The Atlantic is laying off 68 employees, or 17% of its staff, as the publication has seen big losses in its advertising and events businesses the publication’s owner, David Bradley, said in a memo. The company will also be implementing pay freezes for everyone and pay cuts for executives. The Atlantic had adopted a subscription model last fall and gained 90,000 new subscriber since March,...
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Alexis Ohanian Venture Fund Plots $776 Million in New Funds
Seven Seven Six, the venture capital fund launched by Reddit co-founder Alexis Ohanian in 2020, plans to raise $776 million for two new funds, according to investment documents viewed by The Information. The planned fundraising is more than 50% bigger than what it raised last year and will test investor appetite for bigger funds during a tough environment. The Palm Beach, Fla.-based firm had an...
Treasury Warns of Cloud Computing’s Risks to Financial Industry
Amazon Adds Sports Gambling Channel to Free Streaming Service
Uber’s Ride Hailing Business Shows Strong Recovery
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