half percent level," El-Erian said of GDP.<h2>3 things in tech</h2><div type="image" title="Amazon logo in a pile of money" height="1500" width="2000" msid="107238974" hostid="261" sizebytes="143848"></div>1. Amazon is about to shake up the TV ad marketplace. Prime Video viewers will be subjected to ads on their favorite shows, effective today. That'll snap up market share from traditional players like Comcast and Warner Bros. Discovery, and could <a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">boost Amazon's revenue by billions</a>.2. These 7 healthcare startups are primed to IPO once the market reopens. While healthcare experts are split on whether the IPO window will reopen in 2024, <a target="_blank" href="https://www.businessinsider.com/healthcare-startups-ipo-public-markets-reopens-2024-1">several startups seem to be getting ready to go public</a>. Those include Lyra Health and Maven, VCs and bankers told us.3. Get in, we're going tech shopping. Newegg, an online retailer, is the newest place to buy refurbished iPhones, MacBooks, and other products — and <a target="_blank" href="https://www.businessinsider.com/new-place-to-shop-refurbished-apple-iphone-macbook-newegg-2024-1">could give Apple a run for its money</a> in preowned devices.<h2>3 things in business</h2><div type="image" title="China Real Estate Collage" height="1500" width="2000" msid="107238976" hostid="261" sizebytes="231990"></div>1. A Hong Kong court has ordered the liquidation of China Evergrande. Liquidators will now take control of the company's assets and prepare to sell them in order to repay the company's debts, which total $300 billion. However, experts say <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1">there may be little to recover</a>.2. Americans literally only care about the price of three things. Economic data isn't significantly different from six months ago, but everyone feels much better about things. Why? <a target="_blank" href="https://www.businessinsider.com/consumer-confidence-economy-stock-market-gas-prices-eggs-vibes-recession-2024-1">Because the prices of eggs and gas are down while stocks are booming</a>.3. Boeing's 737 Max crisis could become the US economy's problem. The knock-on effect from the <a target="_blank" href="https://www.businessinsider.com/alaska-airlines-plane-door-plug-two-most-damaged-seats-empty-2024-1">Alaska Airlines incident</a> could be a shortage of airplanes for airlines to use, according to an aviation expert. That'll impact <a target="_blank" href="https://www.businessinsider.com/boeing-accident-737-max-flight-delay-plane-inspection-us-economy-2024-1">everything from commercial flights to supply chains</a>.<h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/more-tech-layoffs-to-come-amid-ai-boom-analyst-wedbush-2024-1">Tech layoffs are expected to continue as companies seek to hire more AI talent, analyst says</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-ai-startup-raising-funding-war-chest-openai-report-2024-1">Elon Musk's startup is reportedly building up a war chest to take on OpenAI</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/why-netflix-app-not-on-apple-vision-pro-2024-1">Netflix co-CEO says the app isn't on Apple's Vision Pro because it isn't worth their time yet</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/forge-co-founders-lawsuit-control-of-startup-desntinyxyz-2024-1">How 'naked greed' caused best friends and Forge co-founders to go to war over control of their latest startup Destiny XYZ</a>.<h2>What's happening today</h2></li><li>Earnings today: <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">Ryanair and other companies</a>.</li><li>Amazon Prime Video is launching its ad-supported tier in the US.</li><li>The Internal Revenue Service opens the 2024 tax filing season.</li></ul>The Insider Today team<a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb,</a> editor, in New York.

It's a make-or-break week for the stock market. Here's why. 

