Twitch to layoff over 400 alongside Amazon's latest cuts
Twitch announced today that it would be laying off over 400 employees alongside Amazon's layoffs of around 9,000.
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Twitch announced today that it would be laying off over 400 employees alongside Amazon's layoffs of around 9,000.
The company shared restructuring plans as part of its 'Year of Efficiency' which includes additional layoffs and reduced hiring rates.
The joint effort in the creation of this backstop is to make depositors whole and is not a bailout for SVB or its shareholders.
As SVB has been closed and its deposits have been taken over, the Federal Deposit Insurance Corp. has announced that insured depositors will have access by Monday.
Silicon Valley Bank's stock has been in a tailspin since the group announced it would be seeking to raise billions in capital to cover losses.
The tech-focused bank announced a plan to raise over $2 billion in capital in an attempt to offset losses on bond sales.
Silvergate Bank will wind down operations and be voluntarily liquidated. Its Silvergate Exchange Network payment platform was already suspended.
According to Google CEO Sundar Pichai, desk-sharing is a way to be efficient and save money.
Even after a mass layoff late in 2022, thousands of further jobs at the Meta company may be on the line this week as the company continues to cut costs.
Biden administration Secretary of Commerce Gina Raimondo says the incentives are to coerce companies into investing in R&D, not buybacks.