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Patrick Collision. Photo by Bloomberg.
The Briefing
markets crypto

The Truth About Tech Layoffs

By Jessica E. Lessin · Nov. 3, 2022 5:34 PM PDT · 5 comments
Today, tech layoffs accelerated as Stripe slashed 1,000 jobs, or 14% of its workforce, and Lyft and Affirm joined the fray. The flood will continue tomorrow if Elon Musk slashes Twitter’s employee count in half, as he is expected to do. The first big takeaway from the massive recalibrations going on is that leaders dramatically... Today, tech layoffs accelerated as Stripe slashed 1,000 jobs, or 14% of its workforce, and Lyft...
Bloomberg; Art by Mike Sullivan
Opinion
markets policy

Fighting New Antitrust Rules Is a Bad Move for Big Tech

By Brooke Fox, Gene Kimmelman and Fiona M. Scott Morton · Oct. 12, 2022 9:00 AM PDT · 4 comments
Sen. Amy Klobuchar recently invoked David and Goliath when discussing her fight to pass antitrust legislation to rein in dominant tech firms. “I have two lawyers. They have 2,800 lawyers and lobbyists,” she said at this year’s Code Conference in September. But executives at those dominant tech firms would do well to remember... Sen. Amy Klobuchar recently invoked David and Goliath when discussing her fight to pass antitrust...
Elon Musk. Photo by Getty Images.
News Analysis
markets

Musk Could Own Twitter Next Week: What Happens Next

By Becky Peterson and Akash Pasricha · Oct. 4, 2022 12:14 PM PDT · 2 comments
Elon Musk has spent months criticizing Twitter for everything from its management to its prevalence of phony users. Now he needs to figure out how to fix its business as advertiser spending evaporates. Musk’s decision to reverse course and offer to complete his $44 billion purchase of Twitter according to the original terms could mean he... Elon Musk has spent months criticizing Twitter for everything from its management to its...
Chart by Mike Sullivan.
More Tech IPOs From 2021 Burn Cash Today Than 2019 and 2020 Debuts
By Akash Pasricha · Oct. 4, 2022 8:00 AM PDT · 3 comments
Chart by Mike Sullivan.
Data Point
markets

More Tech IPOs From 2021 Burn Cash Today Than 2019 and 2020 Debuts

By Akash Pasricha · Oct. 4, 2022 8:00 AM PDT · 3 comments
If you want more evidence of how much of last year’s IPO market was a bubble, here it is. Nearly two-thirds of tech companies that went public in 2021 are now burning cash, compared with less than half of companies that went public in 2019 and 2020. That means far more of the companies that hit the public markets in 2021 were businesses in... If you want more evidence of how much of last year’s IPO market was a bubble, here it is....
Data Point
markets

Tech IPOs in 2019 Are Up 38% While Those Since 2020 Have Fallen by About as Much

By Akash Pasricha · Sept. 26, 2022 8:51 AM PDT · 2 comments
After the carnage in stock markets these past few months, you can’t really blame tech executives for rethinking the value of going public. Consider this: The median tech initial public offering since the start of 2020 has dropped 39% from the offering price. But another statistic may be more surprising. The median tech IPO from 2019 is up... After the carnage in stock markets these past few months, you can’t really blame tech...
Vlad Tenev. Photo by Bloomberg.
The Briefing
markets crypto

Robinhood Isn’t Out of the Woods Just Yet

By Akash Pasricha · Sept. 22, 2022 5:00 PM PDT
Vlad Tenev ought to be penning a very nicely worded thank-you card to SEC Chair Gary Gensler. The commission is throwing Tenev and his fellow Robinhoodies a much needed lifeline with its decision to not ban payment for order flow, the contentious practice brokerages like Robinhood rely on to make money, according to a Bloomberg report. ... Vlad Tenev ought to be penning a very nicely worded thank-you card to SEC Chair Gary Gensler. The...