<ul class="summary-list"><li>Spotify is reducing about 17% of its headcount – around 1500 employees. </li><li>CEO Daniel Ek told employees in a memo they would get an email from HR in two hours.</li></ul><a target="_blank" href="https://www.businessinsider.com/spotify-splitting-with-ipg-advertising-agency-seeking-growth-beyond-music-2023-11?r=US&amp;IR=T">Spotify</a> is laying off about 17% of its workforce — or about 1500 employees. The music streaming giant said in a <a target="_blank" href="https://newsroom.spotify.com/2023-12-04/an-update-on-december-2023-organizational-changes/">blog post</a> Monday announcing the cuts that "being lean is not just an option but a necessity." <a target="_blank" href="https://www.businessinsider.com/spotify-ceo-daniel-ek-daily-routine-work-day-schedule-2023-11?r=US&amp;IR=T">CEO Daniel Ek</a> sent an email to his employees Monday with the same memo shared in the blog post. The email was sent at 1:01 a.m. ET, according to a time stamp on the email reviewed by Business Insider. That is 7:01 a.m. local time in Stockholm, Sweden, where Spotify is headquartered."Economic growth has slowed dramatically and capital has become more expensive," Ek said in the email and blog post. "Spotify is not an exception to these realities."The memo said workers would receive a calendar invite from HR within two hours for one-on-one conversations and that meetings would occur before the end of the working day on Tuesday. "To be blunt, many smart, talented and hard-working people will be departing us," Ek said in the memo.Spotify's chief human resources officer, Katarina Berg, shared an FAQ document on the company's internal platform Workplace minutes after Ek's email, two employees told Business Insider. A screenshot of the document, shared with BI, showed it said that people laid off were selected based on: "a combination of factors including but not limited to organizational design, such as duplication of roles, streamlining layers to ensure efficiency, and optimizing our organization for the next chapter of Spotify." The company did not specify what departments and teams were impacted by the layoffs, or across which geographical locations the cuts would happen. <a target="_blank" href="https://www.spotify.com/uk/about-us/contact/">Spotify has offices across Europe</a>, as well as in the US, Canada, Mexico, Israel, and India.Spotify said in its FAQ document that "ultimately, it was a Leadership decision" as to who would lose their job.It comes after Spotify axed about <a target="_blank" href="https://www.businessinsider.com/spotify-layoff-employees-jobs-reduce-costs-daniel-ek-2023-1?r=US&amp;IR=T">600 employees in January</a> and then a further 200 in June. Two Spotify employees, who did not wish to be identified, told BI that some employees expected the further layoffs were looming.The company shared a blog post in September titled "Unlocking Internal Mobility", which said that internal mobility would be "taking a higher priority." The workers said it signalled the cuts were to come."There was also an internal memo about improving device security and specifically strict procedures around locking down laptops once employees leave the company a few weeks ago," one worker told BI. The internal memo titled "Introducing new locking devices policy," sent by its IT department on Workplace, also indicated the layoffs were coming, they said.Spotify declined to comment further when contacted by BI.Read the full email that Ek sent to employees: Are you a current or former Spotify employee? Got a tip? Contact Jyoti Mann at jmann@insider.com or via direct message on X @jyoti_mann1. Reach out using a non-work device.

Read the full memo Spotify's CEO sent employees announcing it would cut 17% of its staff: 'Being lean is not just an option but a necessity'

