Here are the top trending news from the world of technology. News that every tech enthusiast should know.
Tesla’s German plant comes under fire over Labor Harassment
Tesla’s Gigafactory in Germany is facing heat from a local union body, IG Metall and Politicans, over the issue of labor harassment. IG Metall, which has an office located near Tesla’s plant, said that it is aware about Tesla’s workers being subjected to unreasonable working hours and the lingering fear among the workers over publicly speaking about it. The IG Metall further said in its annual report that workers at Tesla are fearful about speaking their minds because of the non-disclosure agreements. According to the media reports, Germany’s top political parties have also commented over the issue while the local media has also given a wide coverage to the issue. Considering that Tesla’s plant in Shanghai is currently facing labor problems due to COVID outbreak, it certainly don’t want another labor problems brewing in another major plant.
ShareChat Laysoff nearly 600 Employees or 20% of its workforce
Popular short video app ShareChat, which is backed by tech giant Google, has reportedly laid off nearly 600 employees or almost 20% of its workforce. The development comes barely six months after ShareChat’s parent company, Mohalla Tech PVT LTD, raised $255 Mn in a fresh funding round. ShareChat now joins the list of high-profile startups that have opted for mass layoffs as a cost-cutting measure due to the increasing funding crunch problem. Although ShareChat has still not commented on the layoffs, people privy to the matter claimed that layoffs were result of excessive hiring after a series of funding round and the company’s inability to raise funds at a higher valuation.
Apple’s CEO Tim Cook takes a rare pay cut
Apple’s CEO Tim Cook is all set to take almost 50% reduction in his annual salary package. This has been revealed by Apple’s SEC filings while the American media reports that cook himself took the bold initiative of taking big pay cut. Going forward, Cook will receive $49 Mn as opposed to $90 Mn – $100 Mn he received earlier. Last year, several media reports claimed that Apple’s shareholders had expressed concern about Cook’s unusually high compensation package. This development has come at a time when Apple and other tech companies are carrying out extensive cost-cutting measures due to growing concern over prolong economic recession.
FTX’s Founder ‘SBF’ pleads ‘ no guilty’ in Substack Post
FTX’s Founder Sam Bankman Fried published a detailed post on newsletter subscription platform Substack, narrating series of sequences and factors that actually caused the spectacular collapse of FTX last year. Basically, the Substack post gives SBF’s version of story but, more importantly, he has pleaded complete innocence in the alleged scandal. SBF said in the post that he didn’t steal the fund and added that if FTX International is allowed to reboot again then the company can again become solvent. Sam’s public pleading of innocence in a public post is in stark contrast to two of its confidants already pleading guilty to the fraud.
Alibaba Partially offloads Stake in Paytm
Chinese conglomerate Alibaba Group has reportedly sold 3.1% stake in the digital payment company Paytm for nearly about $125 Mn through a block deal. Following this deal, Alibaba now owns little more than 3% in the Noida based company. Alibaba was one of the early backers of Paytm, which got listed on the Indian stock market in 2021 through mega $2.5 Bn IPO size, making it India’s largest ever IPO. However, since public listing Paytm’s shares have shed more than 70% value, eroding enormous wealth of all its investors. Despite assurance by Paytm’s CEO & MD Vijay Shekhar Sharma, market continues to remain uncertain and doubtful about Paytm’s long term future.