<ul class="summary-list"><li>Elon Musk made headlines pretty much daily in 2023.</li><li>Musk has used his ownership of X to broadcast opinions on politics, culture, and the economy.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> may have ended last year as the world's richest man, but he looks set to end this year as its most famous.After spending $44 billion in 2022 to take control of <a target="_blank" href="https://www.businessinsider.com/history-behind-elon-musk-x-brand-that-may-replace-twitter-2023-7">X, formerly known as Twitter</a>, the 52-year-old billionaire has been seemingly everywhere in 2023.His non-stop posting habit means there'll be an Elon take for every hot-button issue. Since he now owns <a target="_blank" href="https://www.businessinsider.com/social-media-splintering-new-less-toxic-era-meta-bluesky-twitter-2023-10">the digital town square</a> most popular with newsmakers, there's been little to check him.Musk has always been outspoken. But his huge following on X and his near-constant stream of consciousness posting mean he has opined on: the Russia-Ukraine war; the Israel-Hamas conflict, the next US presidential election; the <a target="_blank" href="https://www.businessinsider.com/bill-ackman-harvard-upenn-antisemitism-elon-musk-x-2023-12">debate over antisemitism at Harvard</a>; and many other issues. Almost every topic is a contentious one.Though Musk is not an expert in any of these subjects, he has often won the attention of global leaders. His remarks are often reported without much further analysis.This is all while continuing to run <a target="_blank" href="https://www.businessinsider.com/tesla-recalls-2-million-cars-as-regulators-say-autopilot-insufficent-2023-12">Tesla</a> and <a target="_blank" href="https://www.businessinsider.com/elon-musk-spacex-valuation-175-billion-more-disney-comcast-2023-12">SpaceX</a> too. Few corporate leaders can boast this kind of crossover influence.Here's how he got there.<h2>Welcome to X</h2><div type="image" title="X owner Elon Musk (left) said last month that he might be rolling out a paywall to all users." height="768" width="1024" msid="106207671" hostid="261" sizebytes="38466"></div>When <a target="_blank" href="https://www.businessinsider.com/elon-musk-twitter-reach-agreement-to-close-acquisition-deal-2022-10">Musk took Twitter private in 2022</a>, his ambitions for the social media app were anyone's guess. We have a clearer picture now.Step one in his reign at Twitter has been cost-cutting, and Musk immediately <a target="_blank" href="https://www.businessinsider.com/elon-musk-laid-off-twitter-workers-value-tech-jobs-work-2023-5">cut almost 90% of the company's workers</a>.The bruising move set a trend for the rest of Silicon Valley. CEOs making tough decisions about how to navigate a high-interest rate economy followed suit, and made <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-year-of-efficiency-working-meta-ai-2023-7">drastic layoffs in the name of efficiency</a>.Then, Musk appeared to try and remake Twitter, or X, in his own image.Presenting himself as an anti-elitiest, free-speech-for-everyone populist, Musk binned Twitter's verification system, which had prioritized journalists, politicians, academics, and celebrities. Anyone can now pay for verification.Having axed most of Twitter's trust and safety team, Twitter's "Community Notes" feature became more responsible for regulating harmful or incorrect posts. Finally, Twitter disappeared altogether as <a target="_blank" href="https://www.businessinsider.com/history-behind-elon-musk-x-brand-that-may-replace-twitter-2023-7">Musk rebranded the company to X</a>.<h2>A political tool against the 'woke mind virus'</h2><div type="image" title="Israel's Prime Minister Benjamin Netanyahu (C) takes Elon Musk (L) on a tour of Kibbutz Kfar Aza." height="2000" width="3000" msid="106207673" hostid="261" sizebytes="230366"></div>The <a target="_blank" href="https://www.businessinsider.com/european-commission-x-launched-investigation-elon-musk-social-media-2023-12">billionaire's control of X</a> has made Musk a hugely influential person in shaping the way millions digest news on everything from conflicts to elections. At the end of November, Musk went to Israel to meet Prime Minister Benjamin Netanyahu and President Isaac Herzog and visit sites devastated by Hamas' October 7 terrorist attacks. The trip followed his amplification of <a target="_blank" href="https://www.businessinsider.com/musk-faces-consequences-for-calling-antisemitic-tweet-actual-truth-2023-11?r=US&amp;IR=T">an antisemitic tweet, which he described as "the actual truth."</a>Earlier in November, at the end of an AI summit hosted by the UK, Musk shared a stage with Prime Minister Rishi Sunak. During the discussion, he <a target="_blank" href="https://www.businessinsider.com/elon-musk-rishi-sunak-interview-best-quotes-ai-robots-2023-11">described AI as a "magic genie problem."</a>Heads of state of countries including South Korea, India, Turkey, and France have all met Musk this year. In May, <a target="_blank" href="https://www.businessinsider.com/elon-musk-china-trip-feast-restaurant-beijing-2023-5">he completed a whirlwind tour of China</a>. The trip included meetings with ministers from various departments of the Chinese Communist Party.At home in the US, Musk has been inviting presidential hopefuls like <a target="_blank" href="https://www.businessinsider.com/elon-musk-furious-after-ron-desantis-event-saw-app-crash-2023-5">Ron DeSantis to launch their campaigns</a> via broadcasts on Spaces.His reasons?In 2022, Musk said he was going to wade further into politics to <a target="_blank" href="https://www.businessinsider.com/elon-musk-says-wading-into-politics-stop-woke-mind-virus-2022-5">put an end to the "woke mind virus."</a><h2>More intra-CEO beef</h2><div type="image" title="Elon Musk (left) and Mark Zuckerberg (right)." height="768" width="1024" msid="106207675" hostid="261" sizebytes="41872"></div>Musk has never been one to shy away from conflict. Remember the <a target="_blank" href="https://www.businessinsider.com/elon-musk-talks-about-his-wealth-pedo-guy-defamation-trial-2019-12">diver in Thailand he called, without evidence, a "pedo guy?"</a>Musk kicked off a <a target="_blank" href="https://www.businessinsider.com/elon-musk-vs-mark-zuckerberg-feud-history-2021-1">whole summer of beef with Mark Zuckerberg </a>after the Meta launched a rival to X, called Threads. In response, Musk challenged Zuckerberg to an MMA fight, that he may or may not have wanted to take place in from of a live audience at the colosseum in Rome. In keeping with some Musk bombast, the fight never happened.He's also fired shots at Wikipedia founder Jimmy Wales over the site's requests for donations. He's <a target="_blank" href="https://www.businessinsider.com/elon-musk-thinks-openai-sam-altman-made-dangerous-ai-discovery-2023-11">expressed "mixed feelings" about Sam Altman</a>, the ChatGPT boss who he cofounded OpenAI with.Musk also claimed Disney boss Bob Iger should be <a target="_blank" href="https://www.businessinsider.com/elon-musk-disney-ceo-bob-iger-comments-should-be-fired-2023-12?utm_medium=social&amp;utm_campaign=business-sf&amp;utm_source=twitter">"fired immediately" </a>after the House of Mouse stopped advertising on his platform.Evidently, Musk enjoys having millions of followers at his disposal. But are X's days numbered? The site's revenue is widely thought to have tanked as advertisers fled the platform. One theory: Musk is <a target="_blank" href="https://www.businessinsider.com/elon-musk-looks-like-he-is-destroying-x-intentionally-2023-11?r=US&amp;IR=T">deliberately destroying the platform</a> to reduce interest payments on the debt he owes the banks who financed his takeover. There may not be an X to post on come 2024.

You Searched For "india layoffs 2024" and got 12 results

Samsung Electronics plans to lay off over 200 Indian employees to reduce costs, details inside

BI India Bureau

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

Divyanshi Sharma

Global IT services firm Accenture slashes 19,000 jobs, tech mayhem deepens

IANS

Elon Musk cancels trip to India as Tesla's struggles continue in the US

BI India Bureau

Meta, Microsoft vacating offices in Seattle amid remote work, layoffs

IANS

There would be more layoffs in India if not for this irony

Prerna Sindwani

With Paramount's long and winding sales process coming to an end, here's what comes next for the media giant

Dan DeFrancesco

Gone in 2 minutes: Frontdesk lays off entire staff over a short GMeet call

IANS

Nokia says it's going to cut up to 14,000 jobs

Kai Xiang Teo

It's a make-or-break week for the stock market. Here's why.

Dan DeFrancesco

Read the full memo Spotify's CEO sent employees announcing it would cut 17% of its staff: 'Being lean is not just an option but a necessity'

Jyoti Mann

How Elon Musk posted his way to extreme fame in 2023

Hasan Chowdhury